Who got a pre-approved mortgage before they started shopping for a house?

[JackJones75]

Would you advise getting a pre-approved mortgage loan from a lender even before finding the right house, just so you can make an offer with NO FINANCING CONDITIONS?

Is the housing market really starting to heat up again in Vegas, California and Florida????...Even to the point that you could actually risk missing out on, say, a foreclosed home auction, just because you failed to make a "no conditions" purchase offer?

Fill me in.

And if you recently applied for one, did you all have to show your bank or broker PROOF OF INCOME? Remember the days when you could just self-declare income and didn't need to prove it?

Are those days back?









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[lazycash]

Knock off the spam. I would have answered your question had you not spammed your site link with the answers already to your question.

[JackJones75]

Originally Posted by lazycash

Knock off the spam. I would have answered your question had you not spammed your site link with the answers already to your question.

Wish you would have shared your answer. Just looking for more intellectual contributions to the ongoing dialogue. There are no right answers, just some opinions are better than others. And, as you know, financing requirements vary from region to region, and company to company, so I always like to hear some new perspectives about what's going on in the real-world. I'm not selling anything, just looking for more experts who can share their personal knowledge and help people with life's big and small decisions.














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[brentbacardi]

Why buy when you can rent a 4-5 bedroom home with a pool in the ritzy area 5 minutes out of the city for less than a thousand a month and when something breaks you just call the land lord?

[JD]

Originally Posted by brentbacardi

Why buy when you can rent a 4-5 bedroom home with a pool in the ritzy area 5 minutes out of the city for less than a thousand a month and when something breaks you just call the land lord?

where the fuck do you live? a normal 2 bedroom here is 800-1000/mo and where I live is far from "ritzy"

[brentbacardi]

ugh message lost my bad

[BlackCrayon]

Originally Posted by brentbacardi

Why buy when you can rent a 4-5 bedroom home with a pool in the ritzy area 5 minutes out of the city for less than a thousand a month and when something breaks you just call the land lord?

renting forever is for suckers. i have paid over 1000 a month for a 3 bedroom rowhouse and have fumped over 60k into it the past 5 years. that is good equity that could of went into a home, not to mention the homes value would of increased in that time as well.

to answer the original question, yes you should get pre approved, then you know how much you can offer..

[Tanker]

uhhhh you should definitely at least know what your going to be approved for!

[brentbacardi]

Well 1. yes get preapproved
2. I am a single young guy, renting is the thing to do, I want to trade in my house in a year and get a new one. Plus no taxes, plus renting is still cheaper than a mortgage. Plus your house will NOT necessarily gain any value at all... (take note to the last couple of years lol) PLUS god forbid you lose your income at least you arent totally SCREWED! A lease you can get out of and then live somewhere cheaper or stay with family, a mortgage not so easy... bankruptcy and/or owing a lot of money even if your house forecloses= not good.
3. Buying is still good if you plan on living there for more than a couple of years as a long term solution or if you absolutely must make changes to the house you live in that cannot be accomplished while renting.

How I know this? 1. Real estate license 2. worked at a home finance company for a year directly under their VP which was pretty awesome actually 3. almost finished my Finance degree. 4. Pops is a real estate investor who did not get bankrupt from this whole housing crisis. So i know what I am talking about. But it really only boils down to what works best for you and your situation. But I say rent.

[BlackCrayon]

Originally Posted by brentbacardi

Well 1. yes get preapproved
2. I am a single young guy, renting is the thing to do, I want to trade in my house in a year and get a new one. Plus no taxes, plus renting is still cheaper than a mortgage. Plus your house will NOT necessarily gain any value at all... (take note to the last couple of years lol) PLUS god forbid you lose your income at least you arent totally SCREWED! A lease you can get out of and then live somewhere cheaper or stay with family, a mortgage not so easy... bankruptcy and/or owing a lot of money even if your house forecloses= not good.
3. Buying is still good if you plan on living there for more than a couple of years as a long term solution or if you absolutely must make changes to the house you live in that cannot be accomplished while renting.

How I know this? 1. Real estate license 2. worked at a home finance company for a year directly under their VP which was pretty awesome actually 3. almost finished my Finance degree. 4. Pops is a real estate investor who did not get bankrupt from this whole housing crisis. So i know what I am talking about. But it really only boils down to what works best for you and your situation. But I say rent.

yeah, it all depends on your situaton. since i was 21 (im now 31..) i've only rented 2 different places..i absolutely hate moving all my shit. been living here with the girlfriend for 5 years, just seems like it was such a waste to not have bought something several years ago. although, something to note, even if you do lose your income you have to give 2 months notice to your landlord, in that time you could also sell your house and you might even make money on it. the housing market was never hit much here in canada, prices and demand are still very strong in pretty much all areas.

[ShellyCrash]

Some areas in FL are heating up. Lots of investors scooping up the major bargains in Tampa bay, but Real Estate in Miami / Ft Lauderdale is predicted to continue to drop for at least another year.

It's a horrific time to sell anywhere in the state. Great time to buy, but if you're looking to scoop up a foreclosure or short sale it's getting alot more competitive. You will need your shit together before you step to the table and you will need to be ready to act fast.

[brentbacardi]

Well in the US people aren't able to sell their homes that quickly right now and many are losing their shirts, pants and underwear doing it. In Detroit people are buying foreclosed homes for like 100 bucks literally.

Plus if you owe 300 thousand on a home and foreclose because you lost your job and cant make the payments. Guess what? The bank will still come at you for the 50 thousand you still owe even if they already repossessed and sold your house.

Depending on where you live in the US you don't need to give 2 months notice to get out of a lease and many times the landlords i have had didnt mind working with me to make it happen ASAP once I told them.

[BlackCrayon]

Originally Posted by brentbacardi

Well in the US people aren't able to sell their homes that quickly right now and many are losing their shirts, pants and underwear doing it. In Detroit people are buying foreclosed homes for like 100 bucks literally.

Plus if you owe 300 thousand on a home and foreclose because you lost your job and cant make the payments. Guess what? The bank will still come at you for the 50 thousand you still owe even if they already repossessed and sold your house.

Depending on where you live in the US you don't need to give 2 months notice to get out of a lease and many times the landlords i have had didnt mind working with me to make it happen ASAP once I told them.

oh yeah, its two different worlds right now in terms of real estate. a couple of houses i was looking at here have already sold less than 2 weeks after being listed. foreclosing is no good, if you have to get out you have to sell, otherwise you're fucked. i guess its a pro/con situation. with renting there is no risk but no gain. with owning, there is usually a gain but also risk.

[brentbacardi]

I just don't feel the equity built up really works out to be that much to be honest. Housing really will never "increase" in value providing new homes are being built for the demand. All the increasing prices have been coming from people flipping houses higher and higher and higher and higher. You don't just build something you can live in and then its 200,000 this year and in five years its now 300,000 and in five more its 400,000 lol

The only reason that happens is from overall inflation and house flippers. You pay your mortgage off, all 250,000 + the interest and you have this house free and clear, you still have to pay taxes on it and when you go to sell it or pull out some equity the bank appraiser says its only worth 100,000 when you bought it for 250,000 and paid that much on it. I feel bad for those people as it was supposed to be a "no risk" investment.

But Id rather be stuck with a house I can live in and losing money on it than the stock market and just having a statement sent to me every month showing me how much money I have lost lol.

If you don't like to move, higher end rentals are more likely to allow leases for 5+ years. But I am looking right now for a rental and the last place I could tell if they only knew I was going to put two stripper poles in the house day one they wouldn't rent to me. just another benefit of ownership.

[HandballJim]

Originally Posted by JD

where the fuck do you live? a normal 2 bedroom here is 800-1000/mo and where I live is far from "ritzy"

where the fuck do you live? a normal 2 bedroom here in decent area 1,800-3,000 and this is not even living in Manhattan. So were looking to buy now.

We looked at 7 co-ops today 2 bed/2 bath, ranging from 313k - 430k I think I need a 3rd job...who wants my Sig.

You should get pre-approved, my agent told me real estate goes quick after the winter is over...we lost 1 we liked already. Filling out forms with PNC Mortgage this weekend.

[lazycash]

Originally Posted by JackJones75

Wish you would have shared your answer. Just looking for more intellectual contributions to the ongoing dialogue. There are no right answers, just some opinions are better than others. And, as you know, financing requirements vary from region to region, and company to company, so I always like to hear some new perspectives about what's going on in the real-world. I'm not selling anything, just looking for more experts who can share their personal knowledge and help people with life's big and small decisions.














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If you really just wanted an answer then pose the question without the link to your site that already has the answer.

[IllTestYourGirls]

It is a buyers market. Get preapproved. Or fuck the mortgage altogether and pay cash for your house and never have to worry about a damn thing but taxes and normal repairs.

[brentbacardi]

Pre-approved just shows you are serious and puts you ahead of all the other schmucks who aren't pre-approved. Plus it makes sure you actually know how much you can borrow, sometimes people aren't too accurate on their estimates of what a bank will actually lend them.

So do it!