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I went overseas to study. Spent five years abroad getting a degree, and working in my same area of work at the same time. I am now back in the States and have been employeed for a year. FICO score of 680 and 730 in diff bureaus. Making around ~85k. Salaried employee in a very stable fortune 100 company.
Looking at a 145k home, have around 15% for down payment.
I went overseas to study. Spent five years abroad getting a degree, and working in my same area of work at the same time. I am now back in the States and have been employeed for a year. FICO score of 680 and 730 in diff bureaus. Making around ~85k. Salaried employee in a very stable fortune 100 company.
Looking at a 145k home, have around 15% for down payment.
Should i even bother applying for a mortgage?
You most definitely will qualify for a home purchase. You qualify up to 28-33% of your gross monthly income. Do the math, and it will tell you what you should qualify for. Be conservative. Don't max out your monthly payment. Jump in. What are you waiting for? It's the best buyers market of our generation. Google "mortgage calculator"
I just got pre-approved a few mins ago. Time to go house shopping now.
Congratulations. Make sure you have a realtor to look after your best interest. Don't max your approval. It's a buyers market. You hold the cards to negotiate. Stay away from short sales. Trust me.
Not sure what that means, exactly. I qualified for a 300k + plus mortgage, but i chose a 150k, so i'll end up paying ~860 a month, which is less than 50% of what i can actually afford. I don't want to get too greddy.
Got one more question, i was approved for a 144k loan (that's all i asked for), however i am now seeing a 167 home i really like a lot and i should be able to afford it. Should retry for a new pre-approval for a mortgage, or is it customary to go back to the lendeers you wanted 10 k more on a loan? Again based on all the calculations i can afford a 300k, but only got asked for a 150 k loan, so that's the only pre-approval letter i have.
Also,
will it hurt my credit if i get mortgage quotes (pre-approvals) from different lenders to make sure i am getting the best rate?
Basically i know that when people pull your credit too much it hurts your credit score, which may hurt me when we actually process the actual loan.
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