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I did it!! Approved for my new Mortgage!!!


SecretAgentWoman
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That is WONDERFUL, secretagent!!!! I am TRULY, so very happy for you!!!!

Oh, and just for the record? Lates on a mortgage hurt TWICE as bad on your CR's as lates on a cc. I'm positive things will be great, you sound ever so much smarter than I was when we bought this house...but I thought I'd mention it.

Can't wait to hear about when your movin' in!!!!

Elyse

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Not to dampen your mood or anything, but is buying a home in todays declining market really such a good idea? I'd keep renting for a few more years and wait out the housing bubble collapse.

:lol: There's one in every thread...

My scores were actually higher (some things aged and 2 things fell off the day before they pulled), but because I'm cheap and didn't want to spend another $45 to find out, I don't know by how much.

I got a special loan for manufactured homes without land. It's a fixed rate with a discount for paying every 2 weeks instead of monthly and allowing direct debit pay. I haven't signed the papers yet, and I got the news over the phone and silly me forgot to ask what rate I got!

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is buying a home in todays declining market really such a good idea?

Depends on where you live. Here in Raleigh, NC we just got voted by Forbes as best sellers market in the county. I know the home I live in, I purchased for $180k 2 years ago. It's currently worth about $225 now.

But to the OP, congrats.

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Congrats of being approved, I remember you posted a few questions.

What are the conditions? term? rate? etc, will you be paying PMI? on your new loan.

Are you going to be doing a walk through inspection before closing?

Make sure you have the loan officer go over everything before you go to the closing table. That way you know what you signing.

Once you walk away from the closing table, the home is yours.......:)

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Congratulations!! I came to this site looking for advice because my husband and I would also like to buy a home in the next 3 months. Wells Fargo quoted us an interest rate of 10.5. We decided to get busy with improving our scores rather than paying a crazy high interest. It's been alot of work, but I know it will be worth it. I'm very happy for you !!!!

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Congratulations! I am so jealous! Where in Texas do you live and who are you getting your mortgage from?

Just north of the Dallas/Ft Worth area. My lender will be Vanderbilt Mortgage, who specializes in manufactured home loans.

I don't know the specific terms yet, as I just got approved. I will update when I find out. Keep in mind, it's a manufactured home (a category that's high risk for lenders in of itself), my history is still spotty and my scores only so-so, and I'm braced for the reality that I will be paying an ungodly interest rate. Unfortunately, I may not have much of a choice for now. I can refinance later or simply pay down the principal to ease the pain a bit. ;)

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