It’s all about the bank, ’bout the bank, no trouble

We had a bank meeting on Tuesday to talk about the options we had and answer all of our questions. It went great but they needed to send someone to evaluate the house value to confirm the mortgage amount. We asked them to put a rush on things as we wanted the house to be ours by the end of the month.

Wednesday morning we got the call from the evaluator, he went to the house that afternoon and did his thing. He told us he would send everything to the bank the next day.

Thursday, we waited impatiently for the bank to give us news and confirm our mortgage amount but didn’t hear from them. In the meantime though we contacted the notary to get more information and find out about those costs and how everything worked. He mentioned that in order for us to have the house by the end of the month, he needed the bank instructions by Monday at the latest.

Friday, I sent an email to our bank rep, requesting an update. No news… Time was ticking by and we were worried we wouldn’t be able to meet the notary’s Monday deadline and still had no confirmation of the amount we were getting so we took matters into our own hands and called the bank directly and asked to speak to our rep. After a few minutes of wait, she came on the line and told us the bad news… The house evaluation came back lower than expected… That means our mortgage is lower than we wanted and we have no margin to do any of the renovations we wanted.

Onto plan B, what can we do? The answer, a line of credit. Done. We quickly scheduled a meeting in the afternoon just to sign the mortgage paperwork with our bank rep, so it could be sent out before the weekend to ensure it’ll get to the notary on Monday. And a second meeting later during the evening with another bank rep (as ours was already overbooked) to look into and finalize the line of credit.

The meeting was rather confusing as the new bank rep we met wasn’t aware of anything going on in our file but at least we managed to get the application sent out. Now we just have to wait until Tuesday to find out if it went through and we can officially say that the house will be OURS!

In the mean time, we are enjoying our hopefully last few mortgage free days and stocking up on all the different tools and materials we will need to start our renovations. On Thursday, we spent over an hour walking through Home Depot, talking about all the projects we want to do and debating what to get now and what to get later. Probably one of the best hour I’ve ever spent at Home Depot 🙂

So excited to have a house and get started 🙂

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