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The Watercooler
50/50 chance of being approved for loan and...
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<blockquote data-quote="ctmom05" data-source="post: 254087" data-attributes="member: 2901"><p>I tend to agree with Loth, don't succumb to realtor pressure with regards to financing.</p><p></p><p>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.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="ctmom05, post: 254087, member: 2901"] 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. [/QUOTE]
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50/50 chance of being approved for loan and...
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