Sadly, after almost nine years of renting an apartment and stable rent payments, we’ve decided that we need to get a bigger place to live. Our financial lives were pretty simple the past few years, even with the addition of a new family member. We’ve decided to turn our world upside-down and look for property to purchase. Of course this is going to be THE biggest purchase in our lives, so we sat down to look at the strategy we’d take in purchasing a home.
The first thing we had to do was pull our credit reports and our credit scores. That’s easy and straightforward. Both of our credit reports were free of any errors or suspicious activity and or credit scores were above 760. We definitely started the process feeling pretty good and that when we went looking at getting a home loan we could 1) qualify and 2) get a good rate.
The next thing we did was to get referrals from friends and family on mortgage brokers and other lenders. It turns out that everyone wants to offer up their particular mortgage person, so we weren’t short on referrals. However, it’s the next part that surprised me.
I had been reading some books on how to shop for a mortgage, and even before we landed on a price of house I called up some of the lenders to see how they would react to some questions. I was surprised at the lackluster attitude of some lenders as they seemed like we would be too “high maintenance” of clients since I sort of knew what I was talking about. The lender we ended up going with was SUPER attentive with our questions and was available at any hour to make sure that anything that needed to get done was done.
The home buying process so far has been a roller-coaster ride. For some reason it seems that the “perfect” place is always just out of budget. We’ve seen some magnificently awesome places (and magnificently out-of-budget) and dumpy wtf were the owners thinking kinds of places. It’s quite amazing to see what the housing bubble has done to raise the prices of a lot of crappy housing. We hope that we can get into a new house before it snows.