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January 2016 Moms
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Buying first house- talk me off the ledge

KareninKarenin member
in January 2016 Moms
So we have been looking for a house for 9 months and finally found one and got our offer accepted yesterday. We are moving forward with the process but my anxiety has completely taken over so here's the fear I'm hoping someone will tell me is unwarranted:

I am terrified our loan won't come through.

We went through the pre-approval months ago and at that time we had two credit cards we were still paying off, but very good credit scores and nothing negative in our credit histories. 

Since then, two things happened. First, we charged up the cards a bit more (stupid) but as of today we just paid the cards back down again so they are almost where they were when we filled out our initial application back in December when we got pre-approved. 

Second, my husband changed jobs. I told our lender when this was happening because we hadn't yet found a house and I wanted to be sure if we found one it would be ok, and he said it was fine since it was in the same industry, there is no probation period for the new job, and it is actually a significantly higher salary (24k more a year) than he was making before. 

but I've read online horror stories about mortgages not coming through and I'm terrified one of these two things will kill ours. Am I just being paranoid? Should I call my lender and just lay out my concerns or should I leave it alone and not create a problem unless he claims there is a problem based on our paperwork? 

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Re: Buying first house- talk me off the ledge

  • mamakate1616mamakate1616 member
    You should be fine! Just remember they WANT to give you a mortgage... If they don't they don't make money from your business! Relax mama and day dream about your new digs! :)
    Me: 30 DH: 31
    Married: 2012
    BFP #1 Sept 2014, MMC Dec 2014 | BFP #2 May 2015, DD Jan 2016 <3 | BFP #3 May 2017, MC July 2017 | BFP #4 Jan 2018, MC Feb 2018 | BFP #5 July 2018, fingers crossed
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  • Becky012016Becky012016 member
    The biggest thing our lender told us NOT to do during the month or so it took to have the loan go through and sign all the paperwork was take out more debt, change jobs, or move money around from one bank to another. But, this was only during the month it took to close. He/she will do another hard look on your credit scores (same as during the preapproval process) and see what debts you have currently and so long as nothing changes this month you should have no issues getting the loan. Just sit back, relax, and create a Pinterest board for your new home ;) 
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  • l4rkl4rk member
    I agree with @kkfl2m+b. The banks benefit a heck of a lot more off your mortgage than you do. (The amount of interest we pay makes me want to cry.) They will do absolutely everything they can to approve you. Your credit won't be impacted as long as you made your payments, and a better paying job will actually qualify you for more. Stop worrying because you are going to be approved.
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  • KareninKarenin member
    Ok you guys made me feel SO much better!!! Thank you for replying- I was freaking out and this is so helpful!

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  • failuretoflyfailuretofly member
    The ONLY thing the bank might ask of you further is for your husband to get a letter from his new employer verifying there is no probation period/low or no risk of him being let go in the near future. They usually base your borrowings on your previous earnings, and unless you're buying a supremely expensive house compared to your income, most people can get approved based on one income alone. You should be totally fine!
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  • BarrettJ89BarrettJ89 member
    I'm sure it'll work out! I can ask SO about it when he gets home, he sells mortgage loans for a living. Feel free to send a private message if you want. Then he can type it all out rather than me being a horrible messenger ;)
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  • SDaniels19SDaniels19 member
    I agree with PP. When we bought our house I had only been at my job for one month coming out of school (my husband does work also) and we got approval. Congrats on finding a house and good luck!
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