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. . . .
Wednesday, February 29, 2012
Tuesday, February 28, 2012
The Saga Continues
I have done it! I submitted the first mortgage pre-qualification form. The evil form, the one that badly designed. I did find a way around having to fill it out by hand, and I didn't have to reformat the whole thing either, so that's good.
I did find a couple of the things they asked odd. Like wanting account numbers for where my money resides and such. But I figure they need to be able to contact the other bank and verify that what I'm saying is accurate.
Filling in that form made me look at some stuff I hadn't thought a lot about. I did not realize that I have over $25,000 in retirement savings, and that my car, even though it's a couple years old, is still holding its value really well.
So I filled out the form, printed, signed it, scanned it and then e-mailed it to the loan officer. Almost immediately I got a reply too! I was surprised to get a response so quickly, I'm assuming they're not getting a lot of mortgage applications lately.
After all that, I sent out an e-mail to my credit union in the hopes to get this process started with them as well. I'm hoping that they'll be able to make me a better deal than the bank, but we'll just have to wait and see.
So, there you have it, this dreaded thing of filling out the paperwork and getting the process going in earnest has boiled down to me worrying for nothing. I really don't know why I kept putting this off, but the idea just filled me with a bit of dread.
I did find a couple of the things they asked odd. Like wanting account numbers for where my money resides and such. But I figure they need to be able to contact the other bank and verify that what I'm saying is accurate.
Filling in that form made me look at some stuff I hadn't thought a lot about. I did not realize that I have over $25,000 in retirement savings, and that my car, even though it's a couple years old, is still holding its value really well.
So I filled out the form, printed, signed it, scanned it and then e-mailed it to the loan officer. Almost immediately I got a reply too! I was surprised to get a response so quickly, I'm assuming they're not getting a lot of mortgage applications lately.
After all that, I sent out an e-mail to my credit union in the hopes to get this process started with them as well. I'm hoping that they'll be able to make me a better deal than the bank, but we'll just have to wait and see.
So, there you have it, this dreaded thing of filling out the paperwork and getting the process going in earnest has boiled down to me worrying for nothing. I really don't know why I kept putting this off, but the idea just filled me with a bit of dread.
Monday, February 27, 2012
Want Vs. Need
So, the contract for my mobile phone is finally up and I was planning on buying a new one and changing carriers to save some money. But after doing some research I realized it wasn't the best move. A new phone would set me back a couple hundred dollars and I can't find a better plan with my existing carrier that is less expensive. I could buy a new phone, switch carriers, and save money month-to-month, but it would take me at least six months to pay off the phone from the savings I'd get. In the long term, it makes sense to do it, but in the short term, I'd have to put it on a credit card and would carry a balance for a little while until I got it paid off.
I do really want a new phone, and I could do it easily, but I don't really NEED a new phone. I used the lessons I learned earlier about smart spending and ran through the decision process. After much consideration and debate, there really aren't any phones out there at a decent price with a carrier I want. I could upgrade to something, it might be better, but the money spent wouldn't be worth as much because the upgrade wouldn't be as great.
I've had this phone for two years now, but the phones available at a price-point I'm willing to spend just aren't what I want. There's no way that I'm going to spend so much money on a phone that was released a year ago just to save a bit of money on my phone bill every month. Especially when there's probably going to be a whole new phone out there soon that I'd prefer. Only if there was a really good phone that just jumped out at me as the one I wanted would I consider going through with it at this point.
I do really want a new phone, and I could do it easily, but I don't really NEED a new phone. I used the lessons I learned earlier about smart spending and ran through the decision process. After much consideration and debate, there really aren't any phones out there at a decent price with a carrier I want. I could upgrade to something, it might be better, but the money spent wouldn't be worth as much because the upgrade wouldn't be as great.
I've had this phone for two years now, but the phones available at a price-point I'm willing to spend just aren't what I want. There's no way that I'm going to spend so much money on a phone that was released a year ago just to save a bit of money on my phone bill every month. Especially when there's probably going to be a whole new phone out there soon that I'd prefer. Only if there was a really good phone that just jumped out at me as the one I wanted would I consider going through with it at this point.
Friday, February 24, 2012
Friday Roundup
Here we go again, not a whole lot is different though.
I have been procrastinating with the FSA but really need to get around to spending that money.
I now have $3,804.17 in savings for down payment and closing costs.
My Credit Sesame score has not fluctuated from 754.
Also my Credit Karma score hasn't changed from 766.
I've also been putting off applying for a mortgage, but I WILL do that next week! You betcha!
I have been procrastinating with the FSA but really need to get around to spending that money.
I now have $3,804.17 in savings for down payment and closing costs.
My Credit Sesame score has not fluctuated from 754.
Also my Credit Karma score hasn't changed from 766.
I've also been putting off applying for a mortgage, but I WILL do that next week! You betcha!
Tuesday, February 21, 2012
Market Research
Today we're going to talk more about free money. Yes yes, I know that there is no such thing as free money, but market research is about as close as you can get. Last night I got paid more than I do at my day job for just a few hours. All I had to do was show up and tell someone my feelings on the topic at hand.
The really interesting thing about all this is that not a lot of people know about this. It is easy cash (yes, I said cash, not check or anything, just cash in hand at the end) for telling someone how you feel about a certain topic. What I took part in last night is what is known as a focus group; a few people who meet certain criteria are chosen and put together in a room to talk about a topic for a couple hours.
There are other forms of market research, I once took part in a group that took two nights; I sat there listening to parts of songs for two hours and filled in a multiple-choice sheet about each one. Another time I was fed different versions of a chicken sandwich and wrote down my opinions on them. It doesn't matter where you live, there are opportunities to take part in market research all over the country.
And there is even a lot of stuff you can do online to make money filling out surveys. Taking surveys online for money can be risky though, there are a lot of scams and sites that just aren't legitimate, so you'll need vet any site you're interested in.
If you're interested in making money by giving your opinion, please feel free to leave comments below and I'll gladly pass along any information I have, as well as help you find what you're looking for.
The really interesting thing about all this is that not a lot of people know about this. It is easy cash (yes, I said cash, not check or anything, just cash in hand at the end) for telling someone how you feel about a certain topic. What I took part in last night is what is known as a focus group; a few people who meet certain criteria are chosen and put together in a room to talk about a topic for a couple hours.
There are other forms of market research, I once took part in a group that took two nights; I sat there listening to parts of songs for two hours and filled in a multiple-choice sheet about each one. Another time I was fed different versions of a chicken sandwich and wrote down my opinions on them. It doesn't matter where you live, there are opportunities to take part in market research all over the country.
And there is even a lot of stuff you can do online to make money filling out surveys. Taking surveys online for money can be risky though, there are a lot of scams and sites that just aren't legitimate, so you'll need vet any site you're interested in.
If you're interested in making money by giving your opinion, please feel free to leave comments below and I'll gladly pass along any information I have, as well as help you find what you're looking for.
Friday, February 17, 2012
Another weekly roundup
So, where we at this week?
I have been way lazy with my FSA. I really need to spend that money before it's too late.
I now have $3,779.17 in savings for down payment and closing costs.
My Credit Sesame score is still sitting pretty at 754.
My Credit Karma score is still listed at 766.
I have spoken to my friend and looked over the form I got, now I just need to get it filled out and talk to the other bank I was considering going with.
I have been way lazy with my FSA. I really need to spend that money before it's too late.
I now have $3,779.17 in savings for down payment and closing costs.
My Credit Sesame score is still sitting pretty at 754.
My Credit Karma score is still listed at 766.
I have spoken to my friend and looked over the form I got, now I just need to get it filled out and talk to the other bank I was considering going with.
Wednesday, February 15, 2012
The worst form ever
So, I got a form from the bank that sent me the flyer about a deal for mortgage pre-qualification, and boy do they want to know a lot. I really don't mind filling out forms, but this one is dumb. As an IT guy, it bothers me when someone wants something filled out and goes about it the wrong way. Why would I want to get a word document that I have to fill out by hand, then mail, fax, or scan back to the sender instead of one I can fill out and just send back electronically?
The lines to fill in are just underscores, so typing displaces the lines and totally messes up the document. What does that mean? I MUST fill it out by hand or go through an ordeal trying to fix the document after filling it all in. You would think that one of the big banks would be kind enough to invest in a pdf document that could be filled in and submitted, but unfortunately, no.
So, what do you think I should do, fill it out by hand and fax it back in? Scan it back? Fill it electronically? Or just ignore the bank altogether? I was told by a friend that I should limit the number of banks I apply to, so I don't have to go with this bank. But I was planning on it, in the hopes that they keep this deal going long enough for me to take advantage of it.
The lines to fill in are just underscores, so typing displaces the lines and totally messes up the document. What does that mean? I MUST fill it out by hand or go through an ordeal trying to fix the document after filling it all in. You would think that one of the big banks would be kind enough to invest in a pdf document that could be filled in and submitted, but unfortunately, no.
So, what do you think I should do, fill it out by hand and fax it back in? Scan it back? Fill it electronically? Or just ignore the bank altogether? I was told by a friend that I should limit the number of banks I apply to, so I don't have to go with this bank. But I was planning on it, in the hopes that they keep this deal going long enough for me to take advantage of it.
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