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My lease ends in early November. Ideally, I would like to be able to move into a new condo in mid October to mid November. Questions:
1) When should I start contacting a realtor and start looking at places?
2) What if I find a place way too early, say in July, can I entered into a contract to secure the place, but delay the closing process until October? I don't want to have months of time of overlapping between rent payment and a mortgage.
I'd recommend you start talking to a realtor about 75-90 days out from your desired moving date. Once you find a house, most contracts will have settlement taking place roughly 30-45 days after contract acceptance. In the meantime, keep your credit clean. Visit open houses, research the market, educate yourself about mortgage option. When you are ready, you'll be a prepared buyer ready to move.
I'd recommend you start talking to a realtor about 75-90 days out from your desired moving date. Once you find a house, most contracts will have settlement taking place roughly 30-45 days after contract acceptance. In the meantime, keep your credit clean. Visit open houses, research the market, educate yourself about mortgage option. When you are ready, you'll be a prepared buyer ready to move.
My lease ends in early November. Ideally, I would like to be able to move into a new condo in mid October to mid November. Questions:
1) When should I start contacting a realtor and start looking at places?
2) What if I find a place way too early, say in July, can I entered into a contract to secure the place, but delay the closing process until October? I don't want to have months of time of overlapping between rent payment and a mortgage.
1. Talk to an agent any time. Establish a relationship with someone you like to work with. Look at a couple of places at leisure, and learn about your local market and how valuations stack up.
And get your financing in order, too.
2. 60 days to close would be about the maximum. And you may only be able to negotiate 45 days or less.
Mid-October closing would indicate a contract about Labor Day, give or take a few days.
1. Talk to an agent any time. Establish a relationship with someone you like to work with. Look at a couple of places at leisure, and learn about your local market and how valuations stack up.
And get your financing in order, too.
2. 60 days to close would be about the maximum. And you may only be able to negotiate 45 days or less.
Mid-October closing would indicate a contract about Labor Day, give or take a few days.
What do you mean get my financing in order. I have a stable job/income and my credit score is above 800. When should I go see someone at my bank (Wells Fargo) and get pre-approved?
I do need to get my down payment from a source (a loan from 401K) that requires a signed contract. Is that an issue?
What do you mean get my financing in order. I have a stable job/income and my credit score is above 800. When should I go see someone at my bank (Wells Fargo) and get pre-approved?
I do need to get my down payment from a source (a loan from 401K) that requires a signed contract. Is that an issue?
Any questions on financing should be referred to your lender. The lender is the one who will have to approve.
When I say to get your financing in order, yes, confirm who you will use as your lender, run your 401K loan past them and be thoroughly prepared to meet their requirements. I would suggest you have a meeting soon, to chart the future.
The loan gauntlet is arduous even for those with excellent credit.
Regardless of having funds and accounts at Wells Fargo, talk to another lender or two. You may not do hugely better at rate and terms, but Wells' mortgage underwriting is a train wreck. Home loans are just a sideline there. Consider using a lender whose primary focus is home loans.
Regardless of having funds and accounts at Wells Fargo, talk to another lender or two. You may not do hugely better at rate and terms, but Wells' mortgage underwriting is a train wreck. Home loans are just a sideline there. Consider using a lender whose primary focus is home loans.
Which other lenders do you recommend that give good rates and easy underwriting for someone with excellent credit?
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