I know the standard answer is "get pre approved for the mortgage" but these are special circumstances so please read below.
I currently rent a single family home for myself. My Aunt and Uncle own this house and I rent it off of them. I love this house, this neighborhood, my huge garage, my huge property lot… Basically everything about this property. The catch is, I approached my family about selling me the house but they are not interested. It sucks, but it's their choice, but I am also not interested in renting for the rest of my life.
Well guess what. The house across the street went up for sale! Woooo! So from the outside it looks similar to my house, I went to the website where it was on sale and looked at the pictures… The inside seems to have the same lay out… So far so good! But there are some pictures missing… Like of the basement.
I am pretty sure I can get approved for the mortgage. I took into account the taxes, utilities, insurance, etc and it only takes up 15% of my gross monthly income and I do have a 10% down payment.
Here's the problem. I know you should get pre approved first but if I go to that house and don't like it, I'm perfectly happy staying in my rental house for another couple years, till I find what I want. But if I call the Realtor and they don't see that I am pre approved… Then what? What should I do first?
Read more: Should I get pre approved for the mortgage first? Or look at the house first?
