(Closed) Phone call with mortgage woman today..

posted 5 years ago in Home
Post # 2
558 posts
Busy bee

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aubreyanne:  Haha oh man buying a home…well it’s worth it but the process blows! I was nervous when we were going through the approval process; we heard stories about people who had their credit ran two days before signing and then were denied even though they got the preapproval! As long as your credit is in check, you have little to no delinquent marks on your financial record, and your debt to income ratio is lower than 20%(?), you should be fine. Stay away from credit cards until you close on your house, pay them down NOW in order to get a better interest rate, and be prepared for your lender representative to know you better than your gyno. 

It is a big step in a relationship, but it’s one that is necessary.  You both will have to step up with responsibilities, lay ground rules, and really experience what it’s like to be a functional team. It’ll be stressful and tough at first, but you’ll get through it! Good luck! Keep your head up!!

Post # 3
5940 posts
Bee Keeper
  • Wedding: May 2014

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aubreyanne:  Holy [email protected]! This IS a big step considering you haven’t had much experience outside the parental home! Congrats!

1- IF by some chance you are not approved, ask them what it will take to get approved. Ie: maybe you need to pay off some debt. BUT if your debt is low and your credit is good, you should be fine.

2- You WILL find a home you like! TRY not to get emotionally attached to a home until you are living in it. Lol! Hard to do, I know. And remember that your home may not have everything on your wish list.

So exciting!

Post # 4
1303 posts
Bumble bee
  • Wedding: Hawksnest Cove Beach St John USVI

The home buying process is stressful!  They may want to see 2 years of solid income in addition to good credit. Be prepared for them to approve you for more home than you really want to spend. When moving into a new house remember there are more expenses than just the mortgage, insurance, and property tax. We pay for lawn care, HOA fees, and pest control. 

Once you have a pre-approval have fun shopping!  There are lots of amazing houses and be prepared for a house to not have everything on your wish list – that’s ok!  Once you have found a house you’ll need an inspection that will tell you what’s wrong with the house and you can ask for anything to be fixed before you buy it (but they don’t have to say yes). 

We love our house and our mortgage team was amazing at keeping me cool but there were lots of negotiations through the process like what they would leave for us, if they would fix things, and even when they would move out.

Good luck!

Post # 5
7329 posts
Busy Beekeeper
  • Wedding: September 2012

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aubreyanne:  So much of the process hinges on your pre-approval from the bank. From there, you know how much they’re willing to give you. It could be lower than you expect, but also be prepared for it to be higher than you expect. The #1 piece of advice is just because they’ll give you that much doesn’t mean you should buy a house for that much! Talk with the bank about your monthly income, and how much you can comfortably spend on a mortgage payment each month in addition to any bills you already have (cell phone, car payments, insurance, etc). Remember, there are additional costs each month on top of the mortgage – like electric, water, cable/phone/internet, etc. Someone has to maintain a yard, so that means either paying for it or buying a lawn mower.

You guys have saved a pretty substanital amount for your ages, and without knowing where you live or what kind of house you can get, just be smart and realistic about your needs. While there is something to said about a “starter house”, you still need to think about the size. I certainly don’t think a young couple starting out needs a giant home, but there is a thing as too small. I’m a firm believer that you should buy a home that while it fits your needs, you can grow into it, because you never know what life holds. We planned to be in our current home for 3-5 years (like many first time buyers) and here we are 7 years later with no plans to move any time soon. We did actually buy MUCH larger than we needed – but that’s not the case for some. I have a couple of friends who purchased tiny starter homes, and with 1 kid on the way they are going to be busting out of it soon.

Other than that, just manage your expectations. The odds of finding *exactly* what you want is pretty slim….and it doesn’t matter how near perfect the house is, there will always be things that need changing.

Post # 6
1228 posts
Bumble bee
  • Wedding: March 2014

I strongly believe in having experience renting before buying. This is one of the biggest purchases you’ll ever make- just as I’m sure you’ll spend lots of time researching, spend a little money renting.

The pros and cons become so apparent. How much space you need, how important neighbours are, parking, kitchens, maintenance work, lawn size, age of the home, amenities close by, commute to work. The fireplace you thought you needed is actually a pain in the butt, for example. Owning a home is a huge learning experience, one that can come at a high cost if you’re not careful. 

Post # 7
144 posts
Blushing bee
  • Wedding: May 2017

I have no advice but I am following for advice! Me and my fiance (21 & 22) are in the same situation almost except I am still in school so I don’t have the stable job yet. Just here to read adivce. Good luck 🙂 Keep me updated!

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