Friday, April 12, 2013

And so the journey begins..........


For the last several years, I have wanted to purchase a larger home.  The current home we live in was purchased solely by my husband, David, prior to us being married.  It is not tiny but it is an older home and "alterations" done by previous owner limits the amount of storage.  One major example is that my vacuum lives in my home office.  We also lack a garage.  Last year we had to pay several thousand dollars to get our automobiles fixed due to hail damage!

Each year around March, when the weather starts to get nice, I get the "new home bug".  The first thing I do is start looking at homes that are for sale in this area.  About three years ago I started looking.  I remember getting so excited and longing for a home for my vacuum.  I researched what you needed to do to qualify for a mortgage and was KNOCKED down.  I couldn't qualify.  :(  There are certain steps you must take and I didn't even get past step 1.  And I think I forgot to read step 2.

Last year, it was starting to get nice in March and again I get the "new home bug".  This time I truly thought it was the right time.  I starting looking at the new home sites and there was one that I fell in love with.  I called a Realtor.  Due to the housing market, you now need Pre-Approval before they will really take you seriously.  But, he was very nice and I explained my situation and we emailed back and forth for several days and my situation sounded good.  He referred me to a mortgage lender and was informed I didn't read step 2.  I was KNOCKED down.

Around the end of March of this year, my husband (unbeknownst to me), decided he wanted to refinance. Since the rates were so good right now, he wanted to take advantage of them.  He called Quicken Loans.  The Loan Officer advised him that with the new changes in PMI, his actual rate might be lower but the PMI percentage would bring him right back up to the rate he currently has.  If he was to keep the home for 30 years it would be beneficial but if he didn't have long term plans to keep it he should not.

David comes home around April 1st to tell me this.  I admit I didn't really listen.  Re-financing this home isn't really on my top priorities list.

Around April 8th, he calls me from work...he wants FULL credit for this...I think we should buy a new house.  I called Quicken Loans back and she is going to give you a call.  I agree and wait for her phone call. She doesn't call back so I give her a jingle.  She finally calls me back around April 11th.  I speak to her briefly on the phone and she is asking for items that we couldn't possibly provide.  I decide that there is no way we are going to get a loan and I feel...KNOCKED DOWN.

David convinces me that Quicken Loans is not the only mortgage company and that we should try again.  I give the Realtor a call that worked with me last year and he refers me to his wife.  She advises I call her recommended Loan Officer and I do.  And guess what???  We get pre-approved!  And so the journey begins.......