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Here, Take my Money!?!

Updated: May 6, 2022

Six years ago, my husband and our soon-to-be 2-year-old moved states. Moving states sounds a bit dramatic! Especially when all it takes is a 15-20 min drive(if you are lucky)through the Holland tunnel to bring you back. So you may have guessed by now, if you are familiar with NYC, that we have made Jersey City our home for quite a while.

Moving to Jersey city afforded us so many opportunities that Brooklyn couldn't at the time. We've never regretted our decision, especially when we fell in love with this cozy blue house.

It is a gem and a rarity in the city. It's a stand-alone house tucked behind a two-family house, in a world of its own(it sure felt like it). It is fenced-in, and the back fence is lined with lush, evergreen trees that have grown big and beautiful! The yard has been a fun and safe space for our daughter to play. We have shared so many memories here: countless brunches with friends & family, birthday celebrations, homeschooling, creating our children's books, etc. Now it's time to say goodbye.

The Wild Wild Real Estate Market of 2022

We started housing hunting at the beginning of January. We went in all bright-eyed and bushy-tailed. Our bubble popped very quickly after being outbid and ousted by an all-cash offer. Whose turning down cash!?! Certainly not me.

We chalked it up to a fluke and reverted to our bright-eyed stage. After regrouping, we got back to the hunt. We proceeded to fall in love with and lose six more houses. One loss hurt so severely I cried real tears, I felt like we had it in the bag, and it slipped away.

The whole process was an emotional roller coaster. One house had 32 offers; we encountered another cash offer and buyers overbidding 60k-100k+ over asking. It was so overwhelming, and the part they left out in real estate reality shows. Ultimately, I had to remind myself to have faith and believe in the journey and remember that God and all our hard work combined can lead to fantastic opportunities!

Bid Number Eight

The number eight shows up a lot for me, and it did big time! Many believe this number to be associated with balance, self-reliance, success, and the end and beginning of something new. How fitting!?!

Our agent called us on March 9th with the best news; the sellers accepted our offer! I felt excitement coursing through my body, and suddenly, I had so much happiness flooding me that I thought I'd pop! It was all worth the wait.

This house is the only house to check all of our boxes. It has a gorgeous porch and entryway, beautiful hardwood floors, huge bedrooms, and a spectacular principal suite! I never thought I'd be so happy to shell out so much cash. It's a bittersweet moment. Lol. However, we are so excited to turn this house into our home!

So You've Made an Offer

Let's rewind a bit. Before you get to make an offer or even start looking, these are the steps to take:

  • Check your credit

  • Clean up any negative items on your credit

  • Decide on your budget

  • Know the current mortgage rates

  • Check your eligibility for an FHA, conventional, jumbo, fixed-rate, or adjustable-rate loan(ARM)

  • Shop around for a mortgage company

  • Get a pre-approval

  • Contact a realtor

  • Decide where

  • Discuss must-haves, and deal-breakers

Remember to be patient with yourself and the process.

Fast forward. Your offer is accepted; congratulations! Here's what to expect, loads and loads of paperwork and money exchanging hands.

  • Alert your mortgage company to the accepted offer

  • Choose an attorney

  • The attorney reviews the contract and makes sure the terms are fair to you. Negotiate terms or stick with the current agreement and conclude attorney review.

  • The contract is now binding

  • Get homeowners insurance

  • Hire an inspector, hopefully, one that does everything: general, sewage, termite, radon, and oil tank sweep.

  • During the inspection, pay attention and ask questions. Get familiar with the workings of your new home.

  • Pay for an appraisal (usually hired by the mortgage company)

  • Receive the date letter from the lawyer. It has all the important dates listed.

  • Your 1st payment due is called earnest money, aka good faith money it can be as little as a $1000

  • 2nd due is usually about half of your down payment

  • The closing date is when you get your keys and title, do the final paperwork, and fork over the rest of your down payment. Pay your closing costs which include payments to the lawyer, two months of taxes that are put into an escrow account by your mortgage company, homeowners insurance, fees for title, and mortgage application.

Congratulations, you're officially a homeowner! Cheers to new beginnings! If I've missed anything or you have any questions feel free to comment.

Best wishes if you are beginning your journey!

Current Mortgage Rates

Average rates as of May 6, 2022 30-yr fixed 5.42% 15-yr fixed 4.72% 5/1 ARM. 5.38%


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