Question to Debt Counselor:: We are planning to purchase a home in the next year or so and have started looking at homes to get an idea of the prices, the areas we would like to live in and to see what is available on the market. We have not made any decisions at this time, but we do have a question. Should we apply for a mortgage before placing an offer on a home or should we wait until we have found something we like and then apply for a mortgage based on the price of the home we would like to make an offer on? We thought that maybe an online mortgage loan service might be able to help us.
Do you currently have a mortgage? :: No, we are currently renting
Home/Mortgage Loan Amount :: Not sure
Other Loans, Including Credit Cards:: a small car loan, the balance is about $6,500 and nothing on our credit cards
Are you employed and for how long:: We both are employed. I work at a tire plant on the assembly line and my wife works as a legal assistant for a local lawyer here in Akron Ohio.
Your credit rating to be – excellent, fair, or bad? :: Excellent
Gross Amount Per Paycheck :: $3500
Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, why not
We both have excellent steady jobs. We have not started a family yet, although plan to do so in the next couple of years once we get settled into a new home. My spouse and I currently rent an apartment which we like. But feel we should make the move to a regular home. We have no debts other than the car loan and we are trying to save money for a down payment on a home. We have also started saving for retirement. Although it is a long way off. We really try not to use credit cards and if we do, we pay it off right away so we do not have to pay interest.
If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. For more information about online mortgages, click here.
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