Friday, July 30, 2010

The mortgage application is in

We saw the financial advisor today and everything looks to be in order. She'd asked us to bring certain documentation but of course it wasn't enough. We - really, me - had to email her some additional information this afternoon. My income tax assessments don't include my long-term insurance payments which are a substantial part of my income, so I had to provide proof that I'm actually receiving that income.

Now that we've sent all the right information and she's filled in the forms, she's going to make sure that we can actually get a mortgage. She said that we would almost certainly be approved for a mortgage, assuming that no one has stolen our identity or anything like that. She'll let us know on Tuesday (most likely) whether we'll be approved for the mortgage we want.

She also that she could get us a mortgage with a decent rate right now but she figures that she can get us an even better rate closer to our closing date. I don't mind not having the actual mortgage before we waive the financing condition as long as we know we can get a mortgage. As long as the mortgage is in place by the time we close, I'm happy.

Because we'll almost certainly be approved for the mortgage, we could go ahead and waive the financing condition on our offer right now and call the house "sold" (to us). However, we don't want to do that until we know that we're actually qualified to get a mortgage, even if the mortgage itself doesn't happen until closer to closing. We want to be sure that we have everything in place and that we don't need to worry about anything before we go ahead and say that the offer conditions have been met.

So hopefully we'll be celebrating with some yummy ice cream on Tuesday night. We're not going to stress about it over the weekend, though. We bought ourselves some interior design software so that we can start figuring out how we might want to decorate our house. We haven't got a clue as to what colour ot style we might want and we do love playing around with software :) We'll most likely also pick up some interior design magazines to get some design ideas.

This weekend we plan to explore the area around our soon-to-be neighbourhood. There are lots of parks and walking trails in that area and we'd like to get to know it before we move there. This is so exciting :)

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