| frau kaleun |
03-11-13 06:09 PM |
Quote:
Originally Posted by AVGWarhawk
(Post 2023676)
Frau,
I just closed on my 3rd home. Things are a bit different these days concerning financing. Years ago I had to put down a large percentage on my first home. My second home all I needed was a pulse and two paycheck stubs. As of the past three months on the house we closed on just last week, I never had a body cavity search by the finance folks like this...EVER. It was to the point I felt like a criminal. Every dime that deposited into my checking account I had to explain where it came from. Not my paycheck but other larger deposits. They do this to assure you have not other outstanding obiligations financially. Also, pre-approved does not amount to a hill of beans. Not until you go through the process getting actual approval for the purchase are you in the clear. At that time do not apply for credit. Do not run up a credit card. These folks will look and continue ask for statements, stubs and a pint of blood. No matter how much they hound you remember that the finance people are in business to approve a loan. The way they probe your rear you would think otherwise.
It's very stressful to purchase a home. Eventually the smoke clears and you are standing with the golden key to your new home. Also a tidy interest rate write off every April(at least for now). Remember to set aside start up money. Moving van/guys if needed. New blinds if needed. Things of that nature. That crap adds up.
Good luck! :up:
|
Well, I don't know what else is coming or what to expect, so I'm sure it will be a new and exciting experience. :D I've sent bank statements, paystubs, and W2s to the bank's loan dude already. I have zero debt except for what's on the Amazon card I use for everyday purchases and pay off twice a month. I got the letter notifying me that they'd checked my credit scores and let's just say that they are really, REALLY good. :yeah:
I've got a 25% downpayment on the place I want, and that's assuming I pay the price at which it's currently listed... plus $5K set aside for other expenses without touching my other savings. I should be able to add to that, depending on how long the process takes, since unless something major and unexpected comes up in other areas I've got a surplus of around $1000 a month after all current bills and expenses are paid. I can open an account at the bank where I'm doing the financing and get a nice discount on closing costs, so I plan on doing that as soon as things get underway for realz. |
