I am SO confused about getting pre-qualified/pre-approved and buying a house?
According to some, my income isn't enough to juggle two mortgages, and I may be denied for the second mortgage because of that. Other family lives here and our household income is more than double of what I can actually list on a new mortgage application.
My job has a credit union that does mortgages with places like Wells Fargo and one or two other companies. They also have a program that covers the closing costs if you have the paperwork ready to go.
But I'm freaking totally confused about what "pre-qualified" and "pre-approved" actually means. Is this something I can "shop around for" and see which company pre-qualifies and pre-approves me for the best rate/loan? Or is it a one-time thing that chips away at my credit score with each place I get pre-qualified and pre-approved at?
Which is better to get a loan through - a bank or a mortgage company?
Also, i've looked around on here and I can't seem to find a straight answer.
We would need an FHA loan for the new place. I know that's about 3% down plus whatever closing costs. Can you or can you not juggle two mortgages at the same time, if you have a great credit history, a myFICO of 719, but an income in the lower 20k's a year? Will they allow it or not?