JuneInMA's Blog

Suggestion:

Write down the terms you will accept. Incloude in them the financing options that you can accept. I'd suggest either a fixed rate mortgage or an adjustaboe with no oless than the three year ARM and a cap on both rate increase in any ARM and a total cap. Do not accept any "new fangled" mortgage options.

And consider moving out of the urban area and farther from Boston. I'd suggest a chat here with Valintyne, when she comes back after Easter, about how she and her husband did it.

Fishercat,

I heard about that. Honestly, it doesn't surprise me. They tried to get me to accept a 2% hike in my interest rate a week before my closing. It hurt me, but I walked away from that faster than fast.

Chip, thanks for the advice. We got approved for a fixed rate mortgage which is what we wanted. I like knowing what my payments are going to be every month. Unfortunately, we can't move too far from Boston due to my job. Logistically, the north shore (Lynn, Swampscott, Salem) are the best areas for us. The place we bid on is in Lynn and it's fantastic with beautiful ocean views. We'll see, I'm still waiting to hear.

Paulnofsky, you be careful with them. They are nasty!

fenway,

You are right about the market, but the Diamond District in Lynn is a highly desirable area with lots of buyers and not enough properties to go around. It's tough there. I still don't know if my offer has been accepted!!! Thankfully, I won't be too far from the city AND my family, friends and job are all still in Boston so I'll have plenty of reasons to hang out often! :)

Thank you Chip!

I'll keep all you guys posted on our progress. :)

In the midst of your disappointment, I want to offer you and Elijah a bit of praise. The ability to set limits on what you will pay, and to stick by those limits, no matter how much you WANT the outcome, is a wonderful wonderful trait. I never even came close to having it as a person your age, and I struggle with it now (I'm considered a pretty fair business person, too.)

Keep up the good work...you guys are going to have the future you dream of...because you are doing it right.

Now, when you get settled in your new house...we expect to hear about the bambinos? (Please give me the Spanish version for my future use!!!) The world I want my children to have needs to have the type of folks you and Elijah would bring up.!!!