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What do I need to do to prepare for a mortgage?

Girlzilla88
Valued Contributor

Re: What do I need to do to prepare for a mortgage?

ROFL oh YES and speaking of which if OP Has a 401K you can use that in part for your DP as well so you aren't taking out your entire savings (dumb move I did which I didn't know was an option until later) Smiley Very Happy










Message 11 of 20
Tibby
New Contributor

Re: What do I need to do to prepare for a mortgage?


@Girlzilla88 wrote:

ROFL oh YES and speaking of which if OP Has a 401K you can use that in part for your DP as well so you aren't taking out your entire savings (dumb move I did which I didn't know was an option until later) Smiley Very Happy


Yes I'm actually starting a new job at the end of the next week (much better than my current job) that has a good 401k plan that I'm planning to do just this with!! Smiley Very Happy

Message 12 of 20
Girlzilla88
Valued Contributor

Re: What do I need to do to prepare for a mortgage?

GO TEAM!   *high fives* 










Message 13 of 20
Girlzilla88
Valued Contributor

Re: What do I need to do to prepare for a mortgage?

*Side note*    If you are adding this job like a second job good but keep in mind they do like you to be at your same job at least 2 years.     So when it boils down to underwritting they will likely bring that up 










Message 14 of 20
Tibby
New Contributor

Re: What do I need to do to prepare for a mortgage?

thank you, that's something that I really kind of pondered, but at the end of the day I'm gonna be making a lot more money at my new job so hopefully it helps me more than hurts me 

Message 15 of 20
Girlzilla88
Valued Contributor

Re: What do I need to do to prepare for a mortgage?

Income increase is always a good thing and Congrats on the new job as well Smiley Happy










Message 16 of 20
Girlzilla88
Valued Contributor

Re: What do I need to do to prepare for a mortgage?

Another side note since your Age is over the 1 year mark I personally wouldn't add any new credit of any kind period that would mess that up that age for either of you I think that will play in your favor as well 










Message 17 of 20
Tibby
New Contributor

Re: What do I need to do to prepare for a mortgage?

This month I got a new card which was the NFCU cash rewards, and now I'm done, gotta let these things age a little now lol I should honest;y garden either way

Message 18 of 20
Girlzilla88
Valued Contributor

Re: What do I need to do to prepare for a mortgage?

YES please do since now your Age will drop for sure but hopefully it's up enough to be back close to the 1 year mark or over when you are house ready Smiley Very Happy    but it looks like it will be 7/8 months if my Maths are right lol










Message 19 of 20
Tibby
New Contributor

Re: What do I need to do to prepare for a mortgage?


@Girlzilla88 wrote:

YES please do since now your Age will drop for sure but hopefully it's up enough to be back close to the 1 year mark or over when you are house ready Smiley Very Happy    but it looks like it will be 7/8 months if my Maths are right lol


As a kicker, by the time I close on my house I'll be under the 5/24 chase rule, so I can celebrate with a new Saphhire Reserve Smiley LOL

Message 20 of 20
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