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Old 10-04-2019, 06:11 PM
 
Location: Location: Happy Place
3,793 posts, read 1,977,851 times
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I love Quicken Loans. Doing our second purchase with them. They are GREAT.

And if you are a first time buyer, they will guide you through the process. Most is done on-line.

Easiest way I've seen to spend 350k.
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Old Today, 12:03 PM
 
125 posts, read 60,829 times
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Quote:
Originally Posted by FlaLadyB View Post
2 CENTS --You really really need to get with a lender and get pre-qualified/pre-approved.

You state you do NOT have 20% down -- what about closing money? You NEED to get down to a dollar amount to know where you are going and what you can actually afford. I'm all for the "reality" factor.

Here we will not accept an offer on a house without a pre-qual or pre-approval letter. If you were to find a house that you just love you could not make an offer on it becuse it wouldn't be accepted.

The Seller wants to know you can afford his house too that's why they want that letter because it can indicate a strong buyer or a weak one.

Ask some friends if they have a Realtor they like and get someone to help you do this right. There are SO many pitfalls you can fall in if you try doing it yourself without knowledge -- it's a legal binding contract you are stepping in to. Please remember that.

And no... please please do not do anything with the online financing. You need someone that is available face to face or at least close by and is available on weekends and evenings.
Thanks FlaLadyB

We are all for the reality factor too, for sure. I don't like surprises.

We can pull $ for the closing costs from a few places so we should be OK there. But yes, I totally get your point - it's about not underestimating.
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Old Today, 12:12 PM
 
125 posts, read 60,829 times
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Quote:
Originally Posted by Diana Holbrook View Post
I 'get' that, ginan... my Dad was old school, and was horrified to learn I was getting our home loan from some bank he'd never heard of. He thought I should go in to Washington Mutual who we'd had our accounts with for 25 years. That was a "real" bank in his mind. We did it our way... and was never sorry. Our lender was my best friend through the process and made sure I did everything I needed to do and kept it together, even when our realtor wasn't helping much. And when the dust settled in the housing crash, WAMU was one of the worst offenders for writing bad adjustable rate loans that really got people in trouble.

Our favorite go-to lender is actually a Mortgage Broker. He shops and can work with many lenders to find the best fit. He's always available and on time. Our second favorite is a local credit union that under-writes in house, so they have the ability to be very flexible on properties and buyers who may not fit in the standard boxes. Both have their advantages. I know other good lenders who are particularly good and helping buyers with troubled credit to clean up their credit rating, who will work with them over the long haul that sometimes takes. I try to think through the options I know to find the best fit.

Not closing on time is frequently just headaches, but it can mean sellers who don't want to give extensions and don't have to. It's really important that the buyer and the lender have their ducks in a row and stick to deadlines. If there are delays in the contract, you don't want them to be your fault.
I'll also ask my Realtor if he knows of a good mortgage broker.

I pulled our credit reports today and it's amazing what this one step already shown me...I had forgotten a major and crucial piece of information. My husband has his mom's condo under his name.

So that is a major debt I had totally forgotten about.

I don't remember what benefits there are when you're a first time homebuyer but I am thinking this will disqualify us, won't it.
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Old Today, 12:15 PM
 
125 posts, read 60,829 times
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Quote:
Originally Posted by Okey Dokie View Post
Since you have lots of questions (thatís good) and are listening to the answers (even better) hereís one more morsel of free advice: stop right now buying anything on credit. No cars. No furniture (wait until AFTER you close. Donít buy it a week before). No vacations. If you carry a balance on your credit cards, work on reducing that balance. It can only help you in the end.
Thanks Okey.

We're definitely starting to be more conscientious with out spending and our credit cards.
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Old Today, 12:15 PM
 
Location: Florida
22,993 posts, read 9,856,292 times
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Quote:
Originally Posted by ginan View Post
We've been looking for homes in our area for the last couple of months and have a pretty clear idea of the neighborhoods we're interested in.

We are a bit apprehensive about getting preapproved and having it expire if we don't find a home in time (I'm assuming you have to go through the process all over again? and then also have a hard credit pull again? or am I wrong on that?)

Anyway - we're looking for a set of "must haves" that don't come around often, and the neighborhoods we're interested in seem to have somewhat low inventory/turnover. At the same time, for those very same reasons we want to be ready to move quickly if/when the time comes.

What should we do?

Thanks all.
Get pre-approved. You will be taken more seriously by realtors and owners. Ask the bank how long the approval is good for.

The benefit is that if they find something on your credit record that may have to be fixed, you have time to do that.
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Old Today, 12:17 PM
 
125 posts, read 60,829 times
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Quote:
Originally Posted by reneeh63 View Post
A hard inquiry will only lower it 5-8 points - that's nothing unless you are very marginal. You have more to gain by being able to jump on a house that's very hot. If a hard inquiry is going to ruin your credit then your credit isn't good enough to be buying a house!
Thanks reneeh63.

No, our credit is good...I'm just always super careful with lowering it so I like to know how it works and do what we need to do conscientiously so there are no surprises.
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Old Today, 12:20 PM
 
125 posts, read 60,829 times
Reputation: 38
Quote:
Originally Posted by Grlzrl View Post
I just did a prequalification and I was concerned about that too. It literally lowered my score by about 1 point. I think when you do it with multiple lenders, it can lower it.
Right Grlzrl me too I am always concerned about our credit. For now I'm just looking to get preapproved so I'll probably do it with only 1 lender.
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Old Today, 12:21 PM
 
125 posts, read 60,829 times
Reputation: 38
Quote:
Originally Posted by mschrief View Post
I love Quicken Loans. Doing our second purchase with them. They are GREAT.

And if you are a first time buyer, they will guide you through the process. Most is done on-line.

Easiest way I've seen to spend 350k.
I might include them in the list - maybe do the preapproval with them. Thank you mschrief.
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Old Today, 12:24 PM
 
125 posts, read 60,829 times
Reputation: 38
Quote:
Originally Posted by Enigma777 View Post
Get pre-approved. You will be taken more seriously by realtors and owners. Ask the bank how long the approval is good for.

The benefit is that if they find something on your credit record that may have to be fixed, you have time to do that.
Thanks Enigma.

And yes, it seems like the pros of getting preapproved outweigh any cons. Now that I've started the process I am actually eager to get it done. Will help us also in pulling all our paperwork together.
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Old Today, 02:31 PM
 
827 posts, read 639,554 times
Reputation: 820
Quote:
Originally Posted by mschrief View Post
I love Quicken Loans. Doing our second purchase with them. They are GREAT.

And if you are a first time buyer, they will guide you through the process. Most is done on-line.

Easiest way I've seen to spend 350k.

I was just told by Quicken Loan Mgr that wholesale rates beat retail rates (consumer direct) by a good amount. Something to think about.
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