How to deal with Buying a House

Hi all,

I am in the slow process of buying a new construction home. I am a little
unclear how to account for all of the little items that keep cropping up.
For the ernest money, I just created a new asset account for the home and
made transfers to and from the appropriate account. The thing that I'm not
sure about is things like the mortgage application, or the rate lock fee on
the mortgage. Any idea where things like this would go? Also keep in mind
that a loan has not been setup yet since we don't close until April of 06.
Lastly, is there an easy way to deal with the new house, which will make
selling of the old smoother. The old has a loan account, escrow account and
asset account associated with it. Thanks in advance for the advise.

-David

Dick
Mon Sep 05 11:21:51 CDT 2005

Generally there is no one right answer. See the FAQs in the section
http://umpmfaq.info/faqdb.php?cat=23 for some general ideas. Then post back
with any remaining specific questions.

"David" <not@gonnahappen.com> wrote in message
news:1KOdnZ2dnZ058EyTnZ2dnTPCgd6dnZ2dRVn-yJ2dnZ0@giganews.com...
> I am in the slow process of buying a new construction home. I am a little
> unclear how to account for all of the little items that keep cropping up.
> For the ernest money, I just created a new asset account for the home and
> made transfers to and from the appropriate account. The thing that I'm
> not sure about is things like the mortgage application, or the rate lock
> fee on the mortgage. Any idea where things like this would go? Also keep
> in mind that a loan has not been setup yet since we don't close until
> April of 06. Lastly, is there an easy way to deal with the new house,
> which will make selling of the old smoother. The old has a loan account,
> escrow account and asset account associated with it. Thanks in advance
> for the advise.