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In 3 hours, I am leaving work to go buy a new house.  I'll be rejoining the ranks of so many of my freinds who are homeowners (and by "homeowners", I mean "in debt") after living 3 weeks as a freeloader with no rent or mortgage.  I was lucky enought to be able to move into my parents house while they are in Florida for the winter, which allowed Stef and I to save up enough to put a few dollars down on this new house.  The financing deal I got is pretty good, I think:

  • $9,000 down
  • $5,000 line of home equity credit (at prime rate +2%)
  • $125,900 at 4.99% in a 5/30 ARM.

My builder agreed to pay part of the closing costs and whatnot, so all I am taking to closing today is about $8,500.  All in all, the builder is giving me about $2,000.  The credit line won't begin acruing interest for 6 months, and even then, I am only required to pay the interest each month.  Plus, as I lower my balance, I can charge other home-improvement-type things to the line, thus allowing me to deduct interest.  The 4.99% ARM jumps to prime rate +.5% after 5 years, which is the scarriest part of this closing.  But judging by past history, I'd say it's unlikely that I'll be at this location for more than 5 years.

In related news, here is a screenplay of a conversation I had with the building foreman 2 days ago:

Foreman [walking up basement stair holding a pushbroom]: Oh hi, are you the homeowner?
Me: Yeah.
Foreman: Man, I just got done scrubbing your basement with Pinesol.
Me [sniffing the air]: Yeah, I can smell it.
Foreman: Yeah, it's gonna smell like that for months, I bet.
Me [fake laugh]
Foreman [straining to think of something to say]: Yeah man, you know how the workers piss and shit in the sump during construction... well when we flipped the breaker on today, the sump pump kicked on and started pumping it all out... since the sewer line wasn't hooked up, it just dropped it into the corner of your basement.
Me [thinking: nasty]: Oh.
Foreman: Yeah...
Me: ...
Foreman:  ...
Me: Alright, well, nice to meet you.
Foreman: You too... congratulations.
Me: Thanks.



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