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Old 08-19-2008, 12:18 PM
 
792 posts, read 3,825,048 times
Reputation: 650

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Hi,

Should I already apply for a home loan before the home inspection takes place or should I wait and see what the home inspection report will say?
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Old 08-19-2008, 12:27 PM
 
Location: Houston
57 posts, read 379,161 times
Reputation: 31
I'd apply as soon as I have a signed contract in hand.

All the timings of these things can get hairy. Especially once you have the army of prefessionals running through - inspector, pest inspector, surveyor, appraisor. Your realtor should help you coordinate all this and make sure nothing slips through the cracks.
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Old 08-19-2008, 12:35 PM
 
Location: Houston, TX
18 posts, read 61,348 times
Reputation: 14
I applied for a loan and had a preapproval letter in hand before I started seriously looking at homes. Some realtors would not even entertain offers from a buyer who did not already have financing. I'm actually surprised you were able to get this far along in the process without having financing in place.

Another concern - what if you go to the trouble and expense of an inspection and then discover you don't qualify for enough loan to purchase the house?
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Old 08-19-2008, 12:44 PM
 
1,610 posts, read 3,503,262 times
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I was casually looking without a loan but when I finally said I can do this ....
Quote:
Originally Posted by washu View Post
I applied for a loan and had a preapproval letter in hand before I started seriously looking at homes.
You never know what might happen with the loan and banks and competing buyers so its best to have some peace of mind in the nerve racking house buying business.

In other words apply today.
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Old 08-19-2008, 12:53 PM
 
Location: Houston
1,458 posts, read 4,915,467 times
Reputation: 422
Do it now!
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Old 08-19-2008, 12:53 PM
 
792 posts, read 3,825,048 times
Reputation: 650
Thanks! I am on the phone getting it done!
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Old 08-19-2008, 01:15 PM
 
792 posts, read 3,825,048 times
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Certificate of Pre-qualification >>...I received this a couple of days ago when talking to a lender with my good faith estimate. It seems that I am already pre-qualified.
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Old 08-19-2008, 01:32 PM
 
792 posts, read 3,825,048 times
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Default The difference between APR and interest rate?

Hi,

My good faith estimate states that my interest rate in around 6.625 % and my estimated APR is around 7.389%....

When looking at home loans what comes to play? The interest rate or APR?
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Old 08-19-2008, 03:48 PM
 
132 posts, read 523,297 times
Reputation: 54
There is a big difference between Pre-qualification and Pre-approval

Pre-qualification is just a hand-shake where as pre-approval is lender checked everythying (Income, Fico) and AGREED to loan you that much.
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Old 08-20-2008, 05:28 AM
 
Location: Houston, TX
6 posts, read 24,179 times
Reputation: 18
Don't you have a realtor? You are a first time home buyer and it sounds like you are doing this without a professional. Everyday there are atleast 4 new threads from you (yesterday alone-6).
Also, it sounds like you may not be ready to be a home owner if you are expecting the seller to pay for everything... Many people are spending a lot of time responding to your questions on here when there are men and women out there that do this for a living. Especially with this being your first home, contact an agent so you don't mess this up. Once it is done, it is done. If you can't "afford" to have an agent, then you probably need to stick with renting.
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