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Posted by Miriam on 2006-04-27 01:04:54 +0000

The joys of homebuying

So, as I was at the local hardware store picking out paint colors like "Dill Pickle" and "Happily Ever After," I got a call from my mortgage broker who frantically and apologetically says that I have to take a first-time homebuyer class before getting loan approval. He then proceeds to give me instructions for finding this do-it-yourself guide. I leave the store for dinner at my sister's, then go to back to work to use the computer there since my niece threw a fit when I asked if I could use the one at their house.

I get to work, find the study guide, and see that it's a 119 page document that's in a read only Adobe file. I call the mortgage broker who says he'll print it out for me. I then drive across town to his office, where he's not doing a very good job at binding the pages. His partner takes over, and I show him my paint samples. He gushes, then apologizes some more.

I take the guide to my brother's house, where I'm STILL house-sitting, and proceed to read it for the next 3 1/2 hours. Maybe it's just 2 1/2 hours, but I really can't tell anymore. I get to the end, and I still don't really know what to do. There are two pieces of paper to give back to someone, and a phone number on the cover that says I should call when I "have completed the Guide." I called, and their offices are closed until 8am tomorrow (that's 7am my time). I don't feel comfortable going back to my mortgage broker's office at 10:30pm, so I'll fax him the two pages tomorrow, and call the number before my 8:30am breakfast meeting with my boss who finally handed me a piece of paper today saying that as of May 1 I'm an official employee (after working there for 9 months!), and asked that I at wait at least a couple of weeks before giving notice; he got a call yesterday from a prospective employer of mine. I'm probably going to have a new job by August.

Okay, I really shouldn't write so late at night, but it's kind of cathartic. Not sure I spelled that right. Fairly sure I shouldn't drive back to my house tonight, but here I go.

Hope y'all aren't as frazzled as I am right now!

Posted by on 2006-04-27 01:48:03 +0000

My understanding is that the "first-time homebuyer" class is a complete hoax. There is really no reason for you to read or learn anything. G, P. Chip?

Posted by dawnbixtler on 2006-04-27 01:50:43 +0000

Agreed. In fact, it appears the less you know about homebuying the better off you are, according to every other info-mercial. So go ahead and buy that foreclosure in East St. Louis, what's the worst that can happen?

Posted by cdubrocker on 2006-04-27 11:11:33 +0000

I think most reputable banks (at least in the Boston area) require you to take a first-time homebuying class if you want to take advantage of mortgage deals that they're offering. It's not a question of whether you learn anything, but a question of whether you have a piece of paper saying you took the class. There's always forgery. I did take the homebuying class in Somerville, and did learn a thing or two, BTW. But I went in cold and pretty much knew nothing to begin with.

Posted by G lib on 2006-04-27 11:17:19 +0000

Chippy was our 'home buying class' representative, but I don't remember whether or not he said it was helpful.

I do know that they gave us a mug...

Posted by Honar the librarian on 2006-04-27 11:27:03 +0000

I also did the one in somerville, and didn't find it particularly helpful--I had learned about as much from an hour long brown bag at work.

Posted by cdubrocker on 2006-04-27 11:43:43 +0000

The most interesting part was about inspections. Probably the most important part, too.

Posted by tendiamonds on 2006-04-27 11:44:03 +0000

We were never asked to do that on our first home, and our second home was just as easy.

Posted by Honar the librarian on 2006-04-27 12:17:51 +0000

10D, I have this sneaking suspicion that you didn't need any state/city sponsored 1st time homeowner loans when you bought your house--hence, no homebuying class requirements.

On a side note, in the debate over big vs. little government (here my fabianist libertarian tendencies are showing), I consider the state/city home ownership loans contingent upon completion of course to be a good example of an appropriate level of state/citizen reciprocity. Home/public health programs like interest free loans for lead and asbestos abatement are another good example of relatively inexpensive government programs that save money in the long run.

Posted by Miriam on 2006-04-27 12:22:11 +0000

Ooh! I could use some of those loans for the lead in my paint and the asbestos shingles on my house!

Posted by Miriam on 2006-04-27 12:24:18 +0000

I actually learned about budgeting and saving, neither of which I've ever been that great at. Also learned what I need to bring to the closing, and about predatory lending...which my mortgage seems to fall into some categories of, but they required the class, so it's a little twisted. Ah, well. Not planning on staying in this house forever!

The upshot is that I passed the oral exam this morning, so I should still be able to have my closing tomorrow.

Posted by dawnbixtler on 2006-04-27 12:40:12 +0000

You said "pass the oral exam". Hee hee.

Posted by Miriam on 2006-04-27 13:58:18 +0000

Yes, please!

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The joys of homebuying