topic Re: Should I go for it? in Mortgage Loans

Should I go for it?

mamahearts — Mon, 26 Sep 2011 20:36:48 GMT

My EQ (myFICO Score Watch) is at 652 (9/23) and TU 683, I have a fako EX that shows 625. My new credit card statement should be generated today but I usually get email access to it on the 28th of the month. The payments that should be reflected on this statement are $250. The score simulator shows my EQ score can stay the same or increase by up to 20 points. My DTI won’t change (my minimum credit card payments are only $45/mo) but I’m wondering, from an interest rate standpoint, is it worth waiting a couple more days to apply? I’m just really anxious and getting excited and as you can see, just do not want to wait anymore. Thanks!

Re: Should I go for it?

mamahearts — Mon, 26 Sep 2011 21:54:00 GMT

As hard as it was... I managed to resist the temptation to apply and will do it on Wednesday or Thursday. What's 2 more days? LOL I just don't think I'm going to ever sleep well again until I know we're approved. After that we'll have some fun looking for OUR house.

Re: Should I go for it?

doublespaces — Tue, 27 Sep 2011 06:15:34 GMT

Just hang tight, you may find out that the rates will get even better. Like me, I thought 4.25 was just about as good as it gets. Now people are closing at 3.8 etc.

Re: Should I go for it?

mamahearts — Tue, 27 Sep 2011 15:56:57 GMT

Good advice! Thanks!

@doublespaces wrote:
Just hang tight, you may find out that the rates will get even better. Like me, I thought 4.25 was just about as good as it gets. Now people are closing at 3.8 etc.

Re: Should I go for it?

doublespaces — Wed, 28 Sep 2011 18:02:48 GMT

Did you go yet?

Re: Should I go for it?

mamahearts — Wed, 28 Sep 2011 19:13:42 GMT

I did!! I sent my app online through my loan officer's website. Processing can take up to 24 hours. I haven't slept all week, I don't think tonight's going to be any different. Oh and I think my LO is off today.

Re: Should I go for it?

mamahearts — Thu, 29 Sep 2011 19:57:45 GMT

How long does it take? I applied online yesterday at 8:25am and still haven't heard anything. I checked the status on the website and get the message that it's processing. How long does AU usually take? It said up to 24 hours. I don't want to pester my LO. But I wanna know!

Re: Should I go for it?

doublespaces — Thu, 29 Sep 2011 22:57:15 GMT

I got pre-approval over the phone with one company... And I forget how long for the second. A day or so, depending on documentation they require and when you provide it.

Re: Should I go for it?

mamahearts — Fri, 30 Sep 2011 00:57:38 GMT

That's great to see! Hopefully I'll hear something tomorrow. I have all my docs ready to go. My hubby's working overtime on Saturday and he works every Sunday so we wouldn't have been able to go to any open houses this weekend. But he's off next Tuesday and I want to take the morning off so we could look at some houses while our daughter's at preschool. I hate waiting. LOL I feel like oh crap, what did I get myself into! But I know it's all going to be worth it. Thanks for helping to keep me sane (er..well saner!)!
doublespaces wrote:

I got pre-approval over the phone with one company... And I forget how long for the second. A day or so, depending on documentation they require and when you provide it.

Re: Should I go for it?

mamahearts — Sun, 02 Oct 2011 21:42:59 GMT

I heard back from my LO on Friday afternoon that my mortgage was approved, she had me email my W2 2010 and last 2 paystubs. I'm so excited that we can officially start looking. I'd emailed a realtor a couple of weeks ago, hoping to interview him but he never responded. My husband wanted to work with that one but I wasn't really sold on him. The man that I wanted to interview got back to me this morning, I emailed him yesterday and he's taking us to tour some homes on Tuesday while our daughter's at preschool. I don't know if it was a good idea or not but I emailed him the homes we want to see and told him which one is our FAVORITE. Finally we're making progress. Hope everyone has a great week!

Re: Should I go for it?

doublespaces — Thu, 06 Oct 2011 04:33:47 GMT

GRATS! You're in for a lot, I know that. I closed my first home in 33 days with self-employment income. Be prepared to realize a lot of the homes on zillow, trulia, realtor.com etc are not actually available. The MLS will show the actual listings. Keep your search terms broad and narrow them down. We searched first and foremost by location, then features. Arizona is a very big, wide valley and its easy to buy a home that is inconveniently far away. I was lucky enough to have a realtor friend that let me look through the MLS so we could search around as we wished, even though they aren't really supposed to do it.

Re: Should I go for it?

mamahearts — Thu, 06 Oct 2011 16:44:41 GMT

Congrats on closing! We are staying in our same town, on the same side of town. So it was pretty easy to narrow down as we knew what schools we wanted and I've been watching home prices in the area for the past few years. We are making an offer today on a great 3br 2 ba home for $132K, all new furnace, a/c, water heater, shingles, laminate floors. It's in a great location, great floorplan and the neighbors seem to take good care of their property. I like our REALTOR and our loan terms are good (FHA 3.75% fixed 30 years). Fingers crossed, prayers are going. Just really hope they accept our offer and we get to close quickly! We'd like to be in our home before Christmas!

Update: My realtor said that if we don't close before Nov 1 that our tax will increase by 20% because it's not listed as owner occupied right now. I checked with the bank and she thinks we should be good to close on Halloween! Now just hoping the seller accepts our offer. We asked for an answer by 6pm tonight. Please send positive vibes my way! Thanks!!!