Applying for the mortgage

Wednesday, May 2, I applied for our loan. Due to scheduling issues, it just worked out better for me to meet the loan officer, Tia, in Indianapolis. (Emilie was giving a final that day and couldn't make it up to Indy.) When I arrived at the office, the sign by the door of the office said "Beazer Mortgage Welcomes: Johnson." I felt famous!

It is amazing how many different loan options there are. Conventional loans, FHA loans, 10% down, 5% down, 80/20, 75/25, 30/15... And the jargon and abbreviations are so confusing: APR, ARM, Balloon Payment, CLTV, Escrow, Lock, LTV, PMI, Points... After just a few minutes, I was pretty dizzy. But Tia helped explain everything I didn't already now.

After working with Tia for a while, and basically providing her our entire life story (where we have lived, where we have worked, how much money we make, how much we save, how much we owe, the name of our first childhood pet, etc.), we finally got a loan application printed out. I then brought it home for Emilie to review and sign, and we will drop it off so they can start processing our application.

We should hear something within 30 days or so (hopefully its an approval!). However, we do not really have to set anything in stone until about 30-60 days before closing, so we can change things (type of loan, points, etc.) around in the meantime. The closing will be when the house is all finished, which is still six to eight months away!