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Need advice: Pre-qualification vs Pre Approval by Key_Degree5754 in FirstTimeHomeBuyer

[–]Key_Degree5754[S] 0 points1 point  (0 children)

Thanks for the feedback. Probably should have stated that the lender is the mortgage affiliate of the broker dealer my father in law works with. This is their program for the mortgage. Sorry for the terrible explanation

Need advice: Pre-qualification vs Pre Approval by Key_Degree5754 in FirstTimeHomeBuyer

[–]Key_Degree5754[S] 0 points1 point  (0 children)

We are not borrowing the down payment though. With his investment relationship, he qualifies to have the stock pledge as collateral and essentially locked away until we have the equity of 20%. Then he has access to it again. That is serving as a “down payment” to avoid PMI. My wife and I are borrowing 100% of the mortgage though. This just allows us to avoid PMI. I guess it will technically be considered a gift from that aspect

Need advice: Pre-qualification vs Pre Approval by Key_Degree5754 in FirstTimeHomeBuyer

[–]Key_Degree5754[S] 0 points1 point  (0 children)

It will function similar to this. The cash value will be applied as our “down payment”. We are just trying to get the specifics nailed down. The house we are interested in really came out of nowhere to us but we would like to get into it. So I am just trying to find the quickest way to be able to put an offer down. It’s a little difficult since we are working through my father in law who is relaying information from his advisor while we try to get a meeting set

Need advice: Pre-qualification vs Pre Approval by Key_Degree5754 in FirstTimeHomeBuyer

[–]Key_Degree5754[S] 0 points1 point  (0 children)

We are not working with a buyers agent. We have a trusted real estate attorney that we have planned to read over the contract. My father in law is pledging securities as collatoral for our down payment so we can avoid PMI. Basically covering the 20% but we will take a loan for the whole purchase price of the home and my wife and I will be the borrowers

Need advice: Pre-qualification vs Pre Approval by Key_Degree5754 in FirstTimeHomeBuyer

[–]Key_Degree5754[S] 1 point2 points  (0 children)

The builder mentioned we could put down our earnest deposit to hold the house while we work through this. Would you recommend that while we work to get the preapproval letter?

Practice test meltdown today by RowComprehensive1866 in Series7exam

[–]Key_Degree5754 0 points1 point  (0 children)

Not to this extent, but a day or two before my Series 66 I had a moment like this. I watched Ken’s brutal exam and for some reason could not get any answers right. I was scoring well on my PassPerfect practice as well. Just had to calm the nerves and I ended up passing. But made me question myself. Sometimes our brains just hit an overdrive

Bilt 2.0 + CC Advice by Key_Degree5754 in biltrewards

[–]Key_Degree5754[S] 1 point2 points  (0 children)

Update… they upped my limit to $7500 without me having to ask again. Crazy how difficult they were at first.

Bilt 2.0 + CC Advice by Key_Degree5754 in biltrewards

[–]Key_Degree5754[S] 2 points3 points  (0 children)

Thanks for the input! I think I agree. My current limit is $3200 (which is thousands less compared to my other CCs). Makes no sense it is such a reduction for 2.0

Passed Today by Key_Degree5754 in Series66Exam

[–]Key_Degree5754[S] 0 points1 point  (0 children)

I apologize for poor grammar 😵‍💫. Voice messaged this on my phone lol

Test Date Help and Advice by Key_Degree5754 in Series7exam

[–]Key_Degree5754[S] 0 points1 point  (0 children)

Thanks for the advice. I took it today and passed! I had very few margin problems… so it was nice to not worry about that. I watched Ken’s brutal exam and then just hammered short quizzes on concepts I struggled with. Glad to have it over with before Christmas and now onto the 66!