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Yes!!! Got Approved For A Home Loan

Stoked

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So I rcently submitted the paperwork to see where I stood for a home loan and they told me that they could approve me for 160k right now. But if I wait and if I continue doing what I am doing they can approve 200k in the spring. I have never bought a home before, or any property for that matter. I am super relieved that my last two years of hard work and smart spending is paying off.

But since I am new to this do any of my more experienced forum members have any tips, warnings or recommendations?
 
Congrats Stoked!

I'm always researching the loan market for the best purchase rates possible. If you want any advice hit me up for a phone call.
 
I'm going to wait till spring but I will more than likely hit you up when we get closer for some tips.
 
Congrats, that is exciting.

No expert like some on this website but tips I would give are: Find a good real estate agent and make sure they do what you want them to do. Do lots of shopping and look at lots of homes for awhile where you want to buy. Dont buy for as much as you get approved for, buy a house that you can afford the payments and are comfortable paying for. If you can put 20% down so you dont have to pay mortgage insurance. Even though its a sellers market you can be aggressive with bids. Find a really good and thorough inspector. There is no regulation in Utah for inspectors anyone can claim to be one, so make sure they are really good.
 
Congrats, that is exciting.

No expert like some on this website but tips I would give are: Find a good real estate agent and make sure they do what you want them to do. Do lots of shopping and look at lots of homes for awhile where you want to buy. Dont buy for as much as you get approved for, buy a house that you can afford the payments and are comfortable paying for. If you can put 20% down so you dont have to pay mortgage insurance. Even though its a sellers market you can be aggressive with bids. Find a really good and thorough inspector. There is no regulation in Utah for inspectors anyone can claim to be one, so make sure they are really good.

I already have a decent down payment and will have more by the spring. Apparently that is not that common anymore. I don't plan on buying a 200k home but want the added flexability it give me. I plan on setting a limit of what I'd loan wothout a down payment and then deduct my down payment from that.

For example: lets say 160k is my limit and I have 20k. So 160 - 20 = 140k financing. Then I'd have another 5k to upgrade the furnishings of the hom, such as a new living room set. That line of credit is already established.
 
I already have a decent down payment and will have more by the spring. Apparently that is not that common anymore. I don't plan on buying a 200k home but want the added flexability it give me. I plan on setting a limit of what I'd loan wothout a down payment and then deduct my down payment from that.

For example: lets say 160k is my limit and I have 20k. So 160 - 20 = 140k financing. Then I'd have another 5k to upgrade the furnishings of the hom, such as a new living room set. That line of credit is already established.

I'm not sure what you said here, but just to make sure you know, you cannot finance anything but the real estate. No real property. So there is no "line of credit", per se.

Anything you are buying with the home that is real property can (I will be careful here) be done in a separate bill of sale and... well, call me when you're ready.
Over lunch I can probably save you from many possible mistakes and I would never charge a nickel.
 
I'm not sure what you said here, but just to make sure you know, you cannot finance anything but the real estate. No real property. So there is no "line of credit", per se.

Anything you are buying with the home that is real property can (I will be careful here) be done in a separate bill of sale and... well, call me when you're ready.
Over lunch I can probably save you from many possible mistakes and I would never charge a nickel.

Yes this. I am not putting all my cash towards the down payment. I will put some (5k in my example) towards furniture on an existing account with a fruniture store. They are seperate.

I will for sure hit you and franklin up.
 
I'm going to wait till spring but I will more than likely hit you up when we get closer for some tips.

If you are going to wait anyway, you should start shopping short sales now. They can be a pain in the *** because you have to wait for the lender to approve the short sale but you will save a lot of money. We put an offer in on a short sale and kept shopping. There was one offer in before ours but we figured what the hell. In the mean time we got out bid on a few houses found out there was a creeper living next door to one. We were about to settle. We put an offer in on a home that needed extensive updating. Our offer was accepted. That same day the realtor for the original short sale called us back and told us that the bank had accepted the short sale price and that the people ahead of us failed to get a loan. The short sale house was the same price but recently remodeled, bigger, and in a better location. It was a no brainer, we told the other sellers sorry and moved into a home that we otherwise couldn't have afforded. One of the best decisions I ever made was putting in that first what the hell offer.

P.S. I interviewed a couple agents before I even began looking at houses. The guy I went with was super cool, honest, and patient. He ended up helping my mother in law, and one of my friends find a home. I can't remember if you live in Salt Lake or not but I highly recommend him. If you would like his contact info PM me.
 
Yes this. I am not putting all my cash towards the down payment. I will put some (5k in my example) towards furniture on an existing account with a fruniture store....

congratulations!

be sure to have some contingency funds - for repairs of things that aren't apparent at the inspection, redecorating costs beyond furniture purchases, and stuff like that

sometimes you can get good deals on a house in November/December because fewer people are looking at that time
 
Get as low a monthly payment as possible.
You don't want to be house broke
 
I don't know the market down there that well, but like someone said above, the best deals are typically had this time of year . Typically the market sees it's largest growth in the spring/summer and settles down when people go back to school . You will likely have a more pleasant buying experience before April or so if you can swing it before then .
 
It's only the market and time of year unless you're in the business and way connected. Then it's who you know.

Stoked is not only in my wheelhouse, but also in ma hood.
 
Congrats, that is exciting.

No expert like some on this website but tips I would give are: Find a good real estate agent.

Do not do this unless you want to pay Trout or Patrick. You will want to shop on your own anyway so wtf you pay 3% to an agent for? Dr. J gave me **** for using an agent an he was 100% correct. It's stupid easy to save $10-15k without one.
 
Do not do this unless you want to pay Trout or Patrick. You will want to shop on your own anyway so wtf you pay 3% to an agent for? Dr. J gave me **** for using an agent an he was 100% correct. It's stupid easy to save $10-15k without one.

This is sometimes correct. Most times. I wouldn't charge a penny.
Not even how I make income.
Your advice is bad, btw... unless it's compared to hiring incompetent Hacls.
 
Do not do this unless you want to pay Trout or Patrick. You will want to shop on your own anyway so wtf you pay 3% to an agent for? Dr. J gave me **** for using an agent an he was 100% correct. It's stupid easy to save $10-15k without one.

... and lol... they see you coming a mile away. No agent? Okay cool, we can save the buyer's side. Meanwhile they take BOTH sides and hide the buyer's side HUD from you. Happens thousands of times per day.
 
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