Tuesday, October 23, 2007
While we have yet to find the home of our dreams, we have been approved for future home of our dreams, if and when we find it in the next 90 days.
For those of you who don't know what that means, pre-approval states that a mortgage company promises to give you a loan of a certain amount at a certain rate if you find a home to buy within a 90 day time period. this makes you attractive to prospective sellers who know that if you put a bid in for their property that you can not only afford the down payment, but that you are guaranteed to get a mortage .
When we started this whole process, we started looking at places and had seen a few places we liked, and then we realized…’well what if we loved this place?’ it turns out that if someone else was pre-approved and we weren’t and we put in similar bids, we could lose the apartment.
So anyway, this is good, and our future home (if we find in 90 days as stated earlier) will be backed.
(PS-I'm fully aware that the man in the picture giving the thumbs up is missing his two front teeth. This was how i felt on Sunday when i found out the apt we loved didn't allow pets).