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Post Info TOPIC: UPDATE:Home buying - mortgages are so scary!
Kari


Dooney & Bourke

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UPDATE:Home buying - mortgages are so scary!
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So, I just got off the phone with a mortgage company...we are trying to get pre-qualified or pre-approved for our first home loan.  She is going to call me back in a few minutes.  I am so nervous!!


We don't have perfect credit, granted it isn't poor credit either, but it always makes me nervous.


Wish me luck! 



-- Edited by Kari at 17:15, 2006-08-16

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luckylily


Gucci

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RE: Home buying - mortgages are so scary!
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Good luck!  I'm sure it'll go well.


We are still a few years away from buying a home, and I'm already obsessed with reading about credit scores and mortgage options.



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Elle


Hermes

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I wouldn't worry too much .  I'm sure your credit isn't that bad, especially compared to the general population!  Mortgage companies approve many people in much worse situation everyday, usually for 2 or 3 times the amount they could reasonably afford!


Good luck!  I hope you find exactly what you're looking for!



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To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment ~ {Ralph Waldo Emerson}
laken1


Hermes

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I know just what you mean Kari - I had the same feelings when we went to get our car. I had nightmares about applying for our loan & it was like the biggest waste of worry I've ever seen - no one even blinked an eye- I spent all this time planning out when we'd do it by paying down on stuff & stressed myself forever for NOTHING. Same with the house. I have a plan of what makes us "desirable" for a mortgage though I realize that if we went today we'd probably be approved for more than what we can afford. It's insane. And I should know better - I was a banker!

It will be fine - and remember that they have seen EVERYTHING including people way worse than however bad you think your credit is. Good luck!

-- Edited by laken1 at 12:24, 2006-08-16

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Who do you have to probe around here to get a Chardonnay? - Roger the Alien from American Dad
erin


Chanel

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don't worry about getting the loan, i'm sure it will be ok!

and like elle said, they definitely approve so many people for well over amounts they can actually afford.

get a 15-yr if you can do it. you'll thank yourself in the end!

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AllieGurl


Marc Jacobs

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You will be fine! It is so scary when they do approve you and then you go sign a paper that says you owe someone 400k . I remember the first home we bought - VERY SCARY!

Dont get an Adjustable rate mortgage. Rates are going up and you could end up with a really high payment in a short amount of time.

Let us know how it goes!!!

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Kari


Dooney & Bourke

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You guys were all right!  We were approved for plenty.  I feel so much better though knowing.  Now we can start getting serious about finding a house and stop wasting money on rent.


I'll keep you all posted on the house hunt.  We are going to go look at one tonight.


Thanks so much for the encouragement.



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