“Being a single mom of three and starting over wasn’t on my agenda, but my ultimate goal was to have my own house. My mortgage lender told me ‘no’ for three years due to credit issues. Finally Lynn told me to go look! Purchasing MY home was the best feeling ever. It discounted all negative thoughts from myself and others. Get what's yours. Home is where the heart is!” --Mary Thoreson
This is the exciting part! Now you know for sure that the underwriter has approved you, based on meeting the conditions listed on the approval. Work quickly with your lender and processor to get those conditions in as soon as possible. Be aware that when you send conditions in, the underwriter may need further clarification, so be ready to send more until you hear that everything has been signed off.
The sales price will be higher in a major city versus in the suburbs. Good schools and access to major stores and attractions also raise desirability. Many are finding they need to stretch their search to find homes in their price range. Get the best home you can afford, in the best location, at a price you can comfortably manage.
If there are any concerns with your loan approval, I highly advise that you ask your lender to submit your file for a fully underwritten credit approval. This gives everyone peace of mind that both the loan consultant and underwriter have reviewed your information. If you are self-employed, have multiple streams of income or have had a few job gaps in the last few years, definitely get the full credit approval.
Getting a mortgage can change lives. I see it over and over. I remember how much my husband and I wanted to own our own home, and I bring that feeling with me to every loan I handle. I hope these 100 Lessons inspire you and take the fear out of mortgages, whether it’s your first home, or the first home on your own!
A quick way to determine if you’ve found “the one” is to see if you’re using the house as your yardstick for all the other houses you see. If you find yourself constantly holding other homes up to this home--particularly if they don’t consistently measure up--you may have found “the one” and not even be aware of it!
Your inspector should be ASHI (American Society of Home Inspectors) certified. A skilled home inspector will uncover defects in the home during the inspection. He or she should be able to explain the issues that are found, determine how serious they are, and put them in context with other homes in the area. Your inspector should give you a written report, accompanied by photos.
You’re likely not the only person with keys to your new home. Previous owners may have shared keys with babysitters, dog walkers, and the neighbors. And when the house was for sale real estate agents, appraisers, and contractors all had access to the key. Rekeying your new home should be the first thing you do, even before moving in.
The biggest myth is that the highest price always wins. While price is important, there are other factors. Is the buyer getting a loan or paying cash? How large is their down payment? How quickly can they close? Have they waived any contingencies? Often the scales can tip to a buyer who is more competitive or flexible on terms other than price.
“Perfect” doesn’t exist. Regardless of your budget, you make compromises when buying or building. If you find a home that is eighty-five percent perfect, seriously consider making an offer. Some of what’s in that missing fifteen percent may well be something that you can add, remove, update, or otherwise change to move your home closer to your vision of perfect.