Post # 1
Which is such a relief, because I have a rather large student loan that I’m working on paying down, and I was worried that would hinder us.
So step 1 is down. Step 2 is talking to the in-laws, we need to ask them if they will loan us the money we have tied up in a GIC so we don’t get penalties breaking it. We didn’t think we would be buying this year when we put it in a GIC, the GIC matures November 2012.
I don’t think there will be any problems. The in-laws have previously indicated that they would want to help out with downpayment etc. when we got ready to buy.
Wish me luck 🙂
Post # 3
That’s great news, congrats!
Post # 6
I don’t want to burst your bubble but… a pre-approval means nothing essentially. Yes, it gives you an idea of what you can spend but until you have a loan/mortgage commitment letter that pre-approval is not worth the paper it’s written on. Just want you to be aware of that, but if you’re working with a real estate agent they would have told you the same thing, I always make sure to bring this up with my clients very early on.
Good luck with the house hunt! Feel free to ask any questions 🙂
Post # 7
@Ms. Martian: Thanks 🙂 I am aware that a pre-approval is just that, a pre-approval … a rough idea on what a bank may be willing to lend. But it’s a starting point. Can’t get a commitment without putting an offer in 😉 I worked as an office manager at a real estate office for 4.5 years, I’m familiar with the procedure.
Post # 8
@awakemysoul: Good for you! I just know that a lot of first time buyers have no idea about the pre-approval that’s why I mentioned it, clearly you know your stuff. Good luck again!