Wednesday, July 28, 2010

Papers are signed!

Well I am writing from beautiful Nova Scotia, where I am staying for 11 days to stand in one friend's wedding, and to attend another.  I went to university out here, and so many of my friends are still here.  I have to admit, travelling out here for ELEVEN days seemed like an insane idea to me before we left - knowing that we had so much still outstanding with the new house purchase, getting the condo rented, the mortgages, packing, etc.

But now that I am out here with so many great friends, and having already participated in one beautiful wedding, I can't imagine missing this for anything.  Everything will get done when we get home!  We have four days between our arrival back home and our big move.... that's enough, right?!

The day before we flew out East, we met with the bank to sign the mortgage papers., and I can now happily report that that aspect of this mayhem is complete!!!  We realized that in order to do a refinance on the condo, we would have had to get a lawyer's assistance, an appraisal, lots of paperwork, etc. - and all within about 4 business days (while also packing for and organizing the details of our trip).  And having run the numbers multiple times, we decided in the end that going with the BMO mortgages was the best option for a number of reasons, but namely the interest rate, and our sanity.  We have gone with 5-year fixed rates of 3.99% on both the house and the condo, and amortization periods of 25 years and 20 years, respectively.  That will keep us on track to paying off the condo, keeps the payments fairly reasonable for both, and minimizes the interest paid over time.  We are able to make additional payments of up to 10% of each mortgage each year.  So the plan is that any additional funds we find ourself with will be put towards the house, since that is the one that is not tax-deductible, and should be our priority as far as paying off.

Another bonus to signing with BMO was that we will be getting some bonus Air Miles, free bank accounts for 5 years, and the chequing accounts are also tied to Air Miles.  Maybe we will get a free flight to Nova Scotia for the next set of weddings!

It was quite the morning we spent at the bank.  I had told my boss I would be a "little late" for work, since our appointment was at 9:00 am.  Little did I know I would still be sitting in the bank at 11:30 am, having never even had my morning caffeine jolt!  Nevertheless, it was a HUGE relief when we walked away from there with all the papers signed, knowing that we could come away to Nova Scotia and enjoy ourselves.  I haven't had a single email about mortgages the entire time I've been here, and my inbox looks almost ghostly because of it.  Things are falling into place!!!!

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