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Ice9
3X Ban Lotto Champion



Registered: 03/20/14
Posts: 11,232
Loc: daterapeville,USA
Last seen: 8 seconds
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Home Buying
#26700705 - 05/28/20 12:38 AM (3 years, 7 months ago) |
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Looking casually, but getting serious. Noticed since student loans deferred due to covif-19, my credit report got dinged, despite fact I waived deferment and mad payment on time. Thoughts?
-------------------- The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw
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badchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
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Re: Home Buying [Re: Ice9]
#26702000 - 05/28/20 02:48 PM (3 years, 7 months ago) |
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As you more serious, many sellers/realtors will want to see some type of preapproval. Once you get the numbers run, you can see where you're at. You can see your score and how much it was "hit" by a deferrment, and ultimately, how it affects your mortgage cost.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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PTreeDish



Registered: 04/22/18
Posts: 353
Last seen: 3 months, 15 days
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Re: Home Buying [Re: Ice9]
#26709008 - 05/31/20 12:02 PM (3 years, 7 months ago) |
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Not sure what your question is exactly, but deferments usually have zero recourse on your credit since the creditor will continue to report your account as current during the deferment period. How big was the point change? Care to share your score? I can tell you the biggest impact on getting a mortgage will be a. length of employment, b. debt to income ration and c. credit score. A & B will prevent a loan altogether while C dictates your rate.
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Tripsurfer
Bring Back Asante!



Registered: 08/01/12
Posts: 7,129
Loc: West of Windward
Last seen: 3 months, 27 days
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I am also looking around but waiting for the economic crisis to hit hard and cut housing prices
Buy low, sell high
-------------------- Ach en wee ben ik de klos, met mijn boog schoot ik een albatros... A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.

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PTreeDish



Registered: 04/22/18
Posts: 353
Last seen: 3 months, 15 days
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You make it sound so simple! 
In reality, RE markets can be hyper local. Here in Southern California, for example, we might see minor dips in the market relative to large swings with the rest of the US but prices are somewhat insulated by other levers in the economy. For instance, the state and local government policies makes it incredibly expensive and difficult to build here even while demand has and continues to grow.
Generally, if you plan to hold for a long period of time, the time to buy is as soon as you can afford and have the desire to do so. Timing the market is generally not a recommended strategy in any kind of market.
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Tripsurfer
Bring Back Asante!



Registered: 08/01/12
Posts: 7,129
Loc: West of Windward
Last seen: 3 months, 27 days
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Perhaps, but only a few months ago housing in my neighborhood went for the asking price + 20% and usually within a week
Now real estate is on the the market for longer already and amounts paid are going towards asking price real quick.
The real economic blow hasnt even come yet
We probably have a different dynamic here as most houses are bought up by investors with the current interest being as low as they are
Im also in Europe so our market could be hugely different
-------------------- Ach en wee ben ik de klos, met mijn boog schoot ik een albatros... A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.

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PTreeDish



Registered: 04/22/18
Posts: 353
Last seen: 3 months, 15 days
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Definitely your market is different. You can't really predict when the bottom will hit nor how long it will be there. Generally, when the market tanks here, so do jobs and everything else. For many people, yea - it would be great to buy while prices and rates are low, but if you don't have a job to pay for it, then it doesn't really matter. Depends on your individual situation.
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Tripsurfer
Bring Back Asante!



Registered: 08/01/12
Posts: 7,129
Loc: West of Windward
Last seen: 3 months, 27 days
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Yeah I bought cheap in 2012 because of the crash that started in the US
-------------------- Ach en wee ben ik de klos, met mijn boog schoot ik een albatros... A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.

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sunniemuffins
Stranger
Registered: 05/17/20
Posts: 12
Last seen: 7 months, 28 days
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Interest rates are really good if you can afford to buy
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