Skip to main content

I Got Pre-Approved!




Image result for pre approval
Realtor.com

So, I guess I’m really doing this now. After hemming and hawing for the last few months, I’m finally ready to begin the mortgage/home search. And what better way to start than getting pre-approved.  Last week, I spoke to a mortgage consultant and after submitting W2, pay stubs, banks statements, etc, I got pre-approved for a mortgage. The mortgage approval amount is pretty much what I expected if not too aggressive for my liking. I’d liked to find a lower priced property than the pre-approval amount.  Also, I’m not opposed to buying a property that needs a little work, I’m just not into doing any major renovation work.  I’m moving cautiously but the bottom line is, I’m once again looking at properties.  I’m really excited. I feel more comfortable, confident this time around. I'm a lot calmer. Maybe because I've been through this process before. I know what I want. I know what I need. I know where I want to be. I'm not intimidated by cost or pushy realtors. 

You, dear reader, are welcome to tag along as I search for an apartment in the unfashionable yet reasonably price section of Brooklyn, New York. Check back regularly as I update you on my progress. 

Comments

Popular posts from this blog

I'm Still Here

When I started this blog a year ago, I was in contract on a two bedroom cooperative in Brooklyn, NY. I was very enthusiastic about getting the property and I started planning my design strategies. A year later after being denied by the coop board for the property, I have taken a bit of a break from my home search. I will still update the blog from time to time. However, I am less enthusiastic about the property search and haven't really seen a coop that grabs my attention like that first apartment did. There are certain things that I do not want to compromise on such as location, price and bedroom space. I haven't become a homeowner just yet but I haven't lost all hope of that happening. It just may take a longer time and I'm ok with that.

Money, Money, Money

Home-buying can be emotionally draining and stressful process. More than the process of searching for a home, making an offer, waiting for the seller to accept or counter your offer and then applying for a mortgage, I’m finding the financial to be the most stressful of all. For years, I have diligently saved and deprived myself certain luxuries in the hopes that I would someday become a homeowner. But now here I am writing the check for down payment, handing over what took me the greater part of two and a half years to accumulate. And then after that, there is the closing cost which is another huge chunk of change. As we get closer to the closing day, I find myself in a mini-panic. The money that I’m using to pay for my down payment and closing cost could actually afford me a three-bedroom, one bath with a finished basement and back yard in Pennsylvania. I could have bought a home in Pennsylvania for cash! It’s a little vexing that as a first-time home buyer in Brooklyn, NY, my home

Switching Mortgage Lenders

I think that in my last post, I prematurely wrote about taking a break from the property search. Yes, this has been a stressful time. While the feeling was genuine, it isn't a true reflection of where I am in the process.  I have been in this property search for sometime now and at this stage, I'm almost desperate to get to closing. I'm tired of attending open houses. I'm tired of  putting my search criteria in Streeteasy and Trulia and somehow hoping that the results will be different.  Though I was reluctant to search for yet another mortgage lender, I had to do just that.  It had all happened out of my curiosity and frustration that I walked into a  bank and asked to speak to a loan officer. It was free and didn't require a commitment. I told the loan officer about my concerns and the trials of the last several months. Then I asked about the cooperative that I made the offer on. And to my surprise he knew it well. He had just close on an apartment in that buildin