i am stressed to the max

we bought our house on land contract from my bro in law last feb so the year is up. now it is time to go get financed and jump the note into our name(well, my wifes name.....i stay off the grid as much as possible)..
i have to gather up w2's, bank statements, etc etc.
tomorrow i have to go to the insurance joint my mom works at so she can work up a homeowners quote for us..

all this just feels like it is weighing very heavy on me and i am not handling the stress well.
i am worried that we are not going to be able to get financed or that we will and the mortgage will blow up from what we have been paying...

i just want this all to be done and over with...

Boondock,

Hang in there buddy... I just went through it all back in Dec. of '07. Sit down, relax, take a deep breath, and everything will be ok.

You and your wife will be fine. Just get the stuff together in an evelope and it will be over sooner than you think.

It is one of the most stressful things you'll have to go through. I've done it twice now, and you'll be fine. You know that awesome wife of yours will make sure everything comes out rosey....She takes good care of you, and you of her also.

A_L

I hear you, my wife and I bought are first house a couple years ago, well my first she had a house already. It is stressful, but it was pretty painless once it all got started. Just make sure you guys dont get an adjustable rate mortgage, you can get good rates, but they will f you hard if the rates climb. All you gotta do is look at what has happened recently with those to see the dangers.

You are actually at a better time now then last year as far as being able to get a good interest rate. They have gone way down with the feds cutting them like they have. So you should be able to find something where your payment wont be to bad.

You should be fine, dont worry, all that does is make you crazy. If you cant handle the stress, just drink heavily. Or if you have a dog, just give it a good kick, if you cant bring yourself to kick your dog, the pound is full of them. You can get them for practically nothing out of pocket, it is the best stress reliever money can buy. if you get a little one, you can tie it to a post and play kick tetherball with it, great fun.

she caalled me at lunch and calmed me down a bit. one thing i do not keep track of is our records. she does all that and assured me that she has everything we need at the ready.
i am lucky for that and i auppose i am lucky that my mom works at the insurance company...she will not screw me over or whatever...

it is just very stressful man. i need to find a lender.
do i use the lender that the house is already through or do i go to a local bank?
what happens if the payment goes up by $300?

i am just bugging out.

if my payments goes up like that though i am going to physically hurt my brother in law. i already told my wife and him that so it is no secret. he worked for the county and has been in the mortgage biz for the past 6 years and he ASSURED us that we will be able to get financed and the payment might go up a small amount but nothing significant like that.
if it does i am going to turn his teeth into chicklets and that will put a strain on the family.
i will view that as a screw job.

either way man, i just want this stuff to be over with.

reply to post by gunner36


i hear that we are in a good spot right now. plus we are first time home buyers so we can deal with that....
i am just so freaked that the payment is gonna go up by 2 or 3 hundo.
even if it does, we can afford it but i don't want to pay it.
we have three more payments on my wifes car and it is paid off so i was looking forward to having that extra money. i really don't want to put it towards the house payment.

It will all be fine. Even if your monthly payment does go up look at it this way. The rent money you pay right now is doing NOTHING for you aside from letting you live in your space. When you own however, that is not the case. You are building equity in YOUR OWN gig. Yes, your own. It's cool walking through your own place for the first time.
"Yeah, that's my door."
"Oh yeah, that's my counter."

Chill my good man, it's all good.

reply to post by lombozo


i know i need to relax but it is part of what makes me retarded you know.....i let things get under my skin and then i get all bunged up and it just steamrolls.

i just don't like doing these sorts of things..dealing with the banks and insurance company's and such

You've known for a YEAR that you're going to need to get financing this February? You've had a year to prepare, get your records in order, talk to lenders, etc. and you're spazzing at the last minute because you're not ready?
Thank heaven you have a wife that stays prepared, a mother that works in the insurance business, a brother-in-law that's willing to cut you a deal, etc. Some of us actually have to get through these little stressors by ourselves without any relatives, friends in the business or any help from any source.
You'll do fine.

reply to post by whitewave


and what good what it have done me to talk to lenders 2 months into the contract? nothing.
we were on a year contract and now it is month to month till i get financed. i can take another year if i want to, i just don't. i want it done asap

It's fairly simple to figure out a ball park payment. Here's a link to a payment calculator.

Enter what you want to borrow. Type in an interest rate and loan length. Most first time buyers should take a 30 year fixed. Rates are running 5.75% to 6%. You can find some local rates on the site linked, also. Most newspapers have some averages a couple times a week, too. The rate can be affected by your credit, your down payment, etc. If nothing else, try it at 5.75% and 6% for a rough range. Rates may actually drop soon. They've just ticked up recently, but the Fed will cut again as they're trying to jump start the market.

Maybe if you get a rough idea you'll be able to relax a little bit.

Good luck. Owning a home is pretty cool.

Mortage payment calculator

If you can avoid it, try not to go through Wells Fargo. It's really not as bad as you think. My fiance and I just bought our first house and went through it all, believe it or not the people at the bank were really helpful.