Request for M-Word Pixie About This Page:

[simbarel]

My boyfriend and I have been back and forth on the issue, but I think we've finally resolved to apply for a Mortgage. I've been stressing out b/c we have differing ideas about where and how we should live--I've recently discovered I'm a 6th generation Portlander and want to stay here, but the Portland housing market has risen to such INSANE levels in the past few years that the only way we may be able to break through is by buying a 2-family house and using the rental income towards mortgage. I've researched mortgage programs that fit us, started a preliminary search for potential houses that we might be able to afford, and retrieved both our credit reports from all three credit bureaus so we won't be hit with any surprises.

DBF wants to buy a giant one-family farmhouse on the outskirts of town...with a garage/barn/large yard. According to him, the house *must* have a basement and an open kitchen. This, to some, may sound ideal...but the thought of leaving the city limits right now just breaks my heart AND he has a tendency to look at houses that are clearly out of our price range.

We have decided to stop arguing about it until we get the pre-approval from the bank for the amount we can borrow. I'm a little nervous because my income right now stinks, and his credit numbers are great, but his credit file is very thin (he's 37 with only one entry on his report--and it's MY credit card--he's one of these people who 'doesn't believe in credit' [img]images/icons/rolleyes.gif[/img] ) I've put the call into the bank, we're just waiting for them to call back so we can hopefully sit with them this week.

More than secretly, I'm hoping that we're only approved for the intown multi-family mortgage program that I looked up because I think it makes the best financial sense, but I feel kind of bad because I'd be expecting him to do most of the landlordy work--he's a lot handier than I, AND he's kind of a hard*ss so he'd be a lot better getting rent from tenants. Either way, I'm hunting for some *pixie*dust* for good mortgage vibes. I have a feeling that we'll only be approved for a small, out-of-town house, so I appreciate any Portland Mortgage Pixie y'all could send. Thanks!

[ProChristo]

Funny Rachel, I had a totally different M-word in mind for you guys...

I hope you both can find something you enjoy owning. Personally, you couldn't pay me enough to be a landlord. Way too many hassles. Once you get pre-approved, you'll have a better idea about what you can swing. Until then, the waiting part kind of stinks. We did all our pre-approval junk online and knew within the day. Very convienient, and perfect for one with little patience. That would be me. Of course, we also bought the only home we looked at.

[chezp]

Best of luck Rachel! I know what you mean about DH having a tendency to look at houses that are clearly out of your price range - my DH was exactly the same when we were house hunting. We saw one place he loved, but I wasn't so sure about and the price tag was out of our reach, but he was so convinced he wanted it! [img]images/icons/rolleyes.gif[/img] He took some persuading away from it - all I kept hearing for weeks was "this is nice, but not as nice as the one we saw the other week" [img]images/icons/mad.gif[/img] We got there in the end though and I'm sure you guys will too! [img]images/icons/wink.gif[/img]

[MegglesMom]

I'm sending you lots of mortgage pixie dust! We just got finished refinancing, and I am SO GLAD it's over! Good luck!

[Colexis Mom]

Sending lots of mortgage pixie dust Rachel. I too thought it was a different M word [img]graemlins/blush.gif[/img] It sounds like you have done your homework upfront, which is great!! Hoping everything works out for you!!

[AKLRULZ]

Good luck with the house hunt - have fun with it and don't stress out too much!

[Bert & Sully]

Pixie dust coming up from Florida for a great M word to come along!!

[simbarel]

Thanks all! I intentionally used the "M-word" phrasing as I thought it was sexier and more intriguing than saying "Mortgage." Never fear, I'm not silly enough to enter a 30-year loan with someone I'm not married to without some sort of written agreement drafted by a lawyer beforehand--which is about as romantic as a pre-nup, but I wouldn't be a good paralegal student without taking the extra steps. [img]images/icons/tongue.gif[/img]

We have our first appointment with the bank on Friday. It's going to be a long process and I'm keeping my fingers crossed....but I also heard that this winter is going to be brutal, and with DBF on the road (in Hawaii, no less!) for much of it, I'm a little afraid. Who would I call if the furnace broke down??? Ahhh...the joys of homeownership. Perhaps I should drag my feet until spring!