Monday, October 24, 2011

Whew!

Wow. Peanut and I have some research to start doing! We got an email from the mortgage broker today that starts with "Congratulations!" and contains "Everything looks very good!" and "How big of a house did you want to buy???" and ends with "I've got everything ready to go!"

So. No hard numbers just yet, but we are meeting this week to discuss everything (and we get a copy of our credit reports and credit scores, woo!). Peanut and I have had a price range in mind for the type of house we would like to buy in the neighborhoods we are interested in, and we will probably stick with that even if the bank offers us a lot more. If they offer within our range, we might go lower. And if they offer lower than our range, I guess we will be renters forever.

But what's  next? I've got no idea. Peanut's mom is our real estate agent, and she's been sending us links to houses she thinks we'd like for a long time, so...I guess we start looking in person? Going to open houses? I don't know yet how long this pre-approval is good for (I know they expire) and I don't want to be rushed into something just because. Nor do I think I'm going to find anything "perfect" - I'm going to find something I like a lot and can live with for many years to come.

Do you shop around for mortgage pre-approvals? I'm not sure we really can - Peanut's mom is our real estate agent, and this is the broker she recommended. Peace at holiday gatherings sort of dictates that we use his mom as our agent, and probably that we use this broker. That's not how I typically make big financial decisions, but I don't know that we have a choice here. Please note: I have utmost faith in Peanut's mom as our real estate agent; she's got a great eye and is big on not pushing people into something they don't want, and she specializes in first-time buyers. And I'm sure the broker is also a top-notch professional, it's just weird that these decisions were sort of made for us (by us) when we decided to move here.

So anyway, I'll be spending tonight googling about the mortgage pre-approval process and the early stages of how to buy a house. I'd be surprised if we find something before the holidays, but you never know. It would be awesome to have a garage to keep the car in starting with the first snow.

omg, I'm going to have to pack up everything I own AGAIN. Send help. And snacks. And upbeat music.

1 comment:

  1. I don't think there's a need to shop around for a pre-approval, but I would recommend shopping around for a lender once you decide on a house. Of course, at that time get rates from the broker who got you the pre-approval, but I would also contact the banks directly. They should be able to give you the rates/fees with info over the phone and then allow you to lock in the rate once you provide the financial papers detailing your income, assets, etc. Brokers can often get you a good rate, but maybe not as good of a rate as going directly to the lender, but it's also supposed to be easier to work with a lender directly.

    And I think having your husband's mom as your agent is pretty good - she should negotiate really hard for you. Just might be an issue if what you want isn't what she imagined for you guys.

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