BRAG: Just got approved for a home mortgage
 

HUGE BRAG: I just got a call for a pre-approval on my first home mortgage.

Beat: Not a balla, so it's only for 175k

Variance: don't have a house picked out and living w/ 2 friends

Re: BRAG: Just got approved for a home mortgage
 

congratulations, when are you going house hunting? and who are you moving in with? or is it a house just for you?

Re: BRAG: Just got approved for a home mortgage
 

Congrats ... I'll be going down a similar road myself in the near future. How much money/month does a $175k mortgage translate too? What kind of interest rate are they quoting you?

Re: BRAG: Just got approved for a home mortgage
 

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Variance: don't have a house picked out and living w/ 2 friends

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and who are you moving in with? or is it a house just for you?

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hmmmmmmmmm

Re: BRAG: Just got approved for a home mortgage
 

I'm house hunting right now, looking at a nice 4BR 2BA tomorrow w/ a kick ass 3rd floor room (14x23). I'll be the only one on the mortgage and can afford it on my own, but I'll be initially moving in with 2 friends from HS to lower some of my costs via renting. It actually is going to be cheaper for me w/ them in there as opposed to renting. I can trust them as I'm living w/ one of them now and the other has been my best friend since we were 10. Super excited and can't wait to move out of my 1 BR apt.

Re: BRAG: Just got approved for a home mortgage
 

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How much money/month does a $175k mortgage translate too? What kind of interest rate are they quoting you?

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Well, I'm going to put 15-20k down, so the actual mortgage will be more around the 160k area. The monthly payment is around 1,100 - 1,200 including mortgage, taxes and insurance. I was quoted at 6.5% 10\1 APR 30 yr loan.

Re: BRAG: Just got approved for a home mortgage
 

Congrats.
Isn't there still more downside to the market though? With all the ARM's about to expire, there may be sweet foreclosures though.

Re: BRAG: Just got approved for a home mortgage
 

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looking at a nice 4BR 2BA tomorrow w/ a kick ass 3rd floor room (14x23).

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monthly payment is around 1,100 - 1,200 including mortgage, taxes and insurance. I was quoted at 6.5% 10\1 APR 30 yr loan

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WOW, where do you live? Because I'd like to move there.

Re: BRAG: Just got approved for a home mortgage
 

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Isn't there still more downside to the market though? With all the ARM's about to expire, there may be sweet foreclosures though.

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This is actually a really good time to buy. Interest rates are still climbing and LOTS of houses are being foreclosed or have been on the market for a long time. Pretty much anything under 250k is having a really tough time selling in my area. This equates to dropping prices along with the ability to lowball and have the seller pay closing costs.

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WOW, where do you live? Because I'd like to move there.

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I'm looking at the western suburbs of Minneapolis. Houses just aren't moving and people don't want to pay 2 mortgages, hence the dropping prices and foreclosures.

I also got a sweet deal because of how much I'm putting down along with my credit score, credit history and little to no debt.

Re: BRAG: Just got approved for a home mortgage
 

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Variance: don't have a house picked out and living w/ 2 friends

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and who are you moving in with? or is it a house just for you?

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hmmmmmmmmm

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I read that as he is currently living with 2 friends, not that he will be......

but I have reading comp problems ldo