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ashlia

Our Mortgage process...from start to finish.

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My fiance ans I have an appointment with a mortgage broker next Friday morning to start the pre-approval process, and see where we are.

 

We are nervous but excited. I am going to chronicle our journey from start-to-finish to help others(and help me maintain sanity).

 

We pulled our own credit last week:

 

HIM: TU 787 EQ 782

 

ME: TU 797 EQ 804

 

I have no idea what our EX scores are. My FAKO is in the very high 700's, didn't bother checking his.

 

We have a modest budget, 150K.

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My fiance ans I have an appointment with a mortgage broker next Friday morning to start the pre-approval process, and see where we are.

 

We are nervous but excited. I am going to chronicle our journey from start-to-finish to help others(and help me maintain sanity).

 

We pulled our own credit last week:

 

HIM: TU 787 EQ 782

 

ME: TU 797 EQ 804

 

I have no idea what our EX scores are. My FAKO is in the very high 700's, didn't bother checking his.

 

We have a modest budget, 150K.

 

Assuming you will both be on the loan? Will you be married before you buy?

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I am at the same stage as you, good luck!

 

 

 

 

What is your combined annual income and how much debt do you have?

 

 

My fiance ans I have an appointment with a mortgage broker next Friday morning to start the pre-approval process, and see where we are.

 

We are nervous but excited. I am going to chronicle our journey from start-to-finish to help others(and help me maintain sanity).

 

We pulled our own credit last week:

 

HIM: TU 787 EQ 782

 

ME: TU 797 EQ 804

 

I have no idea what our EX scores are. My FAKO is in the very high 700's, didn't bother checking his.

 

We have a modest budget, 150K.

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To answer the above questions.

 

1.) Yes, we will both be on the loan. Our wedding date is set for June 16th, so it really depends on how fast or slow the process is.

 

2.) Our combined annual income is $95,000. I'm a broadcaster, fiance is an Assistant District Attorney.

 

3.) The debt worries me actually, I have a car loan with a 14K balance, and maybe $500 on my CC's. Fiance has $0 on CC's, and a paid off car, but about $100,000 in student loans(been paying on them for two years). Articles like the one I have linked below are scaring me! Will we get approved!?!?!

 

http://money.msn.com/debt-management/student-debt-is-stifling-home-sales-bloomberg.aspx

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The best way to figure this out is to use an online calculator, where you plug in your monthly income and then minimum CC payments, auto loan payments and student loan payments. It will cruch the numbers and tell you how much house you can qualify for.

To answer the above questions.

 

1.) Yes, we will both be on the loan. Our wedding date is set for June 16th, so it really depends on how fast or slow the process is.

 

2.) Our combined annual income is $95,000. I'm a broadcaster, fiance is an Assistant District Attorney.

 

3.) The debt worries me actually, I have a car loan with a 14K balance, and maybe $500 on my CC's. Fiance has $0 on CC's, and a paid off car, but about $100,000 in student loans(been paying on them for two years). Articles like the one I have linked below are scaring me! Will we get approved!?!?!

 

http://money.msn.com...-bloomberg.aspx

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The mortgage guy called me about 5:15 yesterday afternoon and said there was no problem with the student loans. He said from looking at our credit and income, we were approved for much more than what we want to get(150K). I feel much better, and will send him the rest of the info next Monday. Our appt is Friday, April 20th, at 9:15 AM.

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To answer the above questions.

 

1.) Yes, we will both be on the loan. Our wedding date is set for June 16th, so it really depends on how fast or slow the process is.

 

2.) Our combined annual income is $95,000. I'm a broadcaster, fiance is an Assistant District Attorney.

 

3.) The debt worries me actually, I have a car loan with a 14K balance, and maybe $500 on my CC's. Fiance has $0 on CC's, and a paid off car, but about $100,000 in student loans(been paying on them for two years). Articles like the one I have linked below are scaring me! Will we get approved!?!?!

 

http://money.msn.com/debt-management/student-debt-is-stifling-home-sales-bloomberg.aspx

 

 

Is "broadcaster" code for hot weather girl?

 

Remember to research everything. Also, I would keep from making any large purchases or applying for new CC.

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To answer the above questions.

 

1.) Yes, we will both be on the loan. Our wedding date is set for June 16th, so it really depends on how fast or slow the process is.

 

2.) Our combined annual income is $95,000. I'm a broadcaster, fiance is an Assistant District Attorney.

 

3.) The debt worries me actually, I have a car loan with a 14K balance, and maybe $500 on my CC's. Fiance has $0 on CC's, and a paid off car, but about $100,000 in student loans(been paying on them for two years). Articles like the one I have linked below are scaring me! Will we get approved!?!?!

 

http://money.msn.com...-bloomberg.aspx

 

 

Is "broadcaster" code for hot weather girl?

 

Remember to research everything. Also, I would keep from making any large purchases or applying for new CC.

 

LOL! I'm a hot news chickrolleyes.gif! Really and truly, I am the News Director and Morning Show host for a radio station in East Texas.

 

We won't be making any big purchases, or apping for anything. I bought a 2010 Corolla in August, that was the last major transaction. Fiance paid his car off in January, it is a 2000 Camry, in great shape. We probably won't get another one until mine is paid off in three years(we are trying to toggle car payments as much as possible).

 

Little Update: The mortgage pull did hit my credit report this morning on both EQ and EX, hasn't hit TU yet.

 

 

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We've all been amazed by your awesome progress. Congrats on the good news and good luck going forward!

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Hi Ashlia,

 

 

Good luck on your house hunting. It really is a great feeling to come from where we were to where we are now. I just entered the housing market myself and my loan officer was amazed at my story of how I cleaned up my report in such a short time...and I just sent an offer in on a home in the DFW area. Again, I wish you luck and much success. :D

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First, Thanks to all for their kind words. It is an amazing feeling to be where I am now. A year ago today, I was in the THICK of my credit repair!!!

 

We have faxed over all of our documentation(wow, that is a lot of paperwork). Now we just have to wait to get the exact number we are pre-approved for, and should have that number today.

 

We may not have to go in for a meeting Friday, and may be able to just look at houses all day.

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Good luck too! We are paralleling your process ourselves.

 

Can you tell us what you did you go up almost 200 pts on your scores?? Amazing!

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We went tot he broker Friday, and we are pre-approved for $250K. After running through payment models(they over estimate taxes, insurance, ect), we felt very comfortable upping our budget to $175K. Unfortunately, the house I fell in love with a month ago($144,900), went under contrat last week. So now I am praying for that to fall through(mean, I know).

 

 

Our wedding is in seven weeks, so we are back burnering house hunting somewhat, we don't want to marry and close the same week!! That might over-stress me! We have looked at two houses(NO), and are going to look at another next week, but we are going to take our time.

 

We did get our scoring disclosure, and I thought you might be interested in all scores(this is the first time I've EVER seen a real EX).

 

ME:

 

EX: 768

 

TU: 794

 

EQ: 804

 

FIANCE:

 

EX: 801

 

TU: 797

 

EQ: 804

Edited by ashlia

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Good luck too! We are paralleling your process ourselves.

 

Can you tell us what you did you go up almost 200 pts on your scores?? Amazing!

 

I worked my butt off for HOURS every day, reading here, researching laws and writing letters. I also live in Texas, with amazing consumer laws. My success story is in the pinned success stories. Here is the link:

 

http://creditboards.com/forums/index.php?showtopic=471270

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Good luck too! We are paralleling your process ourselves.

 

Can you tell us what you did you go up almost 200 pts on your scores?? Amazing!

 

I worked my butt off for HOURS every day, reading here, researching laws and writing letters. I also live in Texas, with amazing consumer laws. My success story is in the pinned success stories. Here is the link:

 

http://creditboards....howtopic=471270

 

Thanks ashlia! Will read your experience with great interest. Good luck on your house process.

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Just checking in...we are still looking...nothing out there right now that I am loving(except the house that went under contract).

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Well, we have been looking at houses, and after seeing nine, I was beginning to get discouraged.

 

Our wedding is next Saturday, so we had sorta decided to get married, and resume looking in July.

 

Our agent called Tuesday, and said the perfect house for us had been listed with her that morning. We looked that night, and she was right, it is the perfect house for us.

 

They were asking $153,500.00, which is the low end of our budget. We were approved for 250K wanted to spend no more than 175K. We offered 150K, and they came back with 151,500. We accepted.

 

The house needs NO work, and we know the current and past owners well(very small town...Current owner has only been there a year, but he is being transferred, so the family is moving out of state, prior owner, a good friend of mine, put a lot of work and updates into the home).

 

We are in escgrot now, so fingers crossed, closing is set for July 8th...

 

inspection is already done, and came up fine.

 

For pics of the house, see this online listing from when it was on the market a year ago...mods remove link if that is against TOS, and please forgive me.rolleyes.gif

 

http://www.facebook.com/media/set/?set=a.148362021898209.34477.106897266044685&type=3

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Are you kidding me?! That's gorgeous! I started looking last week, thought I could decide with one day long trip to see houses, I'm now on my 3rd appointment with the realtor and getting frustrated I'll never find my 'perfect' house. Glad to see it all worked out for you!

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No real news to report today...

 

We have been correcting errors in our mortgage contract(fiance name was wrong, phone numbers, etc.)

 

I took updated financial info, and we are waiting on the corrected forms to sign...then it's the waiting game with underwriting, etc..

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