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March 2010 Weddings

NWR: For Homeowners

I know FI and I just moved but we're definitely not thrilled with the apartment complex we're living in now. I've had other residents tell me that I'm not allowed to take my dog out on the grass, odors from surrounding apartments sometimes infiltrates parts of ours, etc. So we're considering buying a home since we figured we'll be here for a while. I went today to talk to our bank just to get some information about mortgages since they were having a "Mortgage Day" with reps present. The woman took down my information and said that the senior loan officer would call me within 24 hours with information and pre-approval stuff. I was just wondering if anyone had any suggestions/questions I should ask her. Obviously we're completely clueless when it comes to this and I just want to make sure that we're doing this right. TIA ladies!

Re: NWR: For Homeowners

  • really the main thing we focued on was of course getting a fixed mortgage that way the interest rate will remain the same and not fluctuate, the 2nd thing we focused no was the interest rate we got.  i know right now mortgage interest rates are at like a 5 year low so dont settle for anything high if you have decent or good credit.  after we were preapproved and everything and found the house we wanted it was mostly the closing stuff that we had to watch so that we werent over charged but that comes later.  Goodluck...it's exciting and stressful but worth it once you're done!!
    Married March 2010.

    Me 26 and DH 28.

    08/2008 - Surprise BFP ended in chemical pregnancy

    01/2011 - Dx with annovulation/unexplained IF-DH borderline low morph

    02/2011- HSG= all clear

    05/2011 - 100mg clomid + IUI = BFN (thin lining)

    06/2011- 9/2011 - Femara + IUI = BFN

    11/2011- 125iu Follisti + IUI = BFN

    12/2011- 03/2012- TTC naturally

    03/2012- 125iu Follistim + IUI = BFN

    04/2012-10/2012- TTC naturally

    10/2012- 125iu Follistim + TI = BFN *cycle resulted in mild OHSS*

    10/2012- DH dx with minor varicocele

    11/2012-2/2013- TTC naturally preparing for IVF #1

    02/2012 Waiting on AF- Began Provera 2/18- Preparing to begin first IVF cycle
    *Expected ET April 2013*
  • YES! Fixed is the way to go. Ours is but my mom's isn't and has screwed her, she almost lost her house. Thats so important. GL!!!
  • Right. I won't even consider an ARM after all this stuff has happened with the housing market. I just didn't know if there was any "man, I wish I would have known this before dealing with a mortgage" moments.
  • Coming out of lurkdom to add my two cents. :) I don't know if this is everywhere, but I bought my home in Texas and I wish I had known about PMI (Private Mortgage Insurance). I didn't put 20% down when I bought the house and so I basically got stuck with a 40ish dollar fee that I have to pay until I've paid off 22% of the loan, I believe. It kind of sucks, but live and learn. :)
  • We are in the process of buying a house right now - met with a loan officer last week and got pre-approved...and found out that my debt is dragging us down a little so we are trying to take care of that!!I agree with the previous posts that a basic fixed mortage is definitely the way to go. Other things to consider are try avoiding any pre-payment penalty as part of your loan - if you do have a pre-payment penalty it means that you have to pay a certain percentage if you refi, sell or pay off your loan within a certain amount of time...not sure about the specifics yet, but that is the advice we have been getting. Also - don't fall in love with any house too much before it is yours and try to be patient!!Good Luck!
  • Get different "quotes" from different banks to find out who will provide you the best interests rates. Also make sure you have a lot of cash for the closing costs as well as moving/decorating costs. When you move into a house there's a lot of things that you'll have to buy fairly quickly (i.e. Mower, weed wacker, extra cleaning supplies, garbage cans, air filters, possibly a washer and dryer, etc) Good luck
  • If you are using a realtor see who they can refer you to a lender they use. We just closed on our house on July 27th and we went to a wonderful realtor first and she refered us to a lender that had the lowest interest rates and who was just awesome with everything. Good luck and have fun house hunting!!
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