topic Re: Got a Pre-Approval letter today! in Mortgage Loans

Got a Pre-Approval letter today!

stpn2me — Thu, 01 Oct 2015 19:52:41 GMT

Hello everyone,

Got a pre-approval letter from my mortgage company today, now I can start looking for a house. I'll let you all know how it goes from here. All of my mortgage scores were 600+ to 625. Interest rate is 3.6% (expected that).

To those of you who have been through this already, what should I expect next?

Re: Got a Pre-Approval letter today!

woodsie1 — Thu, 01 Oct 2015 21:40:01 GMT

If you don't mind... how much were you pre-approved for?

Re: Got a Pre-Approval letter today!

stpn2me — Fri, 02 Oct 2015 16:20:40 GMT

$358K. I have retirement income as well as I make $100K a year. My mortagage guy says that if I need more than $400K, it's going to cost me in that I'm going to have to put up more money...

Re: Got a Pre-Approval letter today!

Anonymous — Fri, 02 Oct 2015 16:24:36 GMT

You start looking for houses within the price range they gave you. You choose a house, make an offer and if the seller accepts the offer, you go under contract. One of the real estate agents opens up escrow (I can't remember which one). Have you thought about obtaining an agent? Seller pays the agent's fees so it is free to you. Find one you really like and trust. Having a good vs. bad agent can really make the process go smooth or horribly. Maybe see if someone can refer you to one they've used and liked. We honestly looked for 6 months before finding the right house and it ended up being a new build. There are just too many advantages in my area of new building (closing costs paid for, energy efficient, etc). All kinds of "magic behind the door" stuff happens during that 30 days when everything is in escrow and documents, employment, and income are being verified.

Be prepared to open up your private life and every dirty thing you've done in the last 7-10 years lol. The lender will want an explanation for every bad thing on your credit report. As well they should if they are going to lend you potentially 100s of thousands of dollars. Try not to stress. This should actually be a fun and amazing time in your life. So have that positive attitude and everything should be fine. Congrats!

Re: Got a Pre-Approval letter today!

ezdriver — Fri, 02 Oct 2015 16:37:18 GMT

What type of mortgage is that rate quote on? Also, remember that until you are in a position to lock a rate, the quoted rate doesn't matter much but the fees/costs of a loan from that lender is important.

All the best with your home search.

Re: Got a Pre-Approval letter today!

stpn2me — Sat, 10 Oct 2015 15:24:34 GMT

The only type of mortage I'm looking at is fixed rate.

Update:

We have found a home we are going to try for. House is $399K. My mortage man told me to keep it under $417K. The conforming limit in NC. He said if I go over that, I would have to pay the difference between the price and the conforming limit as per VA.

Re: Got a Pre-Approval letter today!

stpn2me — Tue, 20 Oct 2015 15:10:37 GMT

To update everyone, we got the conditional approval today. Gonna check and see what the conditions are, but I dont expect them to be that bad..

Re: Got a Pre-Approval letter today!

Anonymous — Tue, 20 Oct 2015 16:07:28 GMT

@stpn2me Can you PM your lender? I am looking for a VA loan with about the same scores.

Re: Got a Pre-Approval letter today!

stpn2me — Tue, 20 Oct 2015 16:27:37 GMT

PM sent..

Re: Got a Pre-Approval letter today!

stpn2me — Tue, 20 Oct 2015 16:28:27 GMT

Got the list of conditions, nothing hard....

Re: Got a Pre-Approval letter today!

Anonymous — Tue, 20 Oct 2015 16:46:54 GMT

Congrats, hope it goes smoothly for you from here! The hard part should be over (it wasn't in my case but that was a different story).

Re: Got a Pre-Approval letter today!

stpn2me — Fri, 13 Nov 2015 20:21:04 GMT

Update: Just got the clear to close! Closing set for Monday! Almost over!!!

Re: Got a Pre-Approval letter today!

Anonymous — Sun, 15 Nov 2015 01:46:00 GMT

can i get a pm for lender too?

and congrats

Re: Got a Pre-Approval letter today!

Gladius — Sun, 15 Nov 2015 13:49:29 GMT

@stpn2me wrote:
The only type of mortage I'm looking at is fixed rate.

Update:

We have found a home we are going to try for. House is $399K. My mortage man told me to keep it under $417K. The conforming limit in NC. He said if I go over that, I would have to pay the difference between the price and the conforming limit as per VA.

The VA/Lender rules are you only have to pay 20% (or 25%) of the difference for anything over $417K, not the ENTIRE difference.....at least in our case.

Re: Got a Pre-Approval letter today!

stpn2me — Sun, 15 Nov 2015 16:20:15 GMT

Gladius!!

You are correct!! It's only on the DIFFERENCE between the sale price and $417,000...Which is nice...

Closing got pushed back to Wed. Seems like they want corrections on every piece of paper in the Disclousure. Fed law now states you have to sit with the disclosure for at least 72 hrs before you can sign for the house...I dont understand why, but ok, THANKS OBAMA!

Re: Got a Pre-Approval letter today!

Prayerfuln09 — Mon, 16 Nov 2015 21:09:11 GMT

Congratulations! This is such promising news.

Do you mind sharing the name/requirements of your lender? Thanks in advance!

Re: Got a Pre-Approval letter today!

stpn2me — Tue, 17 Nov 2015 00:13:33 GMT

I only IM it..

Re: Got a Pre-Approval letter today!

stpn2me — Sun, 22 Nov 2015 04:22:51 GMT

I closed yesterday guys! I'm now in my new house! It's been a long trip, but definetly worth it!!!

Re: Got a Pre-Approval letter today!

Sassy_Taurus — Sun, 22 Nov 2015 13:59:56 GMT

Congratulations!!

Re: Got a Pre-Approval letter today!

damnedanddetermined — Sun, 22 Nov 2015 15:17:56 GMT

Congrats!!