Mortgage/Lending/Pre-Approval Qs...

[Wish4svts]

I searched and found a couple of answers to my questions but couldn't find answers to a couple of my specific ones.

So last month I inquired to a few lenders about buying my first home. All I needed to do was bump my credit score up a little by paying off a couple credit cards. I've since done so and all of them said that my credit looks good and pre-approval should not be issue (No bankruptcy, foreclosures, or anything of that nature) and my DTI is around 20%, which I'm told is good.

Sooo Since everything is in order, is this where I have to commit to a lender? Or do I get pre-approved by all the lenders?

Also school me on home inspections… Am I paying for each one out-of-pocket?

Finally anything Special or different about bidding on a foreclosure?

Any comments, concerns, tips, tricks or anything helpful will be appreciated. This will be our first home and I am fucking clueless. Thanks

[kingjason]

PM SVT lurch, he is the man when it comes to this stuff.

[Wish4svts]

PM SVT lurch, he is the man when it comes to this stuff.

I couldn't think of his name to save my life... Hopefully he sees this and chime in.

[Mysticcobrakilla]

PM SVT lurch, he is the man when it comes to this stuff.

X2

[uwishuknew]

PM SVT lurch, he is the man when it comes to this stuff.

We just used him to buy our first home. Made it as painless as possible. And yes, you pay for inspection out of pocket. Of the 15ish houses we looked at, we only had one inspection. You do the inspection after your offer is negotiated/accepted, so it unless it came back with a bunch of horrible things you should only have to pay for the one on the house you plan to purchase. And our realtor was able to point out most of the biggest problems that would have shown up on the inspection report.

[Vertnut]

Foreclosures and short-sales can take a longer time to get closed. Your inspection can be used as a bargaining chip in your favor, especially if you're handy at all. Trey can fill you in on all of this.

[Wish4svts]

We just used him to buy our first home. Made it as painless as possible. And yes, you pay for inspection out of pocket. Of the 15ish houses we looked at, we only had one inspection. You do the inspection after your offer is negotiated/accepted, so it unless it came back with a bunch of horrible things you should only have to pay for the one on the house you plan to purchase. And our realtor was able to point out most of the biggest problems that would have shown up on the inspection report.

Thanks, I was seriously thinking I had to get an inspection done on any house we wanted to make an offer on.

Sounds like I should just go with SVTLurch as my lender then...

[mstng86]

Where are you looking to move?

[Wish4svts]

Where are you looking to move?

Kemp tx... If not there then possibly Forney or Heath.

[SVT Lurch]

Thanks to all for the referrals, they're appreciated!

I searched and found a couple of answers to my questions but couldn't find answers to a couple of my specific ones.

So last month I inquired to a few lenders about buying my first home. All I needed to do was bump my credit score up a little by paying off a couple credit cards. I've since done so and all of them said that my credit looks good and pre-approval should not be issue (No bankruptcy, foreclosures, or anything of that nature) and my DTI is around 20%, which I'm told is good.

Sooo Since everything is in order, is this where I have to commit to a lender? Or do I get pre-approved by all the lenders?

Also school me on home inspections… Am I paying for each one out-of-pocket?

Finally anything Special or different about bidding on a foreclosure?

Any comments, concerns, tips, tricks or anything helpful will be appreciated. This will be our first home and I am fucking clueless. Thanks

20% is a good DTI; 40% is the recommended maximum.

You should only be pre-approved by one lender. A pre-approval letter from one company (should be) as good as one from another.

As mentioned, you should only pay for an inspection on a home with an accepted offer and executed contract, ideally just once.

Patience is required. I personally waited 184 days for Bank of America to tell me they were going with another offer.

Have you spoken to a Realtor yet? Real Estate Nate and I work together on a lot of board members' transactions.

If you PM me your email I will send you a form to fill out so I can generate the pre-approval letter. After that I just wait for you to send me the executed contract and then we get started gathering all the paperwork for processing.

[Wish4svts]

Thanks to all for the referrals, they're appreciated!


20% is a good DTI; 40% is the recommended maximum.

You should only be pre-approved by one lender. A pre-approval letter from one company (should be) as good as one from another.

As mentioned, you should only pay for an inspection on a home with an accepted offer and executed contract, ideally just once.

Patience is required. I personally waited 184 days for Bank of America to tell me they were going with another offer.

Have you spoken to a Realtor yet? Real Estate Nate and I work together on a lot of board members' transactions.

If you PM me your email I will send you a form to fill out so I can generate the pre-approval letter. After that I just wait for you to send me the executed contract and then we get started gathering all the paperwork for processing.

Awesome, I'll PM you in a bit.

[mstng86]

Kemp tx... If not there then possibly Forney or Heath.

Well, if you move to Forney, I can give you some pointers on where to look.

[big_tiger]

I was pre-approved. Make sure they look thru your credit and taxes before you go throwing money out there.

[Unicorn Jeff]

I better get over to your pad to try on those new shoes before you move far the fuck away.

[Wish4svts]

I was pre-approved. Make sure they look thru your credit and taxes before you go throwing money out there.

They've been through my credit and said they see no hang ups... They go through your taxes? Mine have always been just regular, just standard w-2s. What are they looking for?

I better get over to your pad to try on those new shoes before you move far the fuck away.

Still got a couple months here... But yeah.