Went to the credit union today to see about getting preapproved for a home loan. After twenty minutes of questions and typing on the computer he said, "With your credit rating" (803, thank you very much) "And your lack of debts" (just $900 on one of my four credit cards, meaning I have 96% of my credit still available to me) "And with your income, I have absolutely no doubt you'll be approved for the amount you want to borrow." In fact, he told me that i would probably be approved for nearly double what I'm asking for!!!!! NOT that I'll come anywhere near to using that much. But it made my day to hear all that.
And then he said, my monthly payments will be somewhere between $750 and $780 a month. Which is more than I wanted to have to pay! Which means, I have to come up with a larger downpayment upfront, or learn to live for a lot less than I have been (no toronto trips, or eating out nearly every meal, or buying DVD's and books on the spur of the moment), or borrow less.
At any rate, I'm just going to spend the evening and try to get my head wrapped around this whole idea. By tomorrow, I should be fine, but I am now SO freaking stressed! I don't GET stressed, nor have I ever worried about money, but now, I AM worried about money and am stressed! Man, if people live their whole lives all stressed like this, it's no wonder they freak out and go shoot something.
Anyway, he's going to punch all the numbers into the computer and then send me the form in the mail saying I'm pre-approved (not IF I'm pre-approved, but WHEN). And I get when I get that, then I'll go out and start looking for and at homes.
Man, I have seriously not been this worried since.....I don't know when. Maybe since the night dad died. But that was an entire DIFFERENT kind of worry there. *SIGH* I'll just have a Pepsi, listen to Radiohead, and look at some porn, and I'll be fine.
POLT Listening to "Invincible" by Muse Oil: 70.34 (-1.96); gas: 2.58 (-.01)
It's getting hot in herre, so take off all your clothes. I am getting so hot that I wanna take my clothes off! - Nelly, Hot In Herre
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Congratulations on successfully taking the next step! I can't wait till the house warming party (orgy) :-)
All right for you! Nothing helps like good credit that is for sure.
Now the fun part begins looking for your new home.
Onanite
Scary and exciting. My colleague just bought a house this weekend, now she's freaking out too. Worried that she made the right choice, but as you know, it will all work out. You'll be fine and once you get passed the stress hopefully the fun of looking will kick in.
Craiggers: If you're coming, then I'll definitely have a house warming party! But the orgy can wait until my family, leaves, kay? :)
HUGS...
YAY! Owning a house is fantastic and impressive credit score Mr. Polt.
Don't freak out. You may find something that is lower in price than you expected and end up with a lower mortgage payment. As a bit of perspective, my mortgage payment is nearly twice that rate.
Congrats! House buying can be an ordeal - well, the loans/paperwork/contracts/inspections/offers/counteroffers at least. We're going through the same thing. One step at a time keeps us from being overwhelmed. And it's worth it when you get your keys : ).
$750 to $780 a month? Shit, I'm paying $800 a month for an apartment.
Glad to hear your good news. Of course you're stressed. Who wouldn't be? But don't forget to have fun looking at houses.
$750 is just the mortgage right? There is still insurance and taxes to pay on top of that, so it makes sense to buy less house if you can. You should think about how much time and effort you want to put into upkeeping the property. If you want lots of free time, than you should consider a small property or condo. On the other hand, you could always hire a buff teen to mow the lawn!
Congrats on the rockin' credit score. That'll win you the best possible interest rate which darn well better be fixed. That payment seems unusually low so you must have one huge down payment.
Honestly, I wish I had not purchased the house I would now like to not own. Maybe just roll that killer down payment into some high yield account instead and never say no to Toronto?
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