Saturday, October 22, 2011

Surprise update

If you follow me on Twitter, you might have caught our surprise announcement last night: Peanut and I applied to be pre-approved for a mortgage!

We've been talking about this a lot - we never planned to be in this apartment for more than a year, and we are coming up on six months into the lease. I am dreading the winter coming up, and it occurred to me that I might enjoy it more if I have a garage to keep the car in. I also hate feeling like where we live is so temporary - there's no point in fixing anything up or buying anything new decoration-wise, when I KNOW that this is a very temporary home.

We've been saving for a house, and while I'm not sure we've got a big enough downpayment just yet, we didn't feel like we could really move forward unless we really knew where we stood with the banks. How much do we need to have saved? What neighborhood do we want to live in? What will closing costs, insurance, taxes be? Are we out of our minds, looking for a mortgage after being in our jobs for only six and four months? What can we afford? We can't know any of this without hearing from the bank, so we decided to go ahead and apply. We'll be able to continue to save $2,000 a month for a house, so even if our downpayment is a little small right now, by the time we start handing over money in a few months, it will be a bigger pot.

We've filled out the application and will scan and email a bunch more paperwork in over the weekend. We'll probably meet with the broker next weekend, and see where we go from there. I've been focusing all my research efforts on dental insurance the last few weeks (post to come very soon!) but now I'll need to get started on the mortgage and house search process! If you have any good starting points, please leave them in the comments.


  1. Yay! Applying for a mortgage was exciting for me because I loved thinking about our future house.

    A tip I have is to not buy a house for the amount that you are approved for. I would go for much less because banks tend to over-approve by a lot.

  2. Congrats! It is a good way to get an idea of how much you'll be paying for.


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