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Why not now? Sure, it may be a ways out, but I see no harm in familiarizing yourself with the process, perhaps seeing how much you can borrow, and starting to narrow down the area in which you'd like to purchase. You can do a lot of research online to help you gauge the market and decide which type of houses you'd find attractive.
Why not now? Sure, it may be a ways out, but I see no harm in familiarizing yourself with the process, perhaps seeing how much you can borrow, and starting to narrow down the area in which you'd like to purchase. You can do a lot of research online to help you gauge the market and decide which type of houses you'd find attractive.
Absolutely! -- If you start now and narrow things down a bit, you will only have a 60-day window to locate what you want ... and another 45-days to process your loan application and get everything ready to go for a June/July move out/in. Why rush things any more than that!
I thought it might be to soon. I don't want anyone to feel like I'm wasting their time until we were ready. I know the lender I want to use (he did a refi for us a few years ago), we chose a real estate agent based on the advice of my husbands co-workers (she just doesn't know yet).
We are familiar with the the area already, I've used the online calculators and we are going to be looking way under budget. Our finances/credit are in order so no worries there.
We found a few houses that would be perfect so I kind of regret looking already lol. Now I get to watch it and hope it sits, then wonder why it didn't sell if it's still there when we go looking.
I thought of sending out an email to them to say we'd like to see some houses maybe starting in April.
Most pre-approval letters are good for 120 days, so you may have time. But this really depends on a number of variables.
For instance, how tight is the housing inventory in your preferred market? If the inventory is limited, you will likely make offers on several properties before one is accepted. Have you reviewed your own credit with AnnualCreditReport.com for free? This would be a great time to do that before having a lender look at it.
So if your target date is June, you should think about closing in late May so that your first mortgage payment is due in July. So working backwards, that suggests starting your search by no later than April 1. You'll need a pre-approval letter ideally from a local lender, so that might be worth some of your time in March. I would suggest that you get some real estate agent referrals from family and friends first. Ask them for the contact info of mortgage lender with whom they've worked.
Every market is different, but the period from offer acceptance to close is often 30 to 45 days. The search may take 30 days and the approval maybe a week.
What is the plan for your current home? Do you plan to sell it? Also what would happen if you do not find a home by June? Will you have to rent?
I plan to move in early June and I started looking in December. If I find a house now I will buy it because I do not want to be in temporary housing. I am also looking at new construction and some houses won't be move-in ready till June. So I can sign the contract now and close in June.
We will sell our current home after we move. Our dti is fine this way. Adding in the next home and our current bills/mortgage will put us at a back end dti of 34%. There's enough inventory in the area we are looking so I'm sure we will find something.
We will sell our current home after we move. Our dti is fine this way. Adding in the next home and our current bills/mortgage will put us at a back end dti of 34%. There's enough inventory in the area we are looking so I'm sure we will find something.
When do you plan on listing your current home? How early do you plan to contact/interview RE folks to list? Or are you doing a FSBO?
I am listing on April 1st, but have not contacted anyone yet. Just curious about your timeline on the sale....
We plan on listing after we move. That way the house is empty for me to clean. We have a listing agent picked out and talked to her not to long ago about it. We run into her quite often. Her grandson and my youngest are in the same class. She use to be a teacher in the district when my oldest was in school. Inventory in the area we are now is low.
I think it's early, especially if you are in a hot market.
If I wanted to buy in June I would start looking in March or April and that's when I would get the preapproval too.
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