Buying a house... help!!!!
 

Ok... I awhile back Iwas gonna go and lease out a townhome... decided against it and I am looking into building a custom home... I spoke with a mortgage company and they pre- qualified me for a good amount(well in my area anyway)... now I am needing to fill out the application so she can process my credit & hubby's too... my question is does it help that I was
pre- qualifed , or is that not really important????? Thanks... so many questions just curious on ya'lls opinions!@!! :)

Yes it's to your advantage. It proves to the seller that you do qualify for a home in that price range...unlike if you go in and make an offer, then the seller is waiting to hear if you even qualify. Btw, when the real estate market was at it's hottest here, last summer, sellers would NOT even consider a contract unless you were pre-qualified. HTH.

I got prequalified when I bought my house and everything went really smoothly! I dont know if that does help but it seemed to make mine go good!

Only way to go and it shortens your time to purchase a new home. I am transferred all the time and this has allowed me to buy and close on a house in almost 30 days. :D

In Va....you Have To Be Prequalified Or They Wont Waist Their Time W You.

yes... I thought it would help some what.... My biggest worry is that our credit scores are not that great.... but I managed to get a copy of a line of credit from my utilities providing proof that I do pay on time.... My Biggest problem is that I went through fraud so that did not allow me to to build or get approved for BIG CREDIT like credit cards and such..... but I am slowly getting approved for small loans like $100-$500 so that's a start.... the mortgage broker said that with the scores I gave her she knew right off the bat that her instant approval system would not approve it BUT she could try and talk to the lenders and see what happens.... gosh I am soooooo stressed with this.!!!

My finacee' and I just purchased our first home, and let me tell you I was stressed out thru the whole thing. We had to put the mortage completely in my name becasue his credit is pretty bad because is got irresponible and did not realize it would come back and haunt him. Make sure you have 2yrs work history, 2 years tax info (to prove income), 2 months of payroll check stubs, and at least 2 months of Bank statements because they will ask for. Once you get them all the data they need, then you wait (the stressful part). Good Luck and lets know what happens!!!

got all of that.... are you kidding..... my tummy does not know what to think~!!! do you think they will go based on the last 2 years income or this years??

I was pre-qualified too for a lower rate. But then when my cousin went on the mortgage loan the rate went up a little b/c his credit wasn't as good as mine. If your hubby's credit is okay, I wouldn't worry. ;)

They want two years of everything. The first mortgage guy I went with wanted to know when I took my last crap!! :eek: No, but seriously, let me give you some advice...go with the bigger companies (capital one, wells fargo, etc...we went with cap one). The reason I say this is they don't want every little piece of paper! If you go with a mortgage "broker" that's when they want too much and it gets ridiculous. ;)

thanks.. Hubby's score is medium... lol.... my brother in law got approved with his credit score & he makes less $$... but that doesn't mean it will happen neccessarily to out situation..... it just put more stress when the mortgage lady said..."well with the scores you just told me ..our automated system WILL NOT approve you..but I can still try with the lenders....".. geez.... :(

I was surprised that they did not ask for DNA or our first born.

Your gal is a broker....meaning she is shopping you around with mortage companies. You don't need a broker, you can go directly to the source. Our mortages were all through Countrywide and we applied directly as we bought our houses from the sellers not through any agents....

Unfortunately a low credit score means they will charge you a HIGHER interest rate....therefore that means it's that much less you can afford to buy.

Oh, one other thing: buying a house is a pain in the arse! :D Here's my cousin's and my new house we just bought....for, you ready for Jersey prices? $329,000! :eek: And, it's only half the house! It's considered a condo/townhouse, but we don't pay association fees and such. We own the land. We do love it! We are on the left side (where the Chevy Tahoe is).

YUP!! That's what I'm talking about! "Now, Mam, what was the date of your last menstrual period?" :D

Countrywide!!! That's who Capital One gave us to!! ;)

We finally got the rate of: 6.25% At first we could have gotten 5.75%, but that's okay. ;) Nobody's score is 100% perfect. :p

WOW $329,000 for half a house!!!!!! In Texas, you can buy a huge 4 br/2 bath/3 car garage (at least 3000 to 4000 sqr foot.) for that price. I did not realize the cost of living is so different between the states.

Yes, isn't that CRAZY!!!!! It is beautiful, though. 3brs, 1 1/2 bath, big kitchen, liv room, din room, basement, attic, driveway, backyard. Oh, did I mention it was new construction? And, ready for this? We got a deal in the town we live in! Cape Cods (smaller than ours) that were built in the 50's are going for $300,000+!

I don't like Capital One. Got a copy of my credit report....you know who hits it month in and month out??? Capital One......enough already, I don't want your stinkin' credit card.

I've had two mortages with Countrywide....fairly easy if you have all your records together. And face it...the first time they all ask for a ton of information.

Btw, the first house we purchased...we got through VHDA. It's government program that offers mortages for first time home owners, under a certain income (which was 22 years ago...so I can't remember), but the interest rate is less. Maybe you could look into that program. A mortage company will be familiar with it. Biggest drawback...you have to reside in THAT home...in other words...you can't decide later to buy another and rent the first one out...

I love Capital One!! They have awesome interest rates and they don't bug you on the phone. But I guess they bug your credit report if you don't have them. I heard you can put a stop to that though. My friend just told me. That everytime someone wants to check your credit report they have to call you. Sorry, don't remember how he did it, though.

Cindy, are you buying the big blue house? When do we move in?

Oh wow!! You're not kidding on that price, are you??? My gosh... the price differences between here (TX) and there! WOW! How much scare footage is your side?

And yes, building is a huge stress! We just moved into our custom built home last summer and although I truly loved the whole process, I wish I had more money to make it even MORE custom. I'd do it again but chances are really high we never will since we built on "family land" (his family). At least I won't be doing it again if we stay married! ;)

I had to look up the sq footage b/c I didn't even know! It's 1519sqft.

LOL... don't I wish!!! Shoot.... ;)

The mortgage Co. I am dealing with is called Valley Mortgage... anyone heard of them.....

Nope, and I just googled them...
 

I didn't get anything.

I am a mortgage broker, and have been in the business for 15 years. I always hate hearing "you don't need a broker"... Some folks DO need a broker because Joe Blow off the street who has some loan issues doesn't have access to the lenders and programs that I do.

Loads of people these days have had credit issues in the past that give them problems when they try to buy a home. Or they have blips in their employment history, problems with late former mortgages or rentals, collections, foreclosures, bankruptcies, all kinds of situations that make conforming lenders cringe and back away.

There are TONS of lenders these days who do risk based pricing. There are also TONS of different kinds of mortgage programs. Banks are usually pretty limited in their mortgage offerings because they have a limit to the amount of risk they will finance. Brokers have unlimited resources.

I can do 100% financing for people with 580 credit scores and $0 down payment. Really. Keep in mind that SOMEONE has to pay the closing costs. If you can get the seller to do so, you can walk out of a closing on a new home without taking a penny out of your pocket! Really.

If you have any other questions, please PM me, I will be happy to help you! I can't do any loans for you unless you are located in North Carolina.

Call my DH with Mortgage questions!!
 

Hi,
Hubby just started with his new company Mortgage Loan Specialists... Yay - got a new job. He has been in the business for 20+ years!!
I know he does loans for scores 500+ and in all states. He is great with debt consolidation and Bad Credit for refinancing.
He is very honest and trys to save money for you! He can be reached at mlsdebtrecovery@yahoo.com His name is Wes and just mention your from YorkieTalk or mention PuppyWraps.com so he knows your "one of us" :) He can also be reached by phone at 623-348-5984 ext 119
I will post his 1800 # as soon as they get it set up.
thx,
KimberlyAnn

All you have to do to stop anyone from accessing your credit report is to call the 3 major reporting companies, Equifax is one of them, I believe, I dont' remember the other 2.

It's great though, I did it a few years ago because someone tried to open a line of credit with my SS#. I was told to call the 3 credit reporting comapnies and have a hold put on my credit reports so that I would have to be called and give my permission to give out my credit information.

It's great because you don't get any of those "pre-approved" credit card solicitations through the mail because you can't be "pre-approved".

BUT when I changed my cell phone company - I'm standing at the cell phone store waiting for them to set up my new phone and they say, that they can't do it because they can't check my credit because I'm not home to get the call to approve the credit check :eek: Talk about a catch 22.

I had to go home, wait for the credit company call, give my approval to check my credit, and then go back to the cell phone store. But it was worth it to not have all that junk mail for 2 years!

The hold only lasts 2 years, so I have started to get the CC solicitations again, but not as many.