STYLETHREAD -- LET'S TALK SHOP!

I know it is scary to take that step. They definitely will not laugh and shred your application. These days anyone who wants to can get a loan. Different places lend to different situations.

As long as you have income a mortgage loan is easier to get than a 10k personal loan, yes more conditions and a longer process, but more people are approved.

Good luck!!

Elle wrote:

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Yeah, I couldn't get a credit card of my own with a $1k limit to save my life, but they were more than happy to put my name on a quarter-million house loan .

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thanks, thats exactly what I needded to hear. My credist isn't the best, but the one big problem was from a few years ago. I still have problems though getting credit cards.DHs credit is good and we make ok money and aren't looking for a huge amount, but its just about the scariest thing Ive ever done. We want this so bad, and I have no idea what we'll do if we don't get approved. It's really one of the main reasons we moved out of the city, so we'll be crushed.... supposedly we should hear something tomorrow....

Congrats on making the plunge, Ilovechoo!  DH has horrendus credit and I had avg credit when we were floored when we were approved for a mortage loan last year.  We ended up turning down the offer and are waiting to buy a home this year. 

I know I sound like a broken record, but you should definetely check out www.creditboards.com/forums I was so naive and made so many mistakes that I was able to fix myself.  I fixed 99% of my credit mistakes in only 3 months.  I still have a stubborn ding that wont go away, but even with that, my scores are into the 700s! 

Just fwiw, usually the problem isn't the ability to get approved, but the ability to actually pay your mortgage.  Our mortgage payment is a slightly less than half of Mr. Elle's take home pay, which was as high as we're comfortable going right now.  He'd only been at his job for 3 moths when we applied. Our mortgage broker said that based on our stats, we could have been approved for nearly twice what we asked for!  Mortgage people are on crack when it comes to what people could 'reasonably afford' - chances are if you're comfortable paying the monthly payment on the amount you applied for, they'll have no qualms about it either!

I hope you hear back soon though - how nervewracking .

never mind.. I suck at life.

-- Edited by ILoveChoo at 13:30, 2007-02-21

AllieGurl wrote:

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ILoveChoo wrote:

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never mind.. I suck at life.

-- Edited by ILoveChoo at 13:30, 2007-02-21

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Aww girl. Its okay. Buying a home isnt easy, your time will come!

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its ok. I'm starting to think it was partly just that lender. When we tried to talk to him, he was a complete douche.
We did get approved, just for a little shy of what we'd actually need. I think we might be able to work something out with either a different lender, or maybe borrowing some money from the in-laws. (I cant even believe I'm considering that one)

eta: We just got a much more reasonable approval from ING!

-- Edited by ILoveChoo at 21:20, 2007-02-21

The process is so stressful and scary the first time, but once you are in your new house, you'll wonder what made you wait so long.

Elle wrote:

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I'd apply with a mortgage broker - they have access to hundreds of lenders, which lessens your legwork alot! You don't pay them anything unless you get a loan through them, so it's a great way to make sure you're getting the best rates and terms out there.

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 we did this last night too. So far we only heard back from one place, but ING still had the better deal.

Kari wrote:

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ILoveChoo wrote:

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Elle wrote:

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I'd apply with a mortgage broker - they have access to hundreds of lenders, which lessens your legwork alot! You don't pay them anything unless you get a loan through them, so it's a great way to make sure you're getting the best rates and terms out there.

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we did this last night too. So far we only heard back from one place, but ING still had the better deal.

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Did you try LendingTree? Another thought...what about an FHA loan? And lastly, I believe that ING loans are not fixed interest rate loans...so just be informed. I think the interest is adjustable which can be great or a nightmare depending on how the federal rates are set.

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yeah we tried them and only got crappy offers back. the credit union is the only place willign to give us fixed, but the amount is most likely too small. INGs is fixed for 5 years, and by that time my credit should be fixed so we candecide what to do from there if the rates are too high. This will most likely be a starter house anyway so we might not be there much more than 5 years...and the payments are low enough that we should be able to put a little extra in each month (the payment on the max we qualify for is still $700 a month less then we've paid in rent...and we probably wont borrow that much.)

Thanks for all your help, girls!