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Originally Posted by hviola  I definately agree with you. We got a loan with a very reputable bank in our town with only a 6.3% interest. (I have worked on my credit for years to get this kind of rate.) Our loan officer was reccommended by many teachers I work with. We were also offered more money on the loan than I wanted, so I reduced the loan to a reasonable payment with escrow. Our offer contract also includes contingencies to get out of it if it doesnt match up with the appraisal, doesnt pass inspection, or doesnt pass pest inspection. So I think Im all covered.  |
It sounds like you did great! A lot of people don't understand that what you can afford is usually very different than what the bank offers. The bank actually had offered us 100K more than what was in my budget....and we also have a reputable bank!
Good call on getting an inspection! I read that it should be someone that you pick, not the realtor. The realtor only gets paid if the deal goes through, so many realtors tend to pick lenient inspectors.
I remember watching one of those First Time home buyers shows on TLC. A couple was getting a house built for them and it turned out that their appraisal was $5,000 more than what it was worth. The bank wouldn't give them the loan unless they came up with it. I was SHOCKED when they paid the money in cash instead of just walking away from what I consider an obviously bad deal.
Anyways, congrats again! I hope that everything goes well and you get those keys in your hand!