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Mortgage crazyness

January 8, 2011 By Megan Smith

I got my pre-approval for my mortgage.  I was approved for 150% of what I want to spend.  That’s crazy!  No wonder people get into such a mess with their mortgages.  I don’t even know how I could afford that much.  I used a mortgage calculator, and with a 20% downpayment, I would still have very little money left every month after paying the rent.

Of course, I guess once I buy a place, I will have  to change my tax withholdings again.  They’re already high, and I’m expecting to get a bunch back this year (I should really change that) and I’ll have a tax break with the mortgage payments too.

But I digress.  150% of my max!  Insane!  What are these companies thinking?  That said, I’m smart.  I’m sticking to my max.  Actually, I’m willing to go up an additional $15K, but I’m keeping that to myself and not mentioning it to my agent – I know she’ll push the limits, and I’d like to have that in my pocket if the perfect place shows up.   But if I tell her I’ve got that window, then suddenly she’ll push beyond that.  I’ve heard good things about this particular agent, and I’m hoping that she doesn’t go crazy, what with me getting approved of so much money that I’m completely not prepared to spend.

Filed Under: homes

Comments

  1. Laura says

    January 8, 2011 at 8:36 pm

    It is great that you are not buying into the debt myth! Good for you!

  2. cat says

    January 9, 2011 at 3:16 am

    Congrats on having such good credit and being wise about it, especially with your agent! But whoa 150% that is crazy. No chance you’d get that here in the UK, especially not for a first time buyer! Congrats also on managing to save a 20% deposit – not an easy task no matter the price of the house you buY!

  3. Michelle says

    January 9, 2011 at 10:15 am

    Great job setting an “internal” maximum…in spite of already owning a home that I love and that will do for the next decade or two, I’m a little addicted to the real estate programs House Hunters & Property Virgins. Both typically show house-shoppers going WAY over their internal maximum, faciliated by the eager agents. Makes me crazy * also that the Property Virgins hardly EVER have a downpayment more than 5%…

  4. LeeAnn says

    January 9, 2011 at 2:01 pm

    When I started looking at getting preapproved a couple years ago, right around when everything fell apart and all the rules changed, supposedly tightening up credit – my mortgage broker would not even TELL me how much of a loan I actually qualified for – I had told her what range I was comfortable with, and she just said “yeah, no worries”

    From what she indicated, I would have qualified for a loan probably 2-2.5 times what I actually was comfortable with – but she knew I am extremely conservative and we didn’t even bring up those figures with my real estate agent 😀

  5. CC says

    January 11, 2011 at 7:40 am

    Congratulations on your pre-approval. So wise of you not to take advantage of the full amount offered.

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