I got my house loan approved
 

Well guys, thanks for the confidence in this thread I went out and actually got pre-approved with my credit union pretty easily then looked at the house a second time and popped in an offer for $235K which the sellers gladly accepted. The real estate agent said that the sellers were pretty happy to have sold the house so fast, it was only on the market for 1 week before I saw it :)

I'll have to take some pics of it once we get in there :) I really only have the exterior shot from the other thread.

DUDE congrats on owning your first home!!

Congrats on the your new home. I'm a new first time home owner as well. My escrow closed in late feb. it's a great and weird feeling having a home.

:thumbsup

Congrats :thumbsup

Congrats man :)

Fucking nice! I am looking at buying a home towards the end of the year myself. Nice to see a fellow GFY'er 'making it'!

Thanks for all of the posts guys, I appreciate them.

It's a great feeling moving up to a house like that, it's like a dream :)

Congrats on your first home.

Holy fuck, nice house ! Congrats man !

That is awesome. Congrats man! :thumbsup

congrats on your home ownership!

Congrats !!

very nice, congrats. I'm hoping to find myself a nice place here soon.

by the way, what type of loan did you go for etc?

I got a 30 year fixed rate loan with 6.25% interest, so that's pretty good. I hope to have it paid off in the next 3 years though if all goes as planned.

Thanks again for the comments everyone :)

congrats Slick... good to see a long time friend doing well. :thumbsup

That seems kinda high for the interest rate if that is a mortgage. (or did you just get a regular loan?)

I just checked BMO and their posted rate for a 5 year fixed is 5.79%, which means you can usually get one for 4.79% with basically no dickering. I just locked mine in a few months ago for 5.5% so I am kinda kicking myself for not getting a better rate.

Nice house BTW.

woa! that's fast! congrats!

Congrats!

Yeah, that rate is a little higher comparing to those rates, but I think it's because of my credit history was blemished in the past before I was rich, ha ha ha.

Thanks man :) It's your turn to buy a house :)

Congrats dude :thumbsup

congrats!

All good things come to guys named Slick :D

Congrats buddy.

congrats

Congratulations buddy. A first home is a fantastic accomplishment.

congratulations! keep it clean :thumbsup

I have been bidding on houses in Seattle for 8 months now :( Just got approved for a higher amount now, 500K. Not bad for a 27 year old first time home buyer.

Will bid on another house this week. This one I really hope I get, its a really nice place very close to downtown.

Goodluck on your new house as well.

Slickster, I hope you're going to put that Canadian shot glass I sent you to good use, to you know... break in the new digs. :D

pre-approval doesnt mean shit

you still have to meet all loan conditons, appraisal to be reviewed by lender and all other bullshit (title, insurance, inspection )

6.25% might not be bad in the state you are in but it is kinda high

todays a-paper rates are :
30yr fixed is 5.5% , no points
5/1 ARM 5.125%
3/1 ARM 4.75 %

For those looking to flip properties , look into "1 month MTA" currently at 1%. Your payment will be fixed for 1 year at 1%, however, it is a "deferred interest" loan or "negative amortization" which means, your loan balance will be higher than when you started, but at 1% you are paying $964/month on 300,000 loan.

MTA is currently the lowest index and comes with lowest margins.

i am a broker so if u have any q's or if u need a quote, hit me up
[email protected]

i do almost all states..my lenders are Bank of America/Chase/Citi/bankUnited/HSBC to name a few

Remember you have to get a welcome mat now that says "The House That Porn Bought." This is essential!

Quit giving him shit on the rate....based on the credit score he posted in the other thread he did pretty damn well.

Plus he got approved with his credit union which means there probably won't be any bullshit hidden fees or last minute rate hikes like alot of the mortgage brokers were trying to do to me when I bought my house.

Congrats :thumbsup

Hey Slick what are the specs on the house? Bedrooms, bathrooms, square footage...that kind of shit.

Also its in Michigan?

Congratulations :)
Are you in MI? what city did you buy if you are :winkwink:

Yeah, I JUST bought a house in Miami.



Rates are based on your credit score, your income, your bank accounts and holdings (stocks, etc.) your debts (credit card, other mortgages etc.). ALSO!! If you SHOW your income you get a certain rate, and if you do "STATED INCOME" where NO records of income are shown but just STATED BY YOU, you get another rate. It ALL depends. First time buyers get certain rates, 2nd, third time get others, how much ACTUAL debt you got into over the years (and the NUMBER OF YEARS) and how much you PAID OFF, partial or complete, ALL TALLY INTO YOUR RATE. Stated rates in the newspapers are on all those factors being in the FAVORABLE category for EACH INDIVIDUAL LENDER. Histoically 6.25 fixed 30 year is low. Higher though than a few months ago but rates have been fluxuating and are going up. Be HAPPY with what you got, because THAT IS WHAT YOU GOT!!

: )))

Congrats on your new home!!
Post pics ASAP, Im really curious to see more pics of it, including enterier. Btw. Where the house is located ?

congrats man
nothing like buying your first house

Congrats, good luck with your house.

congrats, you made a great step in your life

Damn nice house but 240k?

Where are you located?

That shit would be worth a good 600k in so.cal

This is so true, the credit unions have the all out best deals I found. We are going through one as well.

Fucking mortgage brokers, there like bottom feeders.