I Got Approved For A Home Mortgage!!!

Discussion in 'Archived Threads 2001-2004' started by Kelley_B, Nov 30, 2001.

  1. Kelley_B

    Kelley_B Cinematographer

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    Ok at 6:30pm last night my broker called and said that his underwriter had approved me for $80,000!!!! I had been so worried that due to a problem with my student loans I wouldn't be able to get approved, but I did! Now comes the truely hard part, finding a house......I'm just so excited to be getting out of my girlfriends mom and stepdads house where we have been living at for the past month.
     
  2. Andrew Raubuck

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    Congradulations!

    It is truely an exciting time! My wife and I bought our first home last February. There are tons of paper work, but in the end, it is well worth it!

    When we started looking for houses, we asked a Realtor for MLS sheets on houses that meet our needs. It is really an easy way of finding good houses and more importantly houses that you can afford. Rule of thumb: Try to buy the a house that needs some work in a good neighborhood instead of buying a nice house in a not-so-good neighborhood. Just my $0.02 worth.

    Best of Luck.

    Andy
     
  3. Michael Reuben

    Michael Reuben Studio Mogul

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    Great news, Kelley! Now you gotta move fast so that you can restore that HBO hookup. [​IMG]
    M.
     
  4. Neil Joseph

    Neil Joseph Lead Actor

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    Brings back memories. congrats
     
  5. Kelley_B

    Kelley_B Cinematographer

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    We are looking at the good 'hoods, and we want something that needs a splash of paint and new appliances. We don't want carpet, we want hardwood floors, but right now we will take it either way and change it later if it needs change [​IMG]
    Michael Rueben,
    I know! I am so excited.....soon to be able to watch HBO again will be great! Also getting a house means I can finally purchase that Toshiba 50H81 that I have been wanting for a while....
    This is so exciting I don't want to be here at work, I want to be out looking at houses!
     
  6. DonRoeber

    DonRoeber Screenwriter

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    Congratulations! We bought a house this summer. Best thing I've ever done. Its almost fun paying the mortgage, because you see how much money you've put into the house.

    If you want hardwood floors, make sure that they're under the carpetting. Adding hardwood floors is rather expensive.
     
  7. Craig Chatterton

    Craig Chatterton Stunt Coordinator

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    Kelley, ever seen the show "Changing Rooms"? It's on BBC America. Check it out some time - you get some *great* ideas on home renovation and redecorating. Including how to tear up a carpet and make the wood underneath look nice.

    Congratulations on your approval!
     
  8. Jay H

    Jay H Producer

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    Congrats Kelley!

    Re: the hardwood floors, yes it's great to have hardwood floor under carpetting. My parents house had it and after about 30 years of wear and tear the carpet was really showing it's age. They decided to go to hardwood floors and it was a godsend that the builders put hardwood floor in originally and then carpet over it rather than just a liner and carpet on plywood. We simply pulled up the carpet and scraped the liner material off and pulled out every carpet tack that we could. This was tedius but we wanted to do the job right. Some installers will just lop the heads off and smooth it over whereas we actually used pliers and screwdrivers to pull out ever staple and tack we could get at. At 30 years, the carpet liner was dust and dried like the Sahara and had to be scraped to get off and that was alot of work. But after getting the liner off and the tacks out, all we had to do was a little lemon polish and the floor looks like it is almost new. We didn't even have to pay to rent a sander.

    Jay
     
  9. Iain Lambert

    Iain Lambert Screenwriter

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    Eeew! Not Carol Smillie? They don't subject you guys to her do they? You're much better off with Home Front if they show it; Lawrence and Diarmid do amazing things. Although I've a suspicion that most of what they get up to is out of Kelley's budget, its definitely better TV.
     
  10. Danny R

    Danny R Supporting Actor

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    I understand your excitement. We have lived 5 months in our first home, and haven't regretted it a bit.
    The great part will come next tax time, when I put down that really nice interest deduction. [​IMG]
     
  11. Ryan Wright

    Ryan Wright Screenwriter

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    Ahh, home ownership. Best way to go, says I.

    Andrew hit it on the head with the MLS sheets. Go to any realtor - doesn't matter who - and do an MLS search. They will enter your desired criteria in (price, size, garage, lot size, #/bedrooms, etc) and print out a listing of all homes available that fall into your criteria. Then you take the ream of paper they've printed out and start driving around. It's tons of fun.

    Neighborhood is everything. Hopefully you're in a town you know well or grew up in, so you know where the good and bad parts of town are. If you find a house you really like, go knock on doors in the neighborhood and ask questions. The other neighbors can give you a lot of insight into what will go on around you, and also in the history of the house. Also, when you move in, introduce yourself to your neighbors. Get to know the people who will be living around you. Most people are good people, and while you may never be friends with one another or socialize with them, just knowing their name and a little about them (and them knowing the same about you) is a very good thing.
     
  12. Kelley_B

    Kelley_B Cinematographer

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    Well I already have a realtor, and we have been looking at houses everyother weekend, but now that I have the approval letter I am ready to really hit it hard, and it looks like we are starting this sunday. I have been using realtor.com to find houses, do you guys know of anyother websites? Thanks again and thanks for all the advice. I must say if anyone is looking to buy a house the book, "Buying A Home When You're Single" has been a great help for me.

    One thing is for sure, I cannot believe the amount of houses out there that just sit empty.
     
  13. Randy Tennison

    Randy Tennison Screenwriter

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    Kelley,
    A few pieces of advise for you, my friend.
    1. Don't fall in love with anything that can't love you back.
    In other words, if you find the perfect house, but the price, negotiation, or anything else isn't right, walk away. There will be another "perfect house"!
    2. The realtor only gets paid if you buy the house!
    Don't tell any realtor anything you wouldn't want the seller to know. For example, "I love this house. I would easily pay $80,000 for it, but lets see if they will take $75,000!" The realtor is going to tell the seller that you will buy the house for $80,000, and not to accept the offer. Why? The realtor only gets paid if the house sells, and gets paid more if the house sells for more. This includes your realtor, and not just the sellers realtor. The only purpose of a realtor is to bring a buyer and seller together. Period. End of story. They are not your advocate, your advisor, or your employee. They are there to make sure the house sells. Even the so called "Buyers Agent" still only makes money if you buy a house. So, weigh their opinion and advise carefully.
    3. This is probably the largest purchase you will ever make. Get Help!
    When have you ever before spent $80,000? When will you again spend that kind of money? Protect yourself and get a lawyer to represent you in the purchase. When you close on the house, you will sign 25 different legal documents, which you will have no idea what they are. Isn't $500.00 or so paid to a lawyer worth it to protect you $80,000 investment. The lawyer is on your side (as opposed to the realtor) and will give good advise. They won't let you make a mistake. Get a lawyer involved early, before you make an offer, and have him/her with you through closing. The nice thing here is that if they gave you bad advise, or something does come back to bite you (such as a previous undisclosed lein, or encroachment problem), they are liable for their bad advise. That is called piece of mind!
    Good luck, have fun, and be careful!
     
  14. Carl Johnson

    Carl Johnson Cinematographer

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    I'm in the same boat here. Just over a month ago I was prequalified for financing for my first house. I've found a place, negotiated the price and on monday morning I will spend about two hours with an inspector going over that place with a fine toothed comb. Assuming all goes well this time next month I'll be moving into a nice home in a nice neighborhood and it will cost me less per month than I'm currently paying in rent. [​IMG]
     
  15. Craig

    Craig Second Unit

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    Hire a certified inspector to go over the house prior to closing. I've heard some real estate agents say "You don't need an inspection, you can get a homeowner's warranty that'll cover any repairs". Don't fall for it, you need to know if there's any serious issues before purchasing. Negotiate with the seller about any stuff that needs repair. Have them fix it or else have the seller put some money in escrow that you can use to fix it after the deal closes. Of course if there's any major issues it's better to just walk away.
     
  16. Jerome Grate

    Jerome Grate Cinematographer

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    I'm really happy for you and congratulations. It's a great feeling when you hear a bank say those infamous words YOU ARE APPROVED. I had a private financer for about 5 years and when we said enough, it was like looking at the phone every night and checking the mail every day for the decision. Nothing like going out there with ultimate confidence knowing that you are in control. Good luck and best wishes.
     
  17. Henry Carmona

    Henry Carmona Screenwriter

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