Tuesday, February 9, 2010
Buying a house is an arduous process!
Everyone who has ever purchased property in New York state knows that it is not the easiest proposition. But in addition to all the rules and regulations, lawyers' demands and bank's usual conditions, it is now almost impossible to secure a loan large enough to actually buy anything that can house a family (or a growing family)... Due to the financial crisis and ensuing recession, and the hundreds of thousands (if not millions already) of foreclosures that have taken place within the past couple of years, banks have tightened their lending standards to be extremely risk averse and conservative. To a point that it is almost impossible to get a mortgage! I should know..having been through a wringer..and still waiting for the end result.
We have had to downgrade our plans, from the City to the Suburbia. First time in our lives something felt desperately out of reach financially..a bitter feeling I can tell you..even with a pretty good income from two people. Two people that are fiscally so responsible that we did not want to get caught up with the crazyness of buying with no money down, no doc, piggy bank and no interest loans that banks were offering to everyone regardless of credit rating.
Hopefully in the end we will get our reward for hard work, patience, responsibility and honesty! The reward is a gorgeous five bedroom home with catedral ceiling living room with large picture windows, a great room encompassing the kitchen, dining area and family room in one amazing large space, a basement with a movie theater, sauna and a home gym, a large back yard, 2-car garage, circular drive way, the best school district, private club, etc. etc. Keeping my fingers crossed that this will work out.
at 11:54 AM