Monday, March 9, 2009

A Bump in the Road

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.

-- Robert


C.Flower said...

Robert, I gotta leave you this link. It's to one of my older posts so I apologize if that's annoying.

I can totally relate. Running the loan gauntlet was stressful enough - until I quit my job in the middle of the process, not realizing how badly that would bode.

I attribute my home ownership to a miracle. And well, you know how I feel about Jesus.

C.Flower said...

I'm trying to post an active link. I've actually been meaning to ask you how you do that. I noticed you did it my Lance. :)

Joe said...

Joe just showed me how to "link" this shizzle:

Luck, faith and benevolent Canadians

Robert said...

Well, you may have to hold your nose for some of my posts, but I'll withhold any suggestion of the Lord's hand in your loan. I have no reason to assume any such thing. I have, however, found a realtor with a local banking connection that - if I get the loan through them - might well earn her my business as well as my loyalty. I found the realtor through Dave Ramsey's ELP (Endorsed Local Provider) program, and she seems very helpful already. The loan officer at the local bank there said they would almost certainly be able to loan me the money from the bank itself if no external bank would approve it. It's nice to know what being good can get you some days.

And I'm glad Joe showed you. Sorry I didn't see these posts in the process or I might've told you how to write the html. That's how I do it anyway.