willingtocope Posted August 28, 2007 Report Share Posted August 28, 2007 Closed on a house yesterday. We move on Friday. BK 7 in March 2004...current scores in the 640-680 range, but we got a loan and we're finally getting out of the apartment.Mutliplied our outstanding debt about 20 times. Ouch...(And, BTW, thanks to FirstSource for his encouragement. We weren't able to use his services as a broker (local girl gets all the business), but he gave us the courage to give it a try).We'll be shutting down the computers on Thursday night...depending on how the new cable modem goes in, we may be offline for awhile. Quote Link to comment Share on other sites More sharing options...
rella5 Posted August 28, 2007 Report Share Posted August 28, 2007 congratulations on your new home! Hope your health is improving as well.. Quote Link to comment Share on other sites More sharing options...
Moriah4 Posted August 28, 2007 Report Share Posted August 28, 2007 Best of Luck in your new home! Quote Link to comment Share on other sites More sharing options...
zfire Posted August 28, 2007 Report Share Posted August 28, 2007 Glad to hear you are moving into your new home. Best wishes. Quote Link to comment Share on other sites More sharing options...
jetscarbie Posted August 28, 2007 Report Share Posted August 28, 2007 Hey!! Congrats on the new home. I guess thats a wonderful kind of debt! Quote Link to comment Share on other sites More sharing options...
J_Snow Posted August 28, 2007 Report Share Posted August 28, 2007 Congrats!And congrats on closing on a home loan at all in the current market! Quote Link to comment Share on other sites More sharing options...
willingtocope Posted August 28, 2007 Author Report Share Posted August 28, 2007 Thanks, folks...And congrats on closing on a home loan at all in the current market!Yep, I was sweating right up until we signed the loan papers. I have visions of the closer saying "nevermind"... Quote Link to comment Share on other sites More sharing options...
mariner Posted August 28, 2007 Report Share Posted August 28, 2007 Congrat on the new home!!! Quote Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted August 28, 2007 Report Share Posted August 28, 2007 I'll be joining you soon! Quote Link to comment Share on other sites More sharing options...
Methuss Posted August 28, 2007 Report Share Posted August 28, 2007 Congrats. And don't be too hard on "being in debt" over a house. That's good debt. You're gonna have a boat-load of tax write-offs that practically assure upping your paycheck deductions....and likely a refund each year to boot.Between the deductions on my two houses I pay no income taxes, federally or state. What little they do take out of my check gets rebated every year. Quote Link to comment Share on other sites More sharing options...
CleverCynic Posted August 28, 2007 Report Share Posted August 28, 2007 Awesome! Congrats Quote Link to comment Share on other sites More sharing options...
willingtocope Posted August 29, 2007 Author Report Share Posted August 29, 2007 Since the IRS takes our refund every year to pay back taxes, I'm wondering how they're going to react to that. I've already upped my deductions to 6 which will essentially zero out what we owed last year. I'm thinking about taking it to 10 or 12, but I'll have to run the numbers to see if that works with just 3 months of house payments. We' just die the standard deductions last year...I don't think the extra, what, maybe $2000 in interest will change that for 2007. Quote Link to comment Share on other sites More sharing options...
Chancy949 Posted August 29, 2007 Report Share Posted August 29, 2007 WOW CONGRATS!! I remember you going through all of that with the IRS and your business. I"m soo happy for you and your wife that things are turning around. Iowa ain't so bad! Quote Link to comment Share on other sites More sharing options...
willingtocope Posted August 29, 2007 Author Report Share Posted August 29, 2007 You're right, Iowa's okay. Job is alright (nobody bothers me, for the most part). Little town here is friendly. Things are comfortable at the moment. (Now, if I can just keep the DW from redecorating the heck out of my paycheck, we'll be fine for a few more years). Quote Link to comment Share on other sites More sharing options...
MasterP_Nice Posted August 29, 2007 Report Share Posted August 29, 2007 Congrats willing!!!! Quote Link to comment Share on other sites More sharing options...
lyle7289 Posted August 29, 2007 Report Share Posted August 29, 2007 It's a great feeling isn't it?Congrats!!! Quote Link to comment Share on other sites More sharing options...
Methuss Posted August 29, 2007 Report Share Posted August 29, 2007 I don't think the extra, what, maybe $2000 in interest will change that for 2007.It's not just interest. If the property taxes are paid in arrears, YOU get to deduct them, not the previous owner (check your closing docs for taxes prepaid). You also get to write off any points paid on the loan and any PMI paid at closing and through the year. Designating a room in the house as a home office also means some of your principal and utilities get written off as home office expense too.BTW max withholding deductions is 10. Quote Link to comment Share on other sites More sharing options...
wdspeedbump Posted August 30, 2007 Report Share Posted August 30, 2007 You're right, Iowa's okay. Job is alright (nobody bothers me, for the most part). Little town here is friendly. Things are comfortable at the moment. (Now, if I can just keep the DW from redecorating the heck out of my paycheck, we'll be fine for a few more years).lol..women just "love,love,love" a house till the day after closing. then it's " when are we gonna start fixing this dump up?"we closed on a brand new house last dec. dw is "personalizing" a bedroom at this very moment by painting walls, etc. Quote Link to comment Share on other sites More sharing options...
RedDrumJay Posted August 30, 2007 Report Share Posted August 30, 2007 Since the IRS takes our refund every year to pay back taxes, I'm wondering how they're going to react to that. I've already upped my deductions to 6 which will essentially zero out what we owed last year. I'm thinking about taking it to 10 or 12, but I'll have to run the numbers to see if that works with just 3 months of house payments. We' just die the standard deductions last year...I don't think the extra, what, maybe $2000 in interest will change that for 2007.Do forget medical on top of interest deduction. Quote Link to comment Share on other sites More sharing options...
willingtocope Posted August 30, 2007 Author Report Share Posted August 30, 2007 Yep, I think I'll just up the deductions to 10, and see what TurboTax says at the end of the year.(We've got a pretty good medical plan at work, and a Medical Savings Account...I'll have to see what the numbers say).Thanks everyone... Quote Link to comment Share on other sites More sharing options...
Sultan Posted August 30, 2007 Report Share Posted August 30, 2007 Completely awesome! - Massive congrats I have to agree with Methuss that none of us should be too hard on ourselves for being in debt especially over an investment such as a home .. it's very true debt is a scary thing for some of us, (it is for me) its taken some time but I've become used to it and I give the glory to Christ that we've made good choices and can afford to pay our bills each month.Now, when are we celebrating? I'll bring the steaks. Quote Link to comment Share on other sites More sharing options...
breathing_easier Posted August 30, 2007 Report Share Posted August 30, 2007 Awww, willing, it does my heart good to see your fortune turning around. So many of us remember when you were go through that very rough patch, having to leave Ohio (yep, still think of ya when I drive through Toledo several times a month), and all that. Your story gives encouragement to all who are going through their rough patch now. Good for you and DW! Quote Link to comment Share on other sites More sharing options...
willingtocope Posted September 3, 2007 Author Report Share Posted September 3, 2007 Thank again, folks, for all the good thoughts. I'm sitting here typing as we speak in the basement office in our new (old) house. Small, but comfortable, with more than enough space for me and DW to live in...and yet, we've each got our separate "hide away" room. Content, for the moment. Quote Link to comment Share on other sites More sharing options...
clove610 Posted September 4, 2007 Report Share Posted September 4, 2007 CONGRATULATIONS!!!!!! Quote Link to comment Share on other sites More sharing options...
someonesomewhere Posted September 6, 2007 Report Share Posted September 6, 2007 I'll be joining you soon!It's a footrace, SAW. SWMBO and I are looking this weekend. Quote Link to comment Share on other sites More sharing options...
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