Posted on: 10th Jul, 2013 09:10 am
Ok so my wife got preapproved for a mortgage we found a home and we are in contract. We are using a broker, and the rates are reasonable. For us, there wont be issues paying the mortgage. We did our inspection this sunday, went great, and appraisal is today. Although our broker says he sees no problems with my wife getting to close, my stomach still churns. Were buttoning up the app process now, and im assuming closing should be in a couple of weeks. We also have the seller paying most of the closing costs. So out of pocket, besides downpayment and fees for inspection and appraisal are not bad at all.
Still nervous... Lol
How can I sleep better? :)
Still nervous... Lol
How can I sleep better? :)
Hi wheytlifter!
Welcome to the forums!
The facts and figures that you have mentioned here gives me the idea that the underwriter will easily close the loan for your wife. There is no need for you to take any kind of tension. Speak to the lender and check out whether or not you can pre-pond the closing date.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
The facts and figures that you have mentioned here gives me the idea that the underwriter will easily close the loan for your wife. There is no need for you to take any kind of tension. Speak to the lender and check out whether or not you can pre-pond the closing date.
Feel free to ask if you've further queries.
Sussane
Every detail seems to be perfect! Don't worry! Your wife will be granted the mortgage loan with ease.
Shes got a 650ish credit score, and we were preapproved to 250k with her 48k salary. our total amount financed is 230k. Shes been working at her new job for 1 month now, but has had steady employment for over two years with no gaps. we also have no car payments, or major credit card debt.
Hi wheytlifter,
She has a steady employment which is a good sign. But her 650ish credit score can be a problem and she may get a high interest rate due to that low score.
Thanks
She has a steady employment which is a good sign. But her 650ish credit score can be a problem and she may get a high interest rate due to that low score.
Thanks
To get a mortgage at a cheaper rate, you'll have to improve your credit score to above 700. To work on that you can follow the guidelines mentioned here: http://www.federalreserve.gov/consumerinfo/fivetips_creditscore.htm