Buying A Home
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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.
going to the lender to get prequalified tomorrow.
Totally nervous about this. we have decent credit and my job is rock solid stable (husband's is average stable) as well as enough savings for the 20% down.
Still nervous as heck. I'm 6 months pregnant and not taking maternity leave, but I just read that article on here about banks not giving pregnant women loans and am feeling even more nervous.
ahhhhh! I have to remind myself it's not the end of the world, and that people do this all the time.
Re: going to the lender to get prequalified tomorrow.
I was nervous for our pre-qual meeting too but in the end it was no big deal. Very painless! Go in with all your paperwork in order and ready to hand over and you will be fine. We took in W-2's for the last two years, the last two months of pay stubs even though they only asked for the last month, and a print out showing the balance of each of our accounts. They also asked about currents assets like cars and retirement accounts which we didn't have paperwork on but we just told them the estimate worth and our lender was fine with that.
We got a little shock with my credit score because one of my three scores was low due to a collections account. It was for an unpaid doctors bill from when I was in college. I had paid the collections and had it closed but it still showed. It didn't effect us getting per-qualified but he suggested I take steps to get it taken care of. It was a pain in the butt process but was taken care of and is now off my report. Thankfully!
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What? Not getting a loan because you're pregnant? I've never heard of this, can you explain how that happens? I'm pretty curious.
From what you've said, I honestly believe it'll go well! Good luck!
Its annoying but we'll probably be in the same boat as I'm on ML now and taking the 12 weeks FMLA I'm allowed. I think this must be pretty common as that is a big life change that could make people buy their first or upsize their houses
They worry that you won't go back to work after you have the baby - crazy right? I'm pretty sure it should be illegal. I was asked if we were planning on having children anytime soon when we were getting pre-approved.
no, not crazy. many women do this and don't decide until after they've milked their maternity leave benefits.
anyway, prequalification, even in this climate, isn't that bad, OP. i'd suggest getting pre-approved if you can, even.
Good luck!!
Everything went fine! (We got somewhere around 3.3% for a 15 year) She actually said we could get more money than we were asking for--like 100k more--but I'm happy we were conservative with our estimate.
Anyway, we're very happy and contacted a realtor shortly thereafter.
If anyone else is reading this, I think what helped was going to a regional bank rather than a giant bank, and working with a person at a bank who'd helped others at my university buy houses before. We were up front about the pregnancy but it didn't seem to affect anything. Our numbers were good and we have the six month emergency fund apart from our down payment money.
Edited by moderator.