We're looking to make an offer on a house soon. Here are a few questions for those who have gone through the process.
1 - So we got married last year (religious ceremony), but we never went to go get our marriage license. We'll be doing that this week. If the loan is under my wife's name, are they going to ask for a copy of our marriage license if we want to put both our names on the deed? I ask because she kept her maiden name.
2 - When does the appraisal happen? I ask because we're looking for a long settlement, our lease renewal occurs in July so I'll need to inform our landlord our intentions. We found a house we really like and the seller is willing to work on a long settlement date. With that said, I would hate to wait until the last minute and find out the house appraised for much less.
If we put enough money down, would a low appraisal cause the loan to be denied? For example, the house is listed for $262,000. We're going to lowball and offer $240k. Without knowing how much the house will appraise for, let's say it comes back at $250 but we agreed on $255k. If we put down 20%, the loan amount would be $204,000.
1 - So we got married last year (religious ceremony), but we never went to go get our marriage license. We'll be doing that this week. If the loan is under my wife's name, are they going to ask for a copy of our marriage license if we want to put both our names on the deed? I ask because she kept her maiden name.
2 - When does the appraisal happen? I ask because we're looking for a long settlement, our lease renewal occurs in July so I'll need to inform our landlord our intentions. We found a house we really like and the seller is willing to work on a long settlement date. With that said, I would hate to wait until the last minute and find out the house appraised for much less.
If we put enough money down, would a low appraisal cause the loan to be denied? For example, the house is listed for $262,000. We're going to lowball and offer $240k. Without knowing how much the house will appraise for, let's say it comes back at $250 but we agreed on $255k. If we put down 20%, the loan amount would be $204,000.