50/50 chance of being approved for loan and...

Discussion in 'The Watercooler' started by MidwestMom, Mar 12, 2009.

  1. SomewhereOutThere

    SomewhereOutThere Well-Known Member

    we were told it would go faster if we put an offer on a house. So tomorrow we go house hunting to make an offer (we already have a house we want). Then, if they still turn us down for now, we will have to do some extra work on our credit, I guess--they'll tell us what to do so we CAN get approved.

    So why do I feel so pessimistic, like we'll never get the loan?

    Hub is rightly irritated with my gloomy attitude. He is certain that they wouldn't work with us if they didn't plan on working out a loan for us.

    And me, in all my pessimism, am planning to move to a warm area where a tent would work out.

    My anxiety disorder is through the roof. Thanks for reading this.
  2. WhymeMom?

    WhymeMom? No real answers to life..

    I would imagine they are concerned with the type of house you select, like if you were planning on a two million dollar home with gold plated fixtures and marble toilets, they may not be rushing to get your loan thru, but if you pick something reasonable, in line with your income they will work with you...... My fingers are crossed for you!
  3. Star*

    Star* call 911........call 911

    I have a marble toilet seat.

    MWM - house buying is stressful. It's like 100 difficult child "what if's" rolled into one plan.

    DF said our next house will be a cave - I'm still taking that marble toilet seat.

    Hugs -
  4. WhymeMom?

    WhymeMom? No real answers to life..

    Star, I'm thinking that marble toilet seat is great incentive to get "your business" done quickly......... brrrrrrrrrr, makes me cold just thinking about it........
  5. Star*

    Star* call 911........call 911

    It was between that one - and the one from Maggie Valley, NC. in the gift shop. Someone had taken a toilet seat and polyresined a full grown rattle snake in it with the mouth open and fangs blazing.....

    DF said jokingly - Well that would require more Benefiber than I care to purchase.

    Did I say MARBLE? pshaw - I meant - Kmart cheapie with duct tape holding the sides together. (Nancy if you read this about the duct tape I'm thinking of you)

  6. Shari

    Shari IsItFridayYet?

    MWM, fingers crossed it goes well! Let us know! You will hear tomorrow, right? Or has that changed?

    Star, a rattle snake? Oh my...guess if you bought that toilet with the clear tank on that back that you put live fish in, then added the snake seat, you could probably have a lot of laughs at a party...or freak somebody out.
  7. SomewhereOutThere

    SomewhereOutThere Well-Known Member

    A marble toilet seat would be unique ;)

    The house we want is $60,000. If necessary, we can bid on a really nice 3 br, 2 ba house in a nearby town for $42,000. Small towns have marvelous prices!
  8. Lothlorien

    Lothlorien Active Member Staff Member

    How are you supposed to put an offer on a house unless you know how much you've been approved for and at what percentage? You kinda need to have a starting point, so you know what you'll be able to afford. I have never heard of the loan process going faster if you put an offer on a house. Are you going through the realtor's office financial officer? Don't let the realtor push you into something. I know this is nerve-racking, but I'd hate to see you get pushed into something, where you aren't getting the best deal.

    We've bought two homes and were preapproved for a certain amount before we put offers.

    You certainly are buying at a really good time. There must be an awful lot of homes to choose from, right now. People are desperate to sell.
  9. SearchingForRainbows

    SearchingForRainbows Active Member

    I don't have any advice. Money issues are stressful enough - Waiting to be approved for a loan just adds more fuel to the fire... I just want you to know I'm thinking about you and hoping you're approved for the loan. WFEN
  10. ctmom05

    ctmom05 Member

    I tend to agree with Loth, don't succumb to realtor pressure with regards to financing.

    We bought our first and only 10 years ago. Just prior to that, as we dipped our feet into the mortgage loan waters, the outlook was not that great a broker told me that we would need to start with a higher than normal interest rate and work our way down, due to credit issues.

    When we got to the point when we were ready to buy, the bank that we hooked up with arranged an FHA loan at a favorable rate. We were pre-approved, which means that we knew how much was in our virtual coffer and what the rate was. That was also like insurance for the seller; they would know that our offer was legit and we had the financing in our back pocket; it had already been arranged.
  11. trinityroyal

    trinityroyal Well-Known Member

    I'm with Loth and Ctmom...

    When I've discussed mortgage financing with bankers, they have always given me a dollar figure for which I was pre-approved. That meant that I knew the price range of houses I could afford before I even started looking.

    I've never heard of it working the other way around...tell me how much the house is, and we'll decide whether or not we'll approve you just sounds backward to me.

    I also agree with Loth that you're looking at a great time. Sounds like there are some good bargains around.

    Fingers crossed that the process goes smoothly for you.

  12. SomewhereOutThere

    SomewhereOutThere Well-Known Member

    Our income is in sync for $60,000 per the lender. If we make an offer, they work faster for approval. This is a very small town, everyone knows each other--owners of the home, realtor, bank...we were already told we'd get a 30 rate fixed. We're being very careful! By now, probably everyone knows we bid on a house, which we did. It's a really nice home with TWO bathrooms (we've been living with one for six years) 3-4 bedrooms and a full, finished basement!
    Last edited: Mar 13, 2009
  13. Janna

    Janna New Member

    That is SO awesome, MWM! I am relieved for you. Congrats, my friend, do keep me up to date :)

  14. Marguerite

    Marguerite Active Member

    So if you move, does that mean we'll have to stalk you and white hat you all over again?


    Maybe this time we can email you a Google Earthy photo of your house...


    PS Good luck. Now is a great time. I hope you get what you're looking for.
  15. SomewhereOutThere

    SomewhereOutThere Well-Known Member

    LOL Marg. This is a bigger house, but it's still in the same teeny town.
  16. WhymeMom?

    WhymeMom? No real answers to life..

    Frankly, I could see why the lender would work faster with an offer on a property........ they know you are serious about the loan and aren't "wasting" their time seeing what you could handle on a loan....... I get the other way too, but if you are just in the market for seeing what you might be able to handle on a loan they may not be as quick to get back with you.......

    Hope you get the house!!!!! Sounds just like what you need.....