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professor of whales posted:My wife and I are looking at buying a house and I wanted to see some opinions. Our combined gross income is approximately 50k. Our savings is about 15k. We live in the Greater Cincinnati area and are looking for a house in the 100-120k range. We were thinking of doing a FHA loan with 3.5% down. In the 120k range, which would be the absolute max house price, I was expecting to have to put down about 8k between closing costs and the down payment. We are shooting for a mortgage payment of around 900-1000 a month (Principal, Interest, PMI, Insurance and Taxes). As far as debt, we have no cars or credit card balances (between the two of us, about 8000 in usable revolving credit). She currently has Stafford loans totaling about 16k and I am currently doing an online program that has loans in deferment for about 2 more years and will total about 30k when done (also a mix of sub/unsub Stafford loans). We currently pay 750 a month in rent. We also put about 400 a month into savings which would not be affected by the increase in monthly housing cost. Any advice or discouragement would be appreciated. I think you guys definitely have the right mindset, which is fairly evident due to your excellent savings relative to your income. I do think the income is questionable, though. I don't mean that as a put down, it's just not a lot of money assuming both of your work. Your student loans are in forbearance now, but once those start back up that will be another large chunk of your monthly income. Is your online training going to significantly increase your income when you're finished? My wife in I are in about the same situation (we started with almost $50k in student loans, down to about $33k) and we just bought a house ($138k financed) but our combined income is around $70-75k or so (I would assume our cost of living is similar to yours). If you finish with your schooling and can raise your income level up to where ours is, then I can tell you you'll be in pretty good shape overall, but I think it's a pretty big gamble to buy now when you still have 2 years of schooling left.
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Jul 28, 2009 14:50
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The degree would be a Bachelor's in Accounting. I have enough experience at my current job that it could be applied to a higher paying job. I have been hesitant to jump ship just because of the current job market, although Accounting has been reasonably stable in this area. I agree that I would need to take a hard look at the income. As far as the projected monthly mortgage payment, does 900-1000 a month seem reasonable?
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Jul 28, 2009 15:10
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professor of whales posted:The degree would be a Bachelor's in Accounting. I have enough experience at my current job that it could be applied to a higher paying job. I have been hesitant to jump ship just because of the current job market, although Accounting has been reasonably stable in this area. I agree that I would need to take a hard look at the income. As far as the projected monthly mortgage payment, does 900-1000 a month seem reasonable? Seems fairly accurate depending on how bad property taxes are.
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Jul 28, 2009 16:04
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professor of whales posted:The degree would be a Bachelor's in Accounting. I have enough experience at my current job that it could be applied to a higher paying job. I have been hesitant to jump ship just because of the current job market, although Accounting has been reasonably stable in this area. I agree that I would need to take a hard look at the income. As far as the projected monthly mortgage payment, does 900-1000 a month seem reasonable? Doesn't seem too far off. Our payment is: code:
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Jul 28, 2009 16:39
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dreesemonkey posted:I can't wait to get student loans knocked out and then start shoveling money on the mortgage until we at least get rid of that PMI. It'll be a couple of years, though How much in student loans do you have left compared to the amount you need to get PMI erased? If you count PMI as just additional interest that moves your $138,700 loan up to 6.95%. Are you suffering under a 5 year timer to be able to challenge your PMI?
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Jul 28, 2009 21:09
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Mister Fister posted:So based on this, the housing market won't recover until 2013 and i should not buy a house this year? It's a great chart, but the thing to consider is that the vast majority (I've read 65-75% depending on the source) of option-ARMS and other exotic mortgages are in four states: CA, NV, AZ, and FL. A 2013 recovery is probably realistic for these four states - they are still on the way down and have A LOT further to go. You can save a lot of money by waiting to buy in those states. The rest of the country should "recover" sooner, although buying a house from purely a monetary investment has rarely been a good idea anyway. The other thing to take note of is that a lot of these exotic mortgages are ALREADY resetting because either people can't keep up with even the teaser rates (which is just sad), or because the rates have reset early due to the negative amortization "trigger point" being reached. Like someone who was paying less than the interest on a loan has their rate reset when the value of the loan reaches 115% of it's original value (because the interest that they weren't paying was added to the loan balance). This is a good example of how insane these teaser rates where (look about halfway through the article for the red underlined text). You think someone is going to stay in a house when the monthly payment goes up 2.5x what they're paying now and the place is worth $200K less? Hell no! Welcome to 2010-2013 in CA, NV, AZ, and FL.
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Jul 29, 2009 00:30
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FidgetyRat posted:I remember that. One house looked "OK" from the outside.. We walked in and literally walked right back out without even exploring around the house.. The worst part is all 3 of us were coughing for a good 20 minutes.. Must have been some MAJOR mold issue going on (or a corpse somewhere in the house). I went to look at a house and saw some flies on the inside of one of the windows. When we opened the door neither my wife nor the realtor would even go in. There was an audible buzzing. Morbid curiousity propelled me to check it out. There were stained bare mattresses lying on the floor of some rooms and literally thousands of flies. It was like a horror movie. Results of insurance: The insurance ended up costing more, about 2000 for 240k in coverage, and another 1000 a year for flood. Yikes. I learned that the amount your house was purchased for is not what you can get away with on insurance coverage. Seems like drat near half the roofs in houston were replaced this winter, so it comes as no surprise. roadhead posted:
Awesome if you can get them to make the repairs. My inspection report read in a similar fashion, a lot of it is simply because it was up to code when it was built, but standards change, especially the electrical things (at least the gfci's). You may also find things easier to just offer a lower amount, that way you can get the repairs done by who you want to and keep an eye on things. And in the unlikely case that your house appraises for less than what you're paying the lender will probably back out. There's a lot of reasons, but I think it's usually better to just have a lower price if you can.
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Jul 29, 2009 01:53
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Doodarazumas posted:I learned that the amount your house was purchased for is not what you can get away with on insurance coverage. Seems like drat near half the roofs in houston were replaced this winter, so it comes as no surprise.
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Jul 29, 2009 05:36
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I'm considering buying my first home and have quite a few questions. I am a 24 year old with a BA in Geo, and a diploma in GIS (Geographic Information Systems). After graduating in June 2008 I worked an 8 month term doing GIS stuff and got great experience, traveled for a few months, and am now looking for a job. My expected salary will be between 40-45,000 CAD. I have a couple potential prospects right now, and am waiting to hear back on an interview for another 8 month term job with the provincial government. I realize I can't buy a house without a job, so that is priority #1. I have about 4500 in RRSPs and will be inheriting roughly $15,000 within the next month. I would have to spend around ~150,000-190,000 to find a decent 2-3BR house in an area I feel safe, which would leave me with a mortgage payment around 900 - 1150 with property taxes included. I am currently living with my parents, and while it is fine and dandy, I really want to move out on my own at this age. I have a roommate lined up who would be willing to pay 450-500 + 1/2 of all utilities if I do buy a house, otherwise we would rent a 2BR apartment for approx 1000/mo + cable/internet/laundry. If I could find a third roommate that would be an option too. Renting would be cheaper, but with a house I could build equity (slowly), and even rent it out for more than the mortgage if I decide to leave with my girlfriend in a year and a bit to seek greener pastures. My Dad has also said he would act as a landlord for me if that was the case, and I would pay for work to be done if necessary. Sorry for the long post, but what should I do? I'd like to look at buying a house as a semi-long term investment as housing prices in Winnipeg haven't caught up to the rest of Canada yet. If I do decide to move away, I can rent while saving money for a down payment on another house while building equity on the rental, and if I stay, I'm in my own home contributing to the equity. Another option is to just put the 15,000 into RRSPs to go towards tax savings, and rent while saving more money towards a DP. I can also withdraw up to 18,000 from RRSPs with no penalty as long as its repaid within 5(?) years to get both the house + the tax benefits. I have no CC debt, no other savings, a reliable 10 year old car, and owe $6,000 on my Line of Credit at prime + 1. I haven't even spoken to a mortgage broker yet, and to reiterate, getting a job is my #1 priority. I just want to set the wheels in motion and see what I can come up with as well get opinions on the matter. Shazbot v2.0 fucked around with this message at 08:31 on Jul 29, 2009 |
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Jul 29, 2009 08:27
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Shazbot v2.0 posted:My expected salary will be between 40-45,000 CAD. First of all, you're talking about an "expected salary". You work with the money you HAVE, not the money you anticipate having. I wouldn't make any assumptions only to find out that you're actual salary is 20% lower than what you expected. quote:I realize I can't buy a house without a job, so that is priority #1. I have about 4500 in RRSPs That money is for retirement. Don't calculate that for the same reason I don't calculate the $14k I have in a 401K towards a house. quote:and will be inheriting roughly $15,000 within the next month. I'm assuming you'll have a huge chunk of that taxed. Let's assume you get $10k in reality. quote:I would have to spend around ~150,000-190,000 to find a decent 2-3BR house in an area I feel safe How did you come up with that number? They say you can afford roughly 3x your gross salary. If you topped out at $45k a year, that's $135k. Even if you took your total $15k inheritance (assuming none of it is taxed) into the cost of the home, that's $150k. I'm not even counting closing costs, escrow, furnishing, etc. quote:I have a roommate lined up who would be willing to pay 450-500 + 1/2 of all utilities if I do buy a house, otherwise we would rent a 2BR apartment for approx 1000/mo + cable/internet/laundry. If I could find a third roommate that would be an option too. Never buy a home under the assumption a roommate will always be there to lighten the load. With an apartment it isn't a big deal, because if they bail 6 months into a 12 month lease, you can always break the lease and get something cheaper. quote:Renting would be cheaper, but with a house I could build equity (slowly) If you were starting your career as a doctor or an employee at Goldman Sachs, fine, but at $45k max starting salary at the age of 24, you should be building a career, which means mobility. Homes are for people who are well into a career with a financial foundation, not kids straight out of college. quote:and even rent it out for more than the mortgage if I decide to leave with my girlfriend in a year and a bit to seek greener pastures. Wishful thinking. My co-worker rents his condo below his mortgage because he'd rather be down $200 a month than $1200. While everything you said is true about renting, the reality is you need to be able to shoulder the burden by yourself. Your name is on the mortgage, not you and your roommate. That being said, the fact that you're already talking in terms of roommates just further reiterates the basic fact that a currently jobless 24 year old fresh out of college with no real financial foundation can't afford a home. quote:My Dad has also said he would act as a landlord for me if that was the case, and I would pay for work to be done if necessary. You're basically saying "I want to move out from my parents because it is embarrassing, but I have no problem buying a home I am not prepared to own because my dad will bail me out if necessary". quote:I have no CC debt Good. Keep it that way. quote:no other savings What the gently caress? So you're basically willing to buy a house with an inheritance which after tax is probably barely 5 figures? I don't know how they do it in Canada, but let me do some math for you: $15000 - Your total "savings" - $5250 - $150,000 home 3.5% FHA loan down payment - $4000 - Closing costs - $2000 - Escrow - $3000 - 20% tax on inheritance (probably very conservative) = $750 You have less than a grand after you paid the absolute basics. Don't even get me started on the other poo poo you'll have to pay for coming from zero,like furniture, a home inspector, etc etc. Oh, and even if you could afford it, you have $0 in savings, so if you got laid off on Monday you can't make your Tuesday payments. Awesome. quote:a reliable 10 year old car No such thing as a reliable old car. It's just a car that may take longer to require expensive repairs. quote:and owe $6,000 on my Line of Credit at prime + 1. And you already owe money. Fantastic. quote:I haven't even spoken to a mortgage broker yet, and to reiterate, getting a job is my #1 priority. I just want to set the wheels in motion and see what I can come up with as well get opinions on the matter. You have no options. Pay off your LoC debt (I'm afraid to ask what it was for) and put everything else in a readily liquid savings account. Then go apartment hunting. That is it. Zombie Dictator fucked around with this message at 15:39 on Jul 29, 2009 |
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Jul 29, 2009 15:34
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Shazbot v2.0 posted:Renting would be cheaper, but with a house I could build equity (slowly), and even rent it out for more than the mortgage if I decide to leave with my girlfriend in a year and a bit to seek greener pastures. My Dad has also said he would act as a landlord for me if that was the case, and I would pay for work to be done if necessary. Sounds like a recipe for getting yourself tied down to a place you don't want to stay in.
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Jul 29, 2009 15:45
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Shazbot v2.0 posted:If you need to spend $150-190K to feel safe you do not need to be purchasing right now. Your pay at $45,000 will be borderline at the lower end of this, you don't have enough money for a quality down payment along with all the usual "Im buying a house" costs. Not to mention to are thinking about running off in a year and you will not want to have a chain tied to your ankle like a house, even if you can rent it out. If your tenants leave you are $1,000/mo in the hole and your salary cannot support that. Don't borrow from your retirement savings to pay for a house. Especially if you have to pay it back. All that does is add another payment to your budget. Use that inheritance to pay off that line of credit and begin saving your money. Go find an apartment with a friend and when you are more settled in a few years begin thinking about it again. Get a job, figure out if you like it enough to stay in Winnipeg for it, figure out if you want to marry your girlfriend and where she wants to live. Oh and going from a broke college student to $40,000-45,000 is a big change. You will have a lot more disposable income and you will gently caress it up and not save any money if you let yourself buy a new flatscreen, xbox, blu-ray player, etc. etc. etc. Make a budget and you can easily be saving $1K+ per month.
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Jul 29, 2009 15:46
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Arzakon posted:How much in student loans do you have left compared to the amount you need to get PMI erased? If you count PMI as just additional interest that moves your $138,700 loan up to 6.95%. Are you suffering under a 5 year timer to be able to challenge your PMI? We have a conventional mortgage so we could be done with PMI tomorrow if that was an option. If my math is right, $146k purchase price, we would have to get to $116,800 to have 20% equity on the loan. We haven't made our first payment yet, so we have $137,800 + interest until Sept 1. So at best we have ~$22,000 to go to get out of PMI. We have about $32,000 left in student loans. So I dunno how the math works out. To be completely honest, I'm more of a psychological bill payer than mathematical. Student loans were our goal to pay off in three years after getting married, and we're going to get them done first. Mathematically, it might not make that much sense, but I never said I make much sense  We're not going to pay just the minimum on our mortgage though either, since I get paid twice a month and one of my checks is about $100 more than the mortgage payment, I'm going to apply that $100 to the principal. It's not going to make a HUGE difference like we are with student loans, but it's a start. Then once those student loans are paid off it's a race to 20% equity, and then I think I can chill for a little bit. We'll probably have kids by then and have other crap to spend our money on anyway.
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Jul 29, 2009 18:23
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dreesemonkey posted:To be completely honest, I'm more of a psychological bill payer than mathematical. Student loans were our goal to pay off in three years after getting married, and we're going to get them done first. Mathematically, it might not make that much sense, but I never said I make much sense You're saying you're psychologically OK with losing a couple thousand bucks just you can put a little tick next to "student loans paid off"?
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Jul 29, 2009 18:37
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Thanks for the 3 replies. Zombie Dictator, the $6,000 LoC was a previous student LoC that I have been successfully paying down, which previously paid for tuition as well as my 99 civic, which I had to buy for my job after graduation. I was working for a forestry company 125 km away from Winnipeg and my car at the time couldn't handle the trip. The $4500 I currently have in RRSPs was put in their with the intention of using it towards a down payment on a house, but now that I have this other money I would use that instead, and I was told it will not be taxed. In Canada you must put 5% down, and closing costs are generally 1.5-2% of the total house price, and that is all that is required afaik. And the part about my Dad bailing me out, that's not really the idea at all. He is pretty well retired and does handyman stuff on the side so I'd contract and pay him, but it really doesn't matter anymore. You guys are right though, I should probably just rent for a while, get a job, and see where life takes me. I could stay at home with my parents, but I think I'd rather spend the 600/mo to live with a friend instead. I'm not too worried about my ability to budget, I was making approx 44k/year at my term job, and had no problems with a budget saving for my trip and paying rent etc, without blowing money on stupid things. Luckily I qualified for Employment Insurance after my trip was over so I receive $750 every 2 weeks to pay down debt and save for moving out. What should I do with my 15k then, or is that for a different thread? I could pay off my 6K, but I am managing to do that steadily on my own around $400/mo with my current EI benefits. Put half into savings for a house and half into long term RRSPs?
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Jul 29, 2009 19:40
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Shazbot v2.0 posted:Thanks for the 3 replies. I'd pay off all of your debts and put the rest into an immediately liquid savings account of some sorts (risk-free CD, savings, etc). Chances are you won't find anything you can invest in risk-free that would yield greater than prime + 1% on your loan. Your $4500 in RRSPs you should ignore for now. You're 24 and that is a decent start for retirement savings. That being said, you'll have $0 debt and $9000 in savings, which is a decent little cushion that will allow you to move out when you get a job. The best advice my dad gave me is "the bill is in the mail". Whether that means you get laid off, you get sick, your car breaks down, whatever, just because you can live off your check today doesn't mean you can tomorrow. This is why you want to have a fund you can use when you have no other choice, and if you bought a house your bills would grow astronomically and you'd have zip in savings when those bills do come. And to be frank, you need to live a few different places before you can figure out where you want to own a home. A home is a long-term commitment. The last thing you want to do is buy one only to find out you hate the neighborhood.
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Jul 29, 2009 20:25
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In regards to the neighborhood comment, Winnipeg is fairly small, so if I do stay here I don't think I'd have a problem picking where I want to live. I have an appointment with the bank in about a months time to go over a financial plan with them so I'll hold onto the money for now. My $4500 in RRSPs would have been worth more but when the market tanked I transfered a lot of my high risk stuff into a no risk mutual fund thinking I would use it for a house. No big deal though, thanks again for the advice and info.
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Jul 29, 2009 21:24
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What's the beast way to prepare to transition from one house to the next? We're looking to sell our current house and move into a bigger one early next year, what's the best way to go about doing so? Time our buy/sell periods? Sell the house then move into an apartment for a few weeks/months time?
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Jul 29, 2009 21:43
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Shazbot v2.0 posted:In regards to the neighborhood comment, Winnipeg is fairly small, so if I do stay here I don't think I'd have a problem picking where I want to live. I have an appointment with the bank in about a months time to go over a financial plan with them so I'll hold onto the money for now. My $4500 in RRSPs would have been worth more but when the market tanked I transfered a lot of my high risk stuff into a no risk mutual fund thinking I would use it for a house. No big deal though, thanks again for the advice and info. Off topic, but get that money back into the market right now. That money has 30-40 more years to grow and you took it out when it was low and the DOW has gone up 35-40% since March. I started my 401K at this time last year and my $3200 investment is worth $3890 right now. And I was down 40% like everyone else in the beginning.
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Jul 29, 2009 21:52
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Arzakon posted:Off topic, but get that money back into the market right now. That money has 30-40 more years to grow and you took it out when it was low and the DOW has gone up 35-40% since March. I started my 401K at this time last year and my $3200 investment is worth $3890 right now. And I was down 40% like everyone else in the beginning. Yeah I dropped the ball on it, but I couldn't stand to lose anymore money at the time, which I thought would be going towards a house. The average unit price went from about $47-30 and is now back up around 40...I think I'll do that changeover soon.
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Jul 30, 2009 01:44
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SlapActionJackson posted:It will also mean much more of it gets done correctly the first time. Thats what epithets are for!
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Jul 30, 2009 02:01
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Ok, so this house that we made an offer on (short sale, offer was accepted) now has a newly-discovered second mortgage and also a $6000 judgment against it. A title search was done and the company that held the second mortgage folded, but not before selling it to bank of america. Does anyone have any experience with dealing with short sale crap from BoA? What about properties that have liens against them from judgments?
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Jul 30, 2009 03:06
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peengers posted:Ok, so this house that we made an offer on (short sale, offer was accepted) now has a newly-discovered second mortgage and also a $6000 judgment against it. A title search was done and the company that held the second mortgage folded, but not before selling it to bank of america. Ooooooh boy. You better have the patience of a saint while these companies have a pissing fight over who is entitled to what.
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Jul 30, 2009 03:16
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peengers posted:Ok, so this house that we made an offer on (short sale, offer was accepted) now has a newly-discovered second mortgage and also a $6000 judgment against it. A title search was done and the company that held the second mortgage folded, but not before selling it to bank of america. RUN RUN RUN RUN RUN RUN Just walk away this isn't worth the pain.
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Jul 30, 2009 14:24
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Yeah, I thought about running but the deal is just too good. I can wait, I just want to know what I'm in for with the judgment thing.
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Jul 30, 2009 14:28
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peengers posted:Yeah, I thought about running but the deal is just too good. I can wait, I just want to know what I'm in for with the judgment thing.
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Jul 30, 2009 15:00
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peengers posted:Yeah, I thought about running but the deal is just too good. I can wait, I just want to know what I'm in for with the judgment thing. The judgment isn't really your concern in the sense that you don't have to do anything other than wait. Now, this could take months and months to sort itself out, and when it finally does it'll probably go 0-60 in 2 seconds. If you have no problem staying put for an indeterminate amount of time and you'll be able to go ahead when they are ready, then by all means.
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Jul 30, 2009 15:09
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Your lender isn't going to let you close without getting clear title. If there's not enough money to satisfy all parties, then everyone with an existing lien will need to negotiate amongst themselves who gets what share. The parties in subordinated positions have incentive to hold up the works until they get tossed a bone, but they will get nothing if the property goes to foreclosure. The parties in senior position will want to give up as little as possible, but don't really want to go though the hassle or expense of a foreclosure. Plus they're all overwhelmed, and this could be a lengthy process in the best of times. So yeah, I hope you have a nice long lock on your loan, because this could take months to resolve.
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Jul 30, 2009 15:13
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SlapActionJackson posted:Your lender isn't going to let you close without getting clear title. If there's not enough money to satisfy all parties, then everyone with an existing lien will need to negotiate amongst themselves who gets what share. The parties in subordinated positions have incentive to hold up the works until they get tossed a bone, but they will get nothing if the property goes to foreclosure. The parties in senior position will want to give up as little as possible, but don't really want to go though the hassle or expense of a foreclosure. Plus they're all overwhelmed, and this could be a lengthy process in the best of times. Yeah, I gathered this. I can sit back and twiddle my thumbs for the next year if I have to, in my mind each month that goes by costs me nothing but costs them plenty. It's in their best interest to get this done quickly.
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Jul 30, 2009 18:18
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peengers posted:Yeah, I gathered this. I can sit back and twiddle my thumbs for the next year if I have to, in my mind each month that goes by costs me nothing but costs them plenty. It's in their best interest to get this done quickly. You will find that the bank has a very different idea of what "quickly" means than you do.
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Jul 30, 2009 19:53
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Has anyone went through the experience of trying to get a mortgage while you are self-employed? I know that usually banks like to see a couple months worth of pay stubs, but as an affiliate marketer, I'm paid in a different way. If you have gone through it, what would you suggest, and what other advice would you have?
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Aug 1, 2009 01:16
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HankHill posted:Has anyone went through the experience of trying to get a mortgage while you are self-employed? I know that usually banks like to see a couple months worth of pay stubs, but as an affiliate marketer, I'm paid in a different way. If you have gone through it, what would you suggest, and what other advice would you have?
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Aug 1, 2009 01:30
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moana posted:My boyfriend is self-employed (online poker) and we made sure to do regular transfers of money to his account in the months preceding the mortgage app since he doesn't really get "paid" like normal people do. All you really need is the IRS paperwork for a couple of years prior and some evidence that you're getting paid the right amount of money each month, and you should be fine. They focused on his stated income on his tax forms. Do you have your own LLC or no? I don't know if that makes a big difference in how the process works. No LLC, I've heard its a good idea though if you start making over $70k/year. drat, I didn't realize they required 2 years of employment data, I haven't been at it for that long. Would the be more leinient if I were to put say $65k down on a $130k house?
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Aug 1, 2009 01:38
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HankHill posted:No LLC, I've heard its a good idea though if you start making over $70k/year. drat, I didn't realize they required 2 years of employment data, I haven't been at it for that long. Would the be more leinient if I were to put say $65k down on a $130k house?
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Aug 1, 2009 02:10
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Yeah, I've been working for 2 1/2 years, and when my bank found out I used to be self employed before that, they required even further proof I wasn't self employed anymore. Pretty crazy.
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Aug 1, 2009 02:20
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Closed on a house in the DC area on Thursday, and don't get to see it again until mid Sept! My dad helped with the paperwork as I am deployed right now, and it was still painful from 8000 miles away. This thread helped me make some informed decisions, so thanks.
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Aug 2, 2009 12:22
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Has anyone here ever dealt with a TIC? There's one in the area I'm looking for that is actually somewhere in the neighborhood of a sane price. I know the liability situation can suck but it seems like some good insurance could help with that. The building has 6 units so it's not like some of the 20-40-unit ones here in SF but I'd like to know more about the disadvantages are and how much I should factor that in to what the place is "worth"?
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Aug 3, 2009 18:09
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newbie question here... i'm a 1st time homebuyer. I was wondering, before going out to look for a house, is it possible to get preapproved for a mortgage BEFORE you start looking for houses/negotiating with realtors? I understand the application process for a mortgage can take a while so it makes sense to me if you could get approved before you start haggling.
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Aug 3, 2009 18:54
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Mister Fister posted:newbie question here... i'm a 1st time homebuyer. I was wondering, before going out to look for a house, is it possible to get preapproved for a mortgage BEFORE you start looking for houses/negotiating with realtors? I understand the application process for a mortgage can take a while so it makes sense to me if you could get approved before you start haggling. Yep, you sure can and mostly like should/need to. It's not really a thorough check and you'll still need to go through the long application/approval process later. It will give you some perspective though.
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Aug 3, 2009 19:04
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geetee posted:Yep, you sure can and mostly like should/need to. It's not really a thorough check and you'll still need to go through the long application/approval process later. It will give you some perspective though. huh, that's weird, i'd rather go through the long application/approval process first without having to do another one when i'm looking at houses 
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Aug 3, 2009 20:41
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