Got pre-approved for a Mortgage woohoo!
-
@coliver said in Got pre-approved for a Mortgage woohoo!:
Good luck it is a fun process. One suggestion that everyone told me was to take 20-30% off your pre-approved amount and look for a house in that range. That's generally what people can afford comfortably.
Yeah I agree. I got approved a little lower than my max. They said I could have done an extra $50k, but I didn't feel comfortable with the payment.
Oh and the sweetest thing is I only have to have 3% down. This is for a conventional loan not FHA btw.
-
We have our eyes on this house...
http://www.zillow.com/homedetails/220-Palm-Blvd-Merritt-Island-FL-32952/43425329_zpid/
-
Very nice. I want to live some where warm so I can have a house like that.
-
@Minion-Queen What's keeping you in NY?
-
@IRJ said in Got pre-approved for a Mortgage woohoo!:
We have our eyes on this house...
http://www.zillow.com/homedetails/220-Palm-Blvd-Merritt-Island-FL-32952/43425329_zpid/
Looks like it is pretty horribly overpriced. That might explain the 4.5 months on the market.
-
Yea the estimate is 199K the asking is 255K... someone is upside down on that morgage.... lol
-
@aaronstuder said in Got pre-approved for a Mortgage woohoo!:
@Minion-Queen What's keeping you in NY?
Not being able to sell my house.... anything under $80K sells here over $110 no so much
-
@DustinB3403 said in Got pre-approved for a Mortgage woohoo!:
Yea the estimate is 199K the asking is 255K... someone is upside down on that morgage.... lol
Looking at the "Last sold" entry I'm guessing they're trying to make back an investment with profit.
-
@Minion-Queen said in Got pre-approved for a Mortgage woohoo!:
@aaronstuder said in Got pre-approved for a Mortgage woohoo!:
@Minion-Queen What's keeping you in NY?
Not being able to sell my house.... anything under $80K sells here over $110 no so much
Sadly, you ask yourself.. when do you just accept the loss, and move on anyway.
-
@Dashrender Yeah Art's mom is still here. So am guessing we are stuck not bothering to try.
-
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
-
@Kelly said in Got pre-approved for a Mortgage woohoo!:
@IRJ said in Got pre-approved for a Mortgage woohoo!:
We have our eyes on this house...
http://www.zillow.com/homedetails/220-Palm-Blvd-Merritt-Island-FL-32952/43425329_zpid/
Looks like it is pretty horribly overpriced. That might explain the 4.5 months on the market.
We are going through a housing boom here. Prices are up about 50% over the past 2 years. I saw a house that was similar to this one for $200k. It had 12 walkthroughs and 2 offers on the first day. One offer was over selling price which was already over market value.
-
@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
That is exactly where I was at here.
-
Anything under $200k in Merritt Island, FL is garbage. You know the saying... location, location, location.
-
We are looking at $300k to get something waterfront. I could get approved for that, but its a little out of my budget. I found a waterfront house for $260k, but it needs a roof.
-
@Minion-Queen said in Got pre-approved for a Mortgage woohoo!:
@aaronstuder said in Got pre-approved for a Mortgage woohoo!:
@Minion-Queen What's keeping you in NY?
Not being able to sell my house.... anything under $80K sells here over $110 no so much
This is where the Catskills are crazy. You can sell things between the 80K-150K$ range without much issue. In the 150K-250K$ people have trouble. Anything more then that they are selling like hot cakes.
We've had our house on the market for 4 months and one person has looked at it. No offers yet though.
-
@IRJ said in Got pre-approved for a Mortgage woohoo!:
We are looking at $300k to get something waterfront. I could get approved for that, but its a little out of my budget. I found a waterfront house for $260k, but it needs a roof.
Pretty much everything we can find here in the school districts the wife wants fall into the $250+ range or the investor/rehab range.
-
@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
Yeah, assuming approval happens at all, they always want you to overspend. It's their job, so kinda hard to blame them, at least for me.
-
@travisdh1 said in Got pre-approved for a Mortgage woohoo!:
@JaredBusch said in Got pre-approved for a Mortgage woohoo!:
we are also looking. but after getting pre-approved for $300 (and planning only on a $250k purchase). we kept rerunning our numbers and might rent another year.
Yeah, assuming approval happens at all, they always want you to overspend. It's their job, so kinda hard to blame them, at least for me.
No. I did not ask for any specific amount. I told the lender i wanted a pre-approval. When he asked what I wanted, I told him to run the numbers and give me whatever they can do.
They came back with $300k. I asked the lender to break down what that would be for a payment.
Here is a breakdown for a $300,000 purchase $30,000 down payment 10% down Principal and interest is $1300.00 Insurance $100.00 per month Real estate taxes $500 PMI $215.00 Total is $2115.00 -
@JaredBusch Nice break down. $500/month in taxes, ouch! We're used to paying that per half around here.
