Super nervous for tomorrow!

[ahiggins]

I’m going to see the financial guy at the bank for a mortgage and I’m kind of freaking out. First time purchaser so I don’t know what to expect.

 

[Katrina71]

Expect a mortgage for 30 years. :)

 

[KrisReef]

Expect a low interest rate quote up front followed by a long process while they figure out ways to get you to sign up for your first mortgage. They make lots of money and you make payments. Relax and like the dentist when you are done you’ll own a home and you may still have all your teeth when you pay it off.
:) congratulations !

 

[sp1187]

that's the easy part.

 

[Pau Hana Reefer]

Two tips:
- If you haven't already, pull your credit score from one of the three major credit bureaus (experian, equifax, or transunion). Pay the extra money to get your actual score. You can even do this after tomorrow's meeting if you're not getting your actual loan or doing a pre-application tomorrow.
- Shop around and get rates from at least 2 or 3 banks/lenders. Interest rates vary from lender to lender. A 0.25% difference in rates might not seem a lot, but it translates to a lot of money.

And good luck tomorrow!

 

[boacvh]

I’m going to see the financial guy at the bank for a mortgage and I’m kind of freaking out. First time purchaser so I don’t know what to expect.

I would suggest you see a few guys just not one and compare quotes. Good luck!

 

[Hemmdog]

The financial advisor and home mortgage rep are usually different people at the bank. The home mortgage people aren’t always there. You may be stressing over an appointment that will happen later this week. Either way, shop around to different lenders, big banks aren’t always the best. What state do you live in? Starting with a realtor is a good idea, they can recommend several lenders and really hold your hand through the whole process, that’s one of the many things you are paying them to do. Your home buying process should be stress free if your realtor is doing their job.

 

[Forshurley]

Hard part is deciding where the new tank will go!

 

[this is me]

Make sure you take out enough to fund an 800gallons or so. And don’t forget to always imagine where that tank will be when you house hunting.
Good luck.

 

[Crabs McJones]

Expect a mortgage for 30 years. :)

Yup! And get ready to sign your name more times in a week than you will your entire lifetime.

Seriously though it's not that bad. Purchased my first home back in 2010 and just bought our second home about 8 months ago.
Its alot of paperwork, but you'll breath that sigh of relief when it's all done and you have a place to call your own :)

 

[ahiggins]

The financial advisor and home mortgage rep are usually different people at the bank. The home mortgage people aren’t always there. You may be stressing over an appointment that will happen later this week. Either way, shop around to different lenders, big banks aren’t always the best. What state do you live in? Starting with a realtor is a good idea, they can recommend several lenders and really hold your hand through the whole process, that’s one of the many things you are paying them to do. Your home buying process should be stress free if your realtor is doing their job.

That’s what I did. The realtor sent me to this guy to get an amount to which she can show me homes in that range. The guy said we would meet and he would have an answer by the end of the day. This lady seems super cool though so I’m excited

 

[ahiggins]

Hard part is decided where the new tank will go!

I already have questions on load capacities hahaha

 

[ccombs]

My advice is to buy a home that is cheaper than you can truly afford and put lots of extra money toward principle. This is what my wife and I are doing. Not having a mortgage at all is a lot cooler than a house that stresses you out to make payments on.

 

[Hemmdog]

That’s what I did. The realtor sent me to this guy to get an amount to which she can show me homes in that range. The guy said we would meet and he would have an answer by the end of the day. This lady seems super cool though so I’m excited

Excellent!

 

[ahiggins]

Yup! And get ready to sign your name more times in a week than you will your entire lifetime.

Seriously though it's not that bad. Purchased my first home back in 2010 and just bought our second home about 8 months ago.
Its alot of paperwork, but you'll breath that sigh of relief when it's all done and you have a place to call your own :)

I know! That’s the best part of it all. I’m 30 and I’ve always rented because my job took me all over the place. Now that I have a steady one place job, I can finally settle down

 

[Sailingeric]

Feel free to PM me, I have been a mortgage underwriter for over 20 years, I can answer any questions you got.

 

[vetteguy53081]

Process has gotten much easier and less stressful. Yes there are papers to sign but not overwhelming.
Remember, its a huge purchase and investment. If your house has equity and you have a car loan....... see if they’ll roll your car loan into the mortgage . Your average payment of $300/mo will become $10/mo freeing up your payment to apply to house loan or vacation. Its like getting a $280 raise each month
If you pass credit requirements- you have your home this week.
Best of luck!!
NOW SLEEP !!!!

 

[ahiggins]

Feel free to PM me, I have been a mortgage underwriter for over 20 years, I can answer any questions you got.

Thanks!
I won’t have an answer till tomorrow but holy crap guys....there’s so much. Like so much.
I thought I could afford a lot but then taxes and insurance and everything that goes into the “house” payment is not what I expected at all. It still went well and from what I can see IS doable.Doesn’t help I live in an expensive city lol
I’m not as worried as I was last night.

 

[ahiggins]

Process has gotten much easier and less stressful. Yes there are papers to sign but not overwhelming.
Remember, its a huge purchase and investment. If your house has equity and you have a car loan....... see if they’ll roll your car loan into the mortgage . Your average payment of $300/mo will become $10/mo freeing up your payment to apply to house loan or vacation. Its like getting a $280 raise each month
If you pass credit requirements- you have your home this week.
Best of luck!!
NOW SLEEP !!!!

My boyfriend had to force me to bed after I stayed up way too late “researching”

 

[Conway88]

Two tips:
- If you haven't already, pull your credit score from one of the three major credit bureaus (experian, equifax, or transunion). Pay the extra money to get your actual score. You can even do this after tomorrow's meeting if you're not getting your actual loan or doing a pre-application tomorrow.
- Shop around and get rates from at least 2 or 3 banks/lenders. Interest rates vary from lender to lender. A 0.25% difference in rates might not seem a lot, but it translates to a lot of money.

And good luck tomorrow!

Just wanted to add also check out 15 year mortgages. You save a ton on the rate and interest paid. I think 15 years are at 2.75% at the moment... Plus if you can afford 13 payments a year it’s possible to shrink your mortgage to a 10 year mortgage since the extra payment is added only against the loan balance.

Happy mortgage shopping!