So, as I was stepping out to lunch, my phone rang from a number I didn't know. It was Tom calling me about the mortgage. He had a chance to look it over and found everything to be in order, and I was approved for up to a $130,000 mortgage. He told me that my credit score was good, I guess they run it against all three bureaus, and they were 701, 745 and 790. Averaged at about 742 (I do so wish it were just a bit higher), so that was great.
He asked me about what amount I was actually looking to spend, because as it turns out if my approval is for too much higher than the amount of the house I wanted it would give me less bargaining power. So I told him $100,000 was the max I was considering spending (at least for now, until I actually start looking around at houses). So he told me he'd be firing a pre-approval letter off to me shortly.
With all this in mind, I'm thinking to myself "This is really happening." I know I was going through all this stuff leading up to where I am (and to where I'm going), but until now there really was nothing, I was planning ahead, doing stuff to prepare, but now the search actually begins.
I did hear back from the credit union, but their response left a little to be desired, so I'm going to see about calling them instead. It does seem like I really don't have to though, as I'll have a letter, and I'm certain the credit union would have the same requirements, so I might wait a bit before getting back in touch with them.
The approval is valid for only 60 days, which is unfortunate, but the timing might work out well, since if I start the process of actually buying a house near the end of the period, I'll be right in line with when I was hoping to move.
Tom did say that he couldn't give me an actual rate on the loan, but that I could expect around 4% on a 30 year fixed.
Next step, find a realtor. . . .
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