I fooled around and fell in love…how true those lyrics are…and how easily we dismiss the folly of those who purchased a property too high and with no negotiating…well, it has just happened to me. Up until now I have been strictly business: you don’t like me offer, well, great! Join the Optimist’s Club, because you are delusional and I am walking…yeah…until I "fooled around and fell in love" Translated means: I looked at property after property (online and off) and then WHAM! It hit me…one them SPOKE to me! Oh, I’ve got it bad! Thank Heaven Above that RedFin let me set my upper price where I can afford it. This property is well within my means but it is nowhere near my work! EhGhads!!!!
Okay…so I take back all of those awful things I said about people who paid too much for their homes…I have been bitten by the same snake.
Wish me the best.
I just paid down some credit cards last week. How long should I wait to apply for a mortgage? Should I wait for my new credit scores and how long or should I go for it now?
Wait at least six months.
30 days from the time you paid the credit cards since the credit cards companies report to the credit bureau’s. You should see your scores raise by then.
I would wait a couple of months for all of those debts to show paid on your credit history and reported up to your score. What you could do in the interim is search on line for what you think you might want to buy and watch those properties. If you talk with an agent now, they will need for you to do your mortgage homework, and you aren’t ready yet. So best to sit back and just do some homework for now. Consider what you want and make a list of those, and what you have to have and make a list of those. See what the market is offering with those amenities, so when time comes, you’ll have a visual in your head and when you see it, you’ll know it’s the right one.
Why wait to begin looking, because sellers expect anyone looking at their home is qualified to buy it. And you don’t know what you qualify for. A lender needs to take into account your whole financial picture, not just debt and income.