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Old 06-26-2008, 07:29 AM
 
Location: Charlotte, NC
1,808 posts, read 6,026,175 times
Reputation: 749

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I am an aspiring first time home-buyer with lots of questions.

DH and I have been attending Open Houses for several months now while we are building up our down payment. As we're new to Charlotte, this has been a good way to help us get a feel for neighborhoods.

Based on our own self-education and research, we know roughly what our price range is, but have yet to speak with a lender to actually confirm that our estimate is accurate.

My question is about the timing of it all. If we talk to a lender now, but don't anticipate purchasing anything until, say, December or January, does the quote/rate the give us still apply?

I understand that lenders have to look at your credit report to determine the amount you can qualify for, and that there is a 14-day window when inquiries don't negatively impact your credit (is this correct?).

If we talk to a lender now to find out how much we can borrow, but don't actually want to purchase anything for another six months (or longer), what impact does that have on our search?
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Old 06-26-2008, 08:46 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,633,642 times
Reputation: 1008
To receive 'real' quotes they will have to pull your credit.
Your credit score may change in December, and the rates will definitely change by then.

Also, the new window is 30days that you're allowed to go shopping for a mortgage.

Quote:
Originally Posted by ctribucher View Post
I am an aspiring first time home-buyer with lots of questions.

DH and I have been attending Open Houses for several months now while we are building up our down payment. As we're new to Charlotte, this has been a good way to help us get a feel for neighborhoods.

Based on our own self-education and research, we know roughly what our price range is, but have yet to speak with a lender to actually confirm that our estimate is accurate.

My question is about the timing of it all. If we talk to a lender now, but don't anticipate purchasing anything until, say, December or January, does the quote/rate the give us still apply?

I understand that lenders have to look at your credit report to determine the amount you can qualify for, and that there is a 14-day window when inquiries don't negatively impact your credit (is this correct?).

If we talk to a lender now to find out how much we can borrow, but don't actually want to purchase anything for another six months (or longer), what impact does that have on our search?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-26-2008, 08:52 AM
 
Location: Charlotte, NC
1,808 posts, read 6,026,175 times
Reputation: 749
Good to know... thanks!

Quote:
Originally Posted by renriq02 View Post
Also, the new window is 30days that you're allowed to go shopping for a mortgage.
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Old 06-26-2008, 09:23 AM
 
Location: North Carolina
152 posts, read 433,748 times
Reputation: 60
Thank you so much for this post my husband and I are going through this right now and you have answered a few questions for us.
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Old 06-28-2008, 07:46 PM
 
Location: Cary, NC
1,036 posts, read 3,756,839 times
Reputation: 510
As renriq said about rates... something else to consider is to talk a mortgage broker/banker so that you can find out if you are on the right track though. You dont want to wait and pull credit in December to find out there is an error on it, or that you need more savings, down payment or other unexpected requirement.

You can always pull your own credit, those don't count as "hard" inquiries so do not hurt you and take that into a lender. You won't get a 100% guarantee but at least you can form a plan and know what you need to be doing to get ready.
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