Back in March 2021, I applied for a mortgage pre-approval and was told I was approved, but I didn’t have enough to cover the closing cost so I was referred to a realtor. The realtor and I talked about my wishes, and he said he could help me to get concessions. After seeing a couple of houses, the realtor told me to ask the broker what my pre-approval amount is. I found out that I was never pre-approved, and when I started to ask questions the broker ghosted me.
I was extremely annoyed, but carried on. I found another mortgage company and applied. I was denied, but this time the broker explained why I was denied. At the time, student loan debt was calculated by using 1% of your total student loan debt as the monthly payment even if you aren’t paying that. This made my debt-to-income ratio extremely high. I have always worked for a non-profit, and I am 5 years away from qualifying for Federal Student Loan Forgiven. My student debt payments have always been income-contingent so I am nowhere near paying the 1% that was calculated.
However, my broker informed me that in August the standards on calculating student debt payments for mortgages will change and I should be able to qualify then. She said she would contact me then to see if I wanted to try again.
Months go by, and I get a promotion with a significant raise. I start saving more money and increase my retirement savings from 3% to 10%. August rolls around and a week before my birthday my realtor contacts me asking if I applied for a mortgage again. I told him, no, but I would let him know when I did. Two days later, the broker calls me, and I am contemplating the situation but decide to go for it thinking I am going to be denied again. Except I am not. I am pre-approved for my first mortgage.
Months go by, and I get a promotion with a significant raise. I start saving more money and increase my retirement savings from 3% to 10%. August rolls around and a week before my birthday my realtor contacts me inquiring if I applied for a mortgage again. I told him no, but I would let him know when I did. Two days later, the broker calls me, and I am contemplating the situation but decide to go for it thinking I am going to be denied again. Except I am not. I am pre-approved for my first mortgage.
I contact my realtor to inform him of the good news, and we start looking at houses. It was a miss for a long time because I’m extremely picky. My absolute requirements were:
- A particular neighborhood/suburb of Detroit
- Wood burning fireplace
- Large, gated backyard
- No wonky layouts
I figured since I had to live in and pay for the house I should have my wants and I refused to compromise even when friends told me I should consider other neighborhoods, or siding houses. Finally, I see a house I love and I put in an offer. The house was amazing and everything was done for me. It is the longest week of my life only to discover my offer wasn’t accepted and I was made a back up.
This experience taught me to not get my hopes up, and after a couple of days dealing with my disappointment I return to looking. It was another month of looking at houses I hate before my realtor calls me to talk me into looking at this house. The photos are absolutely horrible, but he really thinks this house might be it so I agree to check it out.
The house is smaller than what I wanted (only a two bedroom) and is a ranch instead of a bungalow, but after talking about the possibilities with the realtor I decided to put in a offer. I put in the offer on Thursday night and I go camping with Sir (guy I’m dating) at Sleeping Bear Dunes. By the time I return from our camping trip, I learn that my offer has been accepted, and the whirlwind begins.
On Wednesday, November 10th, I closed on the house. ……And with that *wishing* Home was achieved.