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Old 11-20-2014, 06:12 AM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,694,828 times
Reputation: 6945

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There is a big difference between pre-qualification and pre-approval. Others may argue otherwise but a pre-qual is only a hypothetical rough idea based only on what you tell the lender whereas a pre-approval is a solid (although not definite) confirmation that you can get the loan and the amount stated because they've actually done some of the legwork. Getting it done before you look at houses will assure that you don't waste everyone's time (especially your own) looking at houses you can't afford. Get the pre-approval from a lender that can lend in the state you are moving to. Also, just because you are approved for a certain amount, it doesn't mean you have to use all of that or divulge that amount to the seller. The lender should be willing to shoot you a letter on very little notice that specifies the approval amount you want it to show. If you want the agent to show you prices that are less than the (real) approval amount, tell him or her. If s/he tries pushing you up, make it clear that you don't want to go that high. If they ignore you, find another agent!
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Old 11-20-2014, 08:35 AM
 
165 posts, read 355,161 times
Reputation: 84
Watch out,

Husband leaving job could throw a snag into your plans depending on your lenders requirements.
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Old 11-20-2014, 09:09 AM
 
10,196 posts, read 9,835,280 times
Reputation: 24135
Quote:
Originally Posted by EdCampbell View Post
Watch out,

Husband leaving job could throw a snag into your plans depending on your lenders requirements.
Yeah it feels complicated. But he has good credit, worked at one place for a couple decades, working his way up and if we move, he will have another contract in hand before we buy a new place. Plus access to a sizable down payment when he leaves the other job and/or sell our current home.

It feels super overwhelming, but I am sure people do it all the time
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Old 11-20-2014, 09:17 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 12 days ago)
 
Location: Cary, NC
43,142 posts, read 76,705,928 times
Reputation: 45473
Quote:
Originally Posted by HighFlyingBird View Post
Yeah it feels complicated. But he has good credit, worked at one place for a couple decades, working his way up and if we move, he will have another contract in hand before we buy a new place. Plus access to a sizable down payment when he leaves the other job and/or sell our current home.

It feels super overwhelming, but I am sure people do it all the time
Really, it is a great conversation to have with a good lender, asap. I don't care what anyone says, getting through underwriting with anything less than a cookie cutter financial picture is not getting easier.
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Old 11-21-2014, 04:31 PM
 
Location: Salem, OR
15,518 posts, read 40,261,953 times
Reputation: 17399
Quote:
Originally Posted by HighFlyingBird View Post
Yeah it feels complicated. But he has good credit, worked at one place for a couple decades, working his way up and if we move, he will have another contract in hand before we buy a new place. Plus access to a sizable down payment when he leaves the other job and/or sell our current home.

It feels super overwhelming, but I am sure people do it all the time
You just need to know that most lenders will require that he get his first paycheck with his new job before funding and closing. There are exceptions, but that is the general rule. Your agent needs to be aware if this will be a requirement for lending because they will need to consider that in the time frame they write in for close of escrow.

If your agent pushes you to buy a more expensive home than the price range you give, then you need to get a new agent.
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Old 11-30-2014, 03:46 AM
 
10 posts, read 9,707 times
Reputation: 10
Here are few points which I want to look buyer consultant:
Area of the home.
Neighbors behavior.
Distance for the works
Community needs
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