With newly accepted offer in hand, Friday I began contacting bankers - through Lending Tree, through email, and by phone - to determine what I needed to get pre-approved for a loan.
They all began their responses with some version of, "In these tough economic times..."
Yet I pressed on. I would not be dissuaded from trying to buy instead of rent when I knew I would not be one of those people foreclosing in a year or two. No, I know I will make good on any loan I receive. Finally, two of them seemed interested in helping me, and one seemed like she actually thought she might succeed in the attempt.
If nothing else, we could rent something, but we would just rather not lose all that rent that could be built up in equity. We would also rather buy in this great buyer's market and hope to sell in a few years when it has had time to recover. If we just live in a small place, we should be fine. We just might have to make very efficient use of any space we have (think, IKEA).
I'll say one thing: it's exciting to be at this stage. Having the decision behind us is much easier on the psyche. Now we can plan a lot more of our future. Once we have our housing lined up, we'll be even more able to focus forward. Then comes the major job: moving.
One step at a time for now, though. Anyone with the magic answer for bankers in this market, I'm all ears.