This is basically understanding what you need to not be “house poor”. What I did when I bought my first home was to look both at what my lender considered for expenses (student loan payments, car payments, credit card payments) to give me my preapproval, and then what wasn’t taken into account (movies, dinners out…
Hi Andy, not being aware of your credit history is definitely a point of angst for borrowers. I recommend getting prequalified with your lender first.
Hi Cameron, this actually would give you an opportunity to renegotiate the sales price. The problem with the appraisal coming in below the sales price is that you have the potential to be immediately underwater on the property. Your lender will base your loan amount off of your appraised value if it's lower than your…