Quitting Your Job Using Rental Properties - Day 5

February 12, 2016 - Day 5
     Today, I heard back from Jessica.  I'm approved!!  Jessica's bank approved me for a $120k loan at 5% interest rate.  I will have to put down 20% minimum.  That means I can afford a house for up to $146k.
     I had to fill out a "General Authorization Form" which allows the mortgage company to gather personal information from my bank (which happens to be the same entity).  I also had to e-sign a "Uniform Residential Loan Application" and a "Notice to the Home Loan Applicant Credit Score Information Disclosure"
     I had to sign, scan, and email the "General Authorization Form" back to Jessica.  When I did, I asked her what my next steps would be.  I did not hear back from her.
     I sent an email to Hank letting him know that I was preapproved by another bank, but I still want him to continue to try and get me approved.  I'm not sure if this was a good move or not.  I thought about it, and just went on my instincts.  I'm not sure what advantages or disadvantages an email of this type has.  I also told him that there were a couple of reasons why I would prefer working with his bank.  I didn't tell him the reasons, but they are 1)They are local, and I can sit down and have a conversation with him if I want to, and 2)It is the same bank that I used to finance my primary residence, and I enjoyed the experience I had with them.
    The great new is, I'm approved!!!.

Please check out my website for my other side business/hobby. www.yrlenterprises.com and at facebook.com/yrlenterprises