The stress of applying for a mortgage is flooping shizen-housen. So much so, I had to make up a whole new word to describe it.
Throw-back to the simpler life
When I thought about the prospect of a mortgage, I imagined the stress would come if your besties at the bank started sending you love letters stating- ‘pay up or else’. I never thought the actual application process would put a knot in my stomach the way it did.
We started off the whole process last May by discussing our financial situation with Steve’s ex-cricket coach/mortgage broker extraordinaire Graeme Vimpani. That was great because he went through all the little costs (which can add up to big ones) and basically assessed if our plans and the costs involved were achievable with a loan the bank would give us. I left that meeting feeling really good about our plans for (at that stage) our pretty distant future, knowing that when we put in the formal application, we were in a good position.
Fast forward to January, when we had our second meeting to formalise our application for both the land loan and the house build loan. Now shizen was getting real. All of a sudden it hit me. For as long as I could remember, I have saved for a house. Every pay- and I mean every. single. pay.- I have put away something towards my dream of owning a house. Years of committing to a cause effectively came to this one meeting. We would fill out the paperwork, put all the figures in the fancy computer program and eventually, some random person (probably called Gary) at the bank would determine if it was all good enough for a loan. Gary would have the final say if our effort to work towards our dream was enough.
Not only do the banks want to know what your savings and debts are, they want to know every other facet of your spending. No detail is spared- from how many cars you have, what make/model they are and what their value is to how much you spend on ‘personal care’ such as hair and makeup. They want to know it all and in the process, you’re left feeling slightly exposed.
I left that second meeting feeling a little bit overwhelmed, slightly nervous and damn stressed out.
Our pre-approval for both aspects of the loan came through about a week and a half later. Both Steve and I breathed a huge sigh of relief. Mine, because the stress eased and Steve, because I don't deal with stress well- and when you combined this with night duty and a super important job interview, I was not the easiest person to live with over this time (oops, sorry babe!).
So if you’re applying for your first loan and finding it just as flooping stressful then you’re not alone, I hope you can have your big sigh of relief moment soon.
Happy building :)
For a checklist on what you need for your mortgage application click here