Buying A Home
aaf10
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
downpayment question
We are hoping to buy a house this year and are currently saving for the downpayment. When does the full amount of downpayment need to be in the bank in the whole buying process? We budget a certain amount each pay check to go to this account so we know when we will get there, just not sure when we should start looking or talking to lenders.
TIA
Ann and Brett
10.9.10
Re: downpayment question
Preferably before you start talking to your lender. Each time we've applied for a loan, you basically have to give them the balances for all your accounts along with current and preceeding statements for those accounts. Depending on how long it takes you to close, you may even have to provide updated statements.
They will want to see that you have enough funds in your accounts to pay your closing amount at a minimum.
Your experience may vary, but that has been our experience.
Yes, they will lend to you before all that is in place, but you will be better off to wait until you are financially ready - really ready. You do not want to be running up credit cards to pay for these items after closing or be in financial trouble if the unexpected happens.