Last night debs and I went to go meet our realtor and the mortgage company that will be working with our loan. You basically ‘pre-qualify’ for a loan, so you know two big things
- How much house you can afford
- When you find said house, be able to move quickly since you have been approved for that much
I have to say, this process was VERY awkward at first. Before we went, we had to compile quite a few documents, including last 2 months statements for all bank accounts, last 2 years W-2’s, last 4 paychecks, all lease/purchase agreements you are currently paying on, etc. Showing this stuff to a complete stranger really is an odd experience. Luckily, we fit right in with the guy, which was nice. When he threw some of those crazy accounting/finance terms, he explained them with ease. I have to say, through this process, I hope we stay with people like our realtor and this banker, because being happy and relaxed through this is the way to go.
After going through the numbers, Deborah and I were much better off than we thought. We are looking at only about $200-300 more a month than we pay now for quite a nice sized house.
The one thing that surprised me the most though (in a good way) was my credit! I thought I had pretty much screwed myself with leasing the Altima and then buying the Sentra in so much negative equity, but since we pay bills so well, my credit score went up (WAY up actually, almost 40 points!)
It looks like we may start looking at houses as early as next weekend!
Listening To: ‘Smile Like You Mean It’ by The Killers