When would you start applying for mortgages

[Anonymous]

When is the best time to start applying for a mortgage?  We don't want to get one until after our lease is over in Dec 2008.  Also by than all my credit cards will be paid off and my wife will be more established in your job/income.  Also by than my scores will jump up some from me paying everything on time.  A few bad accounts will be dropping off in October of 2008 if that helps.  thanks

TU 545

EX 508

EQ 674

[Anonymous]

I brought a copy of my credit report to a loan officer in February, asked her what I should do before I apply for pre-approval. She was great, told me exactly what I needed to do, and it didn't cost me a hard inquiry. I was ready a month later to apply.

I just went to the same bank I have my checking account through.

Good luck!

[Miner]

You really need to get your TU and EX scores up first.  Lower/pay off other debt (espeically credit cards).  The lower your debt to income ratio is, the better.  Also how easily the approval will come will be determined by how much of downpayment you make on the home as its easier to approve when the loan is much less then the value of the home (20% down is easier then 10% etc).  Also if the local housing market is still going down in price, the approval will be harder, though if that is the case, you should wait for the bottom before buying.