Trying to buy a house.

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My mortgage broker says everything looks good on my app, but it's been a week and no approval.

Is he a lying weasel or what?

Last time I talked to him, he said the problem was getting approved without a specific property in mind.

It seems to me, the proper way to do things is get the money and then go shopping... Is this jerk feeding me a line of crap?

God, I hate bankers!! !! !!

PS

I do have a house in mind. It's a nice, modest cottage in an old working class neighborhood.

I guess I could contact a realtor an make an offer, but it seems like a waste of everyone's time until the financing is in place!

I wish you the best of luck.

I think you're wise to finance first so that way you know how much you have to work with. That's what I did before I got my house.

i only pay cash for my vehicles and i think im going to do so for my house as well

must be nice...

Buying only the things I can afford? Not really.

But at least I won't lose my things when the market crashes.

your post had a sort of, im flaunting my riches and pay cash for everything sort of sound to it, thats why I responded with "must be nice", as the majority of people dont have enough money to pay cash for a vehicle let alone a house. (unless they want to buy that run down crack house at the end of the street, were 5 people were shot at)

There's good debt and there's bad debt. A house has a value to it and it's good debt. But being wise about your purchase is a must. You don't want to bog yourself down with a mortgage you can't afford. Putting some cash towards the payment is good, but most people can't pay for a house with only cash.

Nice, but unrealistic for most people.


M.

It takes longer than a week to get approval.

Let's see, I have $600,000 burning a hole in my pocket. What should I do with it?

Hmmm.. ....I know! I'll buy a Mars bar and a cozy little fixer-upper house in the SF Bay Area.


(Just kidding. I don't have a dime.)

Exactly.

I have to pay for a place to live regardless.

I plan to buy less house than the mortgage company says I can afford anyway... If I do the deal right, I should save about $150-200/month in living expenses. Plus, my money will be going toward an investment rather than my landlord's pocket.

Not to mention, the real estate market can't go much lower in my area and it's hard to see interest rates getting any lower either.

My banker finally called this afternoon and said he'd email a letter of credit. So, I guess I'll start house hunting tomorrow.