Got pre-approved for a Mortgage woohoo!
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@IRJ said in Got pre-approved for a Mortgage woohoo!:
We are looking at $300k to get something waterfront. I could get approved for that, but its a little out of my budget. I found a waterfront house for $260k, but it needs a roof.
Pretty much everything we can find here in the school districts the wife wants fall into the $250+ range or the investor/rehab range.
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@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
Yeah, assuming approval happens at all, they always want you to overspend. It's their job, so kinda hard to blame them, at least for me.
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@travisdh1 said in Got pre-approved for a Mortgage woohoo!:
@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
Yeah, assuming approval happens at all, they always want you to overspend. It's their job, so kinda hard to blame them, at least for me.
No. I did not ask for any specific amount. I told the lender i wanted a pre-approval. When he asked what I wanted, I told him to run the numbers and give me whatever they can do.
They came back with $300k. I asked the lender to break down what that would be for a payment.
Here is a breakdown for a $300,000 purchase $30,000 down payment 10% down Principal and interest is $1300.00 Insurance $100.00 per month Real estate taxes $500 PMI $215.00 Total is $2115.00 -
@JaredBusch Nice break down. $500/month in taxes, ouch! We're used to paying that per half around here.
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@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
@travisdh1 said in Got pre-approved for a Mortgage woohoo!:
@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
Yeah, assuming approval happens at all, they always want you to overspend. It's their job, so kinda hard to blame them, at least for me.
No. I did not ask for any specific amount. I told the lender i wanted a pre-approval. When he asked what I wanted, I told him to run the numbers and give me whatever they can do.
They came back with $300k. I asked the lender to break down what that would be for a payment.
Here is a breakdown for a $300,000 purchase $30,000 down payment 10% down Principal and interest is $1300.00 Insurance $100.00 per month Real estate taxes $500 PMI $215.00 Total is $2115.00500/Month in taxes. That sounds like Upstate NY.
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@travisdh1 said in Got pre-approved for a Mortgage woohoo!:
@JaredBusch Nice break down. $500/month in taxes, ouch! We're used to paying that per half around here.
I live in Cook county, Illinois.
Illinois has the highest taxes this year it seems.
https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/Cook County is the highest in the state. The new rate brings Chicago total tax rate to 10.25%
http://www.nbcchicago.com/blogs/ward-room/Board-Set-to-Vote-on-Cook-County-Sales-Tax-Increase-315278271.html -
Nice! Having bought two homes and sold one...I wish you well. My only advise is to go against the advice of "buy as much home as you can afford." We were told that when we bought our first home and I was very glad I did not listen to that advise. Buy what fits your lifestyle and results in a comfortable mortgage payment. There is not much fun being "house poor." I've known too many folks in that situation.
When we bought our first house, it was near the rut of the recession (mid 2009). There were a ton of offers on the home we wanted. I was in the middle of a meeting at work when our relator called and was all, "OK, so the selling agent called me and said that there are a dozen or so offers...she's asking for us to put our best foot forward." So we did and re-did the offer at the maximum we were comfortable with. We won. Then came the appraisal. The house appraised at our initial offer! The bank (the house was an REO) cut their loss and sold us the house at the appraisal/our original offer. That was nice. The mortgage application process...nightmare...but we made it.
We bought our second home with the contingency of selling our first. We had a couple of projects we needed to finish before the house was in what I considered "listable" condition. The contractor we had lined up kept falling through, and so his start date kept getting pushed back which was very stressful...especially since my wife fell in love with a house already and our offer was already accepted. It all worked out, though.
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@anthonyh said in Got pre-approved for a Mortgage woohoo!:
Nice! Having bought two homes and sold one...I wish you well. My only advise is to go against the advice of "buy as much home as you can afford." We were told that when we bought our first home and I was very glad I did not listen to that advise. Buy what fits your lifestyle and results in a comfortable mortgage payment. There is not much fun being "house poor." I've known too many folks in that situation.
Yeah, buy the right house for you, it's not about the biggest one. We prefer small ones, less cost, less to go wrong, less to work on.
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I moved from a 3,000 sqft house to a 1,000 sqft house not long ago.. much more land though.
Keep in mind pre-approval doesn't mean much. There's a lot to do still.
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Yeah...the lender we used for our first house (Wells Fargo Home Mortgage) asked us for the same documents 100 times. After about the 10th time I would reply with more angry versions of "you already have that." Unfortunately that response did not work.
The lender we used for our second house (a lady our realtor had a good relationship with...I forget the name of the broker) was better. Only asked for a couple documents more than once. Though this round we put down full 20%. Before we were lowly FHA buyers during the housing crisis so things were stacked up against us...but we prevailed!
