Moving Along: Our Own Home Loan Process (#10)

If you’ve been around the past few months, you know that we are selling our home and moving to a new one this summer.  Since we are doing our new mortgage through Tim and Dave at Trusted Lending Advisors and they are also the site sponsor right now, I thought I’d share a little bit about how the home loan process has gone for us.

front-of-homeAbout a year and a half ago, we started thinking about refinancing our current home.  With interest rates so low, it seemed like a no-brainer!  But, since both Jeremy and I are self-employed, there are a few extra requirements you have to meet – for instance, in order to be approved for a mortgage when you are self-employed, you have to have two years of tax returns that show your income from when you have been self-employed.  At that point, we had one “good” year but needed to wait for 2012’s tax return to be filed before we could get approved.

We had been planning on refinancing, but then we started to feel really cramped in our current house.  We totally could live in our current house, so I’m not saying we had to move, but with five kids, we were starting to feel like the walls were closing in as the kids have gotten bigger.  So, we started considering purchasing a new home and selling our current home, rather than refinancing.

It didn’t take very long for us to decide that this could be an ideal time for us to buy a home: while interest rates have stayed low for longer than anyone really expected, they are sure to rise at some point in the future (be it six months or six years).  And, Jeremy obviously has observed first-hand that housing prices are definitely going up.  We realized that we could potentially buy our “forever” home right now, but if interest rates went up a little and housing prices went up too, it could be a long time before we would have the same opportunity again.

living-roomSo, we got our taxes done and filed ASAP this year, filled out the online loan application for Trusted Lending Advisors, and then sent the tax returns and some other documents off to Tim to get the home loan process started.  There have been a few extra documents needed since we are self-employed, but those were simple enough to take care of via email.

We found a major-fixer upper in a great neighborhood for a great price.  Of course, it also needs a lot of major work, but that’s also why it was a great price.  We didn’t particularly expect this, but because we found such a great deal, our monthly mortgage payment will actually go down from what we are currently paying for our house, even though the price of the house we are buying is a little more than we paid for our current house.  (That’s good, because we are going to need the extra money to fix it up! :)

If you are considering purchasing a home, I would definitely encourage you to talk to Tim and Dave at Trusted Lending Advisors yourself!  Their team gives great service and has been a pleasure to work with – and, if you mention Springs Bargains, they are offering a lender credit for your appraisal (up to a $400 value) on any closed loan transaction!  Contact them at (719) 266-8183 or via their website.

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