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Pre-qualification?
I had posted a bit about this when the board was being all weird (and had gotten a couple answers), but now the post is gone.
I am meeting with the mortgage lady at the bank tomorrow to discuss pre-qualification. (Someone had suggested being sure to get a pre-approval, but the lady at the bank said this is the first step). I have my financial info to take with me.
What kinds of questions do I need to be asking her? Will I need to tell her tomorrow if I definitely want to work with her?
Are there any websites you found to be especially helpful during the early stages of the home buying process? One of the local real esate companies in my area has a pretty thorough (and overwhelming!!) list of things to consider and do, but I was just wondering what else is out there.
Thanks!!
Re: Pre-qualification?
2 good books to read: Mortgages for Dummies and Home Buying for Dummies --- lots of helpful information.
Exactly!!!
I found The Essential Handbook for Buying a Home was really helpful as well as Home Buying for Dummies.
Do you know what type of loan you are getting? We're using the VA and USAA and their website has been extremely helpful for me.
Seriously look at your finances. Pay off or at least pay down your credit card debt. Check your credit report and fix any negatives.
If you do not already have a budget - make one. Keep your housing expenses (mortgage+PMI+taxes+insurance+utilities+HOA) no more than 25-28% of your TAKEHOME pay. 30-35% if you are in a HCOL area.
When you have determined what the $ amount of your monthly housing cost - then work backwards from that. Do NOT go by what a lender will say you can afford - DO NOT DO THAT --- they will still lend more than is comfortable and people wind up house-poor.
Make sure you have saved for your downpayment, inspection, closing costs, start up costs, moving costs, repairs/renovations, appliances/furniture/decorating as well as yard items -----and still have a good emergency fund in place after all that.
Owning a home is much much more than the mortgage payment. Get yourself financially ready ---- then make a list of must have and wants for a home --- know the difference and what/where you are willing to compromise as you will not get it all in one house.
Be objective and look at the house vs your list ---
Have your own realtor/agent -- do not use the sellers' agent!!