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Thread: When you bought your house?

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    Heather's Avatar
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    #1

    When you bought your house?

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    Do you pick the house and then get the financing or get the financing and then pick the house?

    I was watching something on HGTV last night and this couple found the prefect house and then got financed. The wife was so worried the payments would be to much. I don't understand why someone would look for a house without having financing before hand. Is one way better than the other?

    We had the financing before we started looking at houses. I had a set payment in mind and told the lady when she was setting up the loan. We learned the hard way not to let our loan be determined by our income. I think it also made the whole process go faster.
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    #2
    We got pre-approved THEN looked for houses.
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    #3
    We had all of our finance backing before we even started looking. We just needed the address the property to finish filing. I also did my homework before we started any of it and figured out what our top figure would be. We knew we could afford about $50,000 more than we actually used but I wanted to keep our mortgage and escrow under the BAH for the area. It was such an easy process for all the paperwork that is involved in buying a house.
    ~~Crystal
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    Hubby retired from the Navy June 2011 and what a change of life!
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    #4
    We were preapproved first then started looking
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    #5
    we were preapproved first
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    #6
    We did the loan stuff first. We needed to be sure we could afford it, plus it is kind of important detail when writing offers.
  7. IYAOYAS
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    #7
    Quote Originally Posted by CoffeeGirl View Post
    We were preapproved first then started looking
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    #8
    We got pre-approved before we started looking.
  9. Pam
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    #9
    Loan pre-approval first, then went shopping
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    #10
    Pre-approval first, then we decided on a budget that WE were comfortable with (much less than the pre-approval amount) and then we started looking. I think this is where a lot of mistakes were made in recent years. A lot of people bought houses for what the bank pre-approved them for, but that were not really in their actual price range. I know for us, I thought that the amount of money that the bank pre-approved us for was way too much and I was actually surprised! Wow I think I just really went off on a tangent here. Sorry.
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