Dewailer

Thanks we've been working with the lender from April - and was only offered the chance to lock last Thursday.

We are about to close on a home in about 2 weeks which is basically when we have to be out of our apartment. There has been so many delays with the lender. We were told our interest rate at the time was 3.25 - we were never offered the chance to lock the rate. This is our first home and we are just doing as we are told by the lender. But apparently we should have locked the rates. Of course we are now being offered the interest rate of 5% but I'm seeing 4.625 all over the internet. I really wish at this point I could switch lenders. I'm so upset over this but I guess as this point it's all water under the bridge. So my questions is, after we close - how soon can we refinance? I'm sorry about the long post, I'm so frustrated.

That's some excellent advice - thanks eppgently!

My husband and I are about to begin the pre-approval process towards the purchase of our first home. Do we apply to one lender OR can we apply to let's say a max of 3 lenders and compare the rates? If more than one lender - do we apply to all 3 on one day or can it be spread out over the course of a week or two? Thanks in advance.

I've posted a few times and have read so many informative posts. I absolutely love this forum. After posting a million times on this board that my family and I are moving, it's finally happening. We will be relocating from the Caribbean to Houston, Texas the first week of July. What we were really hoping to do was to buy a home before we move - it would also be our first home. This however, seems to be impossible. We have no idea what kind of jobs we will get once we move. Because we are so far away, it's very hard to apply for a job and be considered. Because of this we have to wait until we get there. There is a home that we like, it's for sale and it's also for rent. We will try to see if we can rent it - but again our problem is that we do not have jobs. We contacted a realtor last month and he has done this before and was able to find a homeowner that would accept a bank account as opposed to a check-stub as proof of income. I will actually give him a call tomorrow about that house. Anyway, I would like to know what's the required length of time one must be working before they can buy a home. We both have a solid work history as well as an excellent rental history but again - we will not be working within the same field as we are now. I look forward to your replies - thanks.

Bumping for more responses please.

My hubby and I plan to relocate this summer (late - July). Our credit is great from the reports I got last week - I do not know our scores. We will have our cc's down to less than half of their balances by the end of March so our scores should look good. However, as of Jan. 09 my hubby owes a little less than $4,000 on his car. We intend to sell the car in April 09, this will bring the balance owed on this car loan to $2,700 in which we will pay off. Will it hurt us seeing that we plan to buy a home between this summer and December?

Thanks so much, we are planning on buying a home next summer. So I need to pull my report to make sure everything looks good. I'll look into the credit forum as well - thanks again!

I can imagine it's best to get it directly from the bureau. But is there just one place that is best to view all 3?

I am curious to know which would have the better interest rate? I know FHA allows a lower down payment.

Although not mortgage related, why would you want to move to a big city with a million people that drive in a circle around a city with no zoning? Hot pavement, traffic....and leave an address that consists of sweet salt air, warm sands and a truly happy environment? I lived by the ocean for 10 years, two blocks away, and now reside in a place where 40 degrees is warm. Nothing against Texas (DLG) and the city of Houston. I have been there several times and enjoyed the amenities of Galveston. But that beach ain't even close to YOUR beach. We are talking St. Thomas. The U friggin S Virgin Islands. Only one number would make me move from there and it better have six digits behind it. I am truly jealous, you live in paradise. Best of luck with your decisions. We've always wanted to relocate and it's always been one reason over the next, first finances, then Katrina and now Ike. All along our plans have always remained strong and now we just want do it. The opportunities are by far greater stateside. Being able to do more with our kids without having to travel miles by plane, lots of shopping, better healthcare - I can go on and on. Things are much more expensive here and to be honest it'll take us years before we can ever afford a home here. We are a determined couple that will make it. Don't get me wrong I love St. Thomas and it will always be home, my family is here. And maybe one day we'll retire here. Sometimes you live somewhere so long and see the same things everyday you tend to not appreciate it and it's sad. The beautiful clear waters, warm weather all year around, beautiful people. But, we know the move is what we really want.

I live very modestly now (trying to save) and I know we'll be ok until he is able to secure employment. He is however going to try to regain employment in the same field.

I was looking at that too...especially in Sugar Land which was one of the areas we WERE looking at. It's in a back burner for now.

Yeah I know but I'll stay for at least 6 months to a year and then move on. Yes we are US so we file taxes. Since the Virgin Islands is US, I'll be working for a US based company. My income currently is $35,000 per year - no personal loans (I do have student loans that are about $10,000 - they are in deferment), no car loans, I have 3 CC's - by March 09 they will all be less than half the limit. I pretty much only have two of them to work on now. No lates in abut 3 years...charge offs that were paid and fell off about 3 years ago.

I just got back today from Houston, TX (Boo-Hoo). I currently reside in the Caribbean on St. Thomas, US Virgin Islands. I work within the tourism industry and can work remotely. But I wanted to move and start fresh - but if I need to move with my job I will do so just for one year. My husband works for the local fire department BUT will have to start fresh in Texas as the requirements are way different. So using his income may not be possible as there is no guarantee he will get a job within the fire department. After this trip he now knows what he needs to do - become certified which we will begin working on in the months ahead. I am going to school for a degree in business but I have still have quite some time to go. So where my degree will lead me I am quite open - it's my AA so it's just the beginning. We will have between 5-10% for our down payment and our credit is good - I won't say excellent but good. We looked around a lot and really planned to start at $160,00 or below (which is very doable in TX.) BUT after discussing it among ourselves and looking at the economy we decided we would get a home around $120,000-$130,000 which is also doable and upgrade after about 5 years.