Starting Over
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.
Sorta SO related: Buying a Home
Morning peeps! I post sometimes here, but thought maybe some of you have gone through this. I am a divorcee with 2 kiddos. I am currently renting a home, and love it, and the owners would be willing to sell. Who are the first people I need to meet with to check credit, get an idea of funds that I need in the bank, etc? When we bought our home as a married couple, I was not really involved in any of this. I plan to possibly by in a year or so, so want to get started in the process early.
Thanks in advance! Hope everyone is having a wonderful holiday season!!
Re: Sorta SO related: Buying a Home
You need to see a mortgage broker. They will run your credit, crunch the numbers and even pre-approve you for a loan. However, be careful when you get pre-approved. Often the number they say you can get approved for is way more than you can actually afford. So, have them run the numbers and give you an idea of what your monthly mortgage payment would be based on a sales price of $X. Make sure they include taxes and don't forget about any required insurance payments or homeowner's association dues, etc.
Good luck!
Consulting a mortgage broker is good, but dont have them pull credit until you're ready to get pre-qualified. First pull your credit yourself.
www.annualcreditreport.com - will give you your report for free (no score) from all three agencies.
www.creditsesame.com - will give you your score for free (updated monthly) but only from 1 agency.
Start fixing anything that may prevent you from getting great rates: Make sure your cc balances are under 50% of the available balance, pay EVERYTHING on time, resolve any of those pesky collection items, if you have any.
Typically you will need 20% down to avoid Mortgage Insurance, but there are lots of programs (varied by state) that can get you into a house with less down payment. For example, in Florida, my bank offers a First Time Homebuyer Program with 5% down, and your first payment is delayed by 3 months (giving you time to get settled in). There is also a Community Redevelopment Act program that requires 3% down with no mortgage insurance, but it is income restricted.
Once you've started getting your credit in order, then consult with a mortgage broker, or local bank / credit union to see what docs you'll need. Typically, its 2 years of consistent income, W-2, recent paystubs. Best of luck!
Oh, and I forgot to mention. If you get pre-approved and take several months before you make an offer and start the process, make sure you do not get any new credit, like a new car or credit card. That one new item could throw your debt to income ratio off and decline you.