STYLETHREAD -- LET'S TALK SHOP!

itsapinkthing · Coach

Home buying...so nervous

ILoveChoo · Hermes

yay!!! congrats, that must be sooo exciting! I'm jealous, I want to own more than anything but my credit is so crappy right now...I'm hoping we can get it all sorted out within the year and not have to renew our lease.

itsapinkthing · Coach

quote:
Originally posted by: ILoveChoo
"yay!!! congrats, that must be sooo exciting! I'm jealous, I want to own more than anything but my credit is so crappy right now...I'm hoping we can get it all sorted out within the year and not have to renew our lease."

Funny I kind of felt like this too, for the last 2 years. So finally my friend had her mortgage guy call me. I though what the heck and he checked into it. He seems to think we can get a 100% loan. He gave me the run down and I guess we were not as bad off as I thought. He also said that should it have been the case that we could not buy he would have tols us how and what to fix to be able to in 6 months. Nice guy actually.

Elle · Hermes

I think you're actually hitting the market (mortgage-wise) at a pretty good time: It's a sellers market and therefore not as many people needing mortgages (or at least not big first-time ones) in most cities. FH and I actually got approved on a house loan as well (when I was 18 with ZERO credit and he was 19 with only 1 car loan and 1 CC under his belt) even though we weren't making very much and would both soon be leaving our jobs! Hmmm, maybe our mortgage guy was just crazy . . . I sure as hell wouldn't have given us a loan based on how we looked on paper! If you & hubby both have stable/moderately well-paying jobs and fair/good credit, you really shouldn't have a problem. Just don't let them talk you into a bigger loan than you can handle - alot of times they overestimate what a 'comfortable payment' is.

halleybird · Hermes

That's great news! I 2nd LMonet's suggestion, though -- make sure you know exactly what mortgage you can afford. A lot of times they just quote you the base payment without home insurance, taxes and mortgage insurance included. Also, you may qualify for more than you can afford. My husband & I were approved for $100k over our actual loan, and I can't imagine having that kind of loan to pay off on our income.

JMR · Dooney & Bourke

Good Luck! Buying a home was the BEST thing we ever did....it's painful at times during the process (at least here in NY it is - not sure about where you are) but it's soooo worth it!!!!

Drew · Gucci

Good luck and anticipated congratulations!

I always keep one thing in mind when buying a house, "Everyone is trying to get you to closing." That doesn't mean they have your best interest in mind. The lender, the two agents, and anyone else involved is only looking to get you to close. They will do an awful lot to get you to that point, because worse case scenario you lose your house. They really have no worries. Just keep that in mind, because no matter how nice they are they DO NOT have your best interest in mind, only you do. If you feel uncomfortable about something, don't let anyone talk you into doing it.