Got My Mortgage Approval!

**Iwant2BDebtfree** · 02-15-2008, 07:16 PM

So we went for our preapproval yesterday and will be recieving our loan package in the mail in about a week. We spoke with a few banks and Bank Of America (I know a lot of people don't like them) ended up being the best.
We only need 5% down (perfect for a $325,000 loan we will have a few 1,000 extra safety net in the bank), there is NO PMI (whoo hoo for us) NO CLOSING COSTS! *another woohoo* and though the rates keep fluctuating we can choose to buy points to lower them if need be if we sign a contract during a higher rate time--but it'll still save a lil $$ in the long run. I hear rates should drop a bit again in the next few weeks (I HOPE!)

There are a TON of houses on my list to look at. One we looked at last week and LOVED(before the approval) got an offer on it today, but the buyers need to sell their home by March 12th---so we need to see what happens along our journey over the next few weeks of looking.

On a SAD side note--We rent from my parents still and pay half their mortgage....Well my mom lost her job and if we move before she finds another they may not get tenants quick enough to help out the way we do. BAD timing--I can't help but feel extreme guilt and fear for them. We may have some friends who would take our old place though (we have a 4 bedroom 2 bath apartment) because they hate their landlord.

I am sure it'll all work out but I just got word on the approval and since I can't share with my mom right now and my best friend is out I came here to tell you all

**jvera** · 02-15-2008, 07:29 PM

Congrats! That is exciting news.

**dcompton** · 02-15-2008, 10:59 PM

I hope you find, and get, your dream house!

**mikandmari** · 02-15-2008, 11:28 PM

Buying a new house is so exciting! Good luck! Please take & post photos!

**prairiewife** · 02-15-2008, 11:30 PM

Congratulations! It's so exciting getting your first home.

**Jskell911** · 02-16-2008, 12:05 AM

That is fantastic news!!! Hope all works out well for everyone.

**Darlene** · 02-16-2008, 07:48 AM

Not to be a party pooper but being approved for that much is nice but can you really swing the payments? What about maintenance and all the other bills?
When we were buying for the first time they approved us for much more but we decided that things change, prices & taxes rise so we bought for much less than they said we could/should. It's nice to be in the house of your dreams but it's not so dreamy when you are losing sleep & pinching pennies just to squeek by every month.

You do what's right for you & your family, just wanted to give you another perspective.

Good luck & Happy Hunting!

**Daisygirl** · 02-16-2008, 08:13 AM

Congratulations!

I would be terrified to have paments that high!

**Mom23boys** · 02-16-2008, 11:17 AM

That is great news!! WOOHOO!! I know you must be very excited!

**cottageliving** · 02-16-2008, 09:32 PM

Congrats on the approval!

I'm guessing that the monthly PITI will be comparable to your current rent payment so you'll still be able to put money aside each month.

Good luck finding a house that you love! I don't know where you live, but most likely you will be in a buyer's market.

**emily_hope** · 02-16-2008, 10:35 PM

Congratulations! I do hope things work out well for you and for your parents!

**changed4life** · 02-17-2008, 01:10 PM

Originally Posted by Darlene

Not to be a party pooper but being approved for that much is nice but can you really swing the payments? What about maintenance and all the other bills?
When we were buying for the first time they approved us for much more but we decided that things change, prices & taxes rise so we bought for much less than they said we could/should. It's nice to be in the house of your dreams but it's not so dreamy when you are losing sleep & pinching pennies just to squeek by every month.

You do what's right for you & your family, just wanted to give you another perspective.

Good luck & Happy Hunting!

Yep, I surely see what you're saying...but, perhaps their income can handle those payments. What's scary for one person is sometimes quite doable for another. Glad it's not my mortgage though!

Good luck IWant2BDebtFree!

**Iwant2BDebtfree** · 02-21-2008, 09:25 AM

I haven't been here in a few days so I am just seeing these replies.

I am slightly terrified of the mortgage payment--not because I feel we can't do it but more because I have never "given away" over $2,000 a month.

We found a property that we fell in love with. It was just finished being built last month and though they are asking $329,000 we have watched their sale trends (new development) and they are letting some houses go for $30,000 LESS so we may offer them $299,000 and see what happens from there. We would also need to put $8,000 or so into finishing the basement *DH and his good friend a general contractor will do all the work* so his mom will have her space with us.

Thanks for the encouragement everyone!

Darlene, I really have thought about what you have said--I think about it laying in bed at night. We thought about going cheaper (which we are trying by low balling the offer) then even $300,000 but in our area with the space we need there is almost nothing. Believe me, I have looked in the range of $250,000 and up trying to see if we can add on, fit our kids and dogs, fit TC's mom and still be in a good school zone VERY IMPORTANT to us).
Thanks for your input though!

**lwlynch** · 02-21-2008, 09:26 AM

Congrats and hope you find your dream home...

**Lady_V** · 02-21-2008, 09:32 AM

Congrats on the approval!

$325,000.00 for a house isn't a lot here (it's a lot in MY house, but not in my area).

Best of luck and let us know how it goes!