Getting approved for a mortgage loan?
My fiance and I want to start looking at condos. We are both 20 years old.
I have been with the same job since I was 16, and he has had the same job since he was 18. I work part time at a child care center and he works full time at an airport. He will be graduating aviation mechanics school in the beginning of December.
We both have good credit established. I have a credit card that I pay off almost as soon as I spend anything on it (I’ve never been late, always early, on payments) and he currently has a car-loan out with the same bank that we are looking to get a mortgage through. He pays it off on time every month, usually paying more than the required amount.
What kinds of things would the bank look for before qualifying us for a loan? The price range we are looking at for condos is 130,000 (at the MOST) but to be on the safe side we would like to apply for a 150,000$ loan.
For a little extra information:
My fiance is currently in the process of sending his resume out to different airports (as I said previously, he will be graduating airplane mechanics school in December). One place that he is pretty sure will hire him is Sikorsky’s (working for the government). He had an interview that went really well, and is currently waiting for a letter which they said they would send in about one month. CURRENTLY he makes a minnimum of 400 dollars per week, usually 500 (usually about two thousand at the end of each month) and I only bring home about one thousand each month. Between the two of us we each bring home about 3,000 at the end of the month.
The man who interviewed him (an informal interview) for a job that he is almost positive he will be getting said that he would be starting off making 600 per week, and that at the end of 90 days he would get his first raise.
I believe that a 30 year mortgage on 125,000 dollars would = about 700 per month.