On The Road To Buying A House: Getting The Loan

Today’s assignment was to go by the real estate office and take a check for $4oo for the appraisal. Then we talked to an exterminator to set up a time for him to go out and inspect for termites, and provide a “termite letter” to the lender. This just insures there are no termites in the home, and no termite damage. The termite inspection was $45, which will be paid at closing.

I shopped around by telephone yesterday, and got a quote for homeowners insurance. The policy will cost us $857 a year, plus a $25 membership fee to Farm Bureau. I think this will be paid at closing, but I could be wrong. I may have to pay for it before closing. Not sure exactly what the time frame is for it.

I think we have provided everything we needed to the lender. Now we wait for the approval, which we have been told can take up to two weeks.

So far, we have paid the following expenses to get to where we are now: Waiting for approval.

• $500 earnest money
• $150 winterizing fee (to have the house winterized  after the appraiser is done and the water is turned off)
• $50 deposit to have the water turned on
• $400 for the appraisal fee

Of that, only the $500 earnest money is refundable if for some reason the loan is not approved. The rest is just the chance we take that our loan WILL be approved. We are both still excited to be buying a house, but it really is a nerve wracking experience so far!