House - getting closer!

[wickedgroovy]

At lunch today, I ran over to Bank #1 and ran numbers. This guy just peeved me - I gave him the info last night and he didn't even run it before I got there. He asked me to come back and I said no, you have all the stuff you need from last August when we tried to get that last house. "OH, yeah," he said and it took ten minutes to run the numbers. I

Comments

[kailisu]

Oh, good luck.

*crosses fingers, toes, and any other random bits of anatomy for you*

[jwright_71673]

Good luck!

I get nervous about spending money too. I figure if a person's gonna be one way or the other it's probably best to be overly cautious about money. But sometimes you just have to go for it, too.

Anyway, hope it goes well!

[phenraven]

Good Luck!!! I hope everything goes great.

[scubagrrl]

I'd advise you to have two loan applications in progress. We had only one, and were kind of at their mercy when they pulled a stupid. Would have been better to just have a backup loan, and could have told the first co. to suck it. Obviously your Bank #1 is a bad choice, but there are many banks. Find a second one that makes you feel good.

[bobbsy]

I have to agree with scubagrrl. My house-buying experience is in the UK, not the USA, but it can't be that different. Never forget that YOU'RE the customer and THEY'RE trying to sell you a service...and, over 25 or 30 years they'll make a lot of money from you. Shopping around can find a great variety of rates and deals and, having a couple of possible loans in your pocket can save a lot of stress if something goes pear-shaped on the road to completing the deal.

[snowcalla]

I would STRONGLY advise against that.

If you have two banks with open loan files on you, it hurts your credit rating (the more companies accessing your credit info and opening an "active" file on you the lower your score is) and then you get a higher rate.

Also - if a bank finds out you are doing this, they may close your file on you. That's happened right at a closing before and it isn't pretty.

[wickedgroovy]

I have to agree with you. We had done that in August, and with Bank #1 I didn't let them run our credit again. I just had them use the same and give us an idea. We were lucky we didn't get hosed by that, since Bank #2 is where we bank through normally. It could have happened though.

I think as long as you don't let them run credit, it is ok, but once you cross that line, banks won't be very nice to you.

[wickedgroovy]

Thanks guys! All your kind words are giving me lots of hope and good things to think about. You are all great friends! :)