Senior Contributor
Posts: 3,070
Registered: ‎11-02-2009
Re: First Time Home Buyer need help!!

booo wrote:


Few questions or concerns:

I have spoken to a couple of mortgage lenders. Question always asked was - do we want to lock the rate or float?

At what point do we lock the rate, is it after attorney review or after inspection?


You can lock the rate once you have a ratified contract.


At what point do we apply for the loan?


Your contract likely specifies.  Ours included a financing contingency and specified that we must submit the application within 7 days of ratification of the contract.


We hope to be out of attorney review by 9/28 and complete home inspection by 10/1. If we do apply for a loan on 10/1, Is closing by 11/5 which is 25 business days realistic?


I would think so.  30 days to close is fairly standard.  There can be hiccups however.


We plan to make updates on the house from 11/9-11/15 and move in to the new house around 11/15. 

Appreciate any responses to our questions and also any tips/pointers to guide us in our situation.


Our situation:

State: NJ, Property: Single Family, Purchase Price: $365k, Loan: $292k Conventional, Down Payment: 20%, Annual Income: $150k+, Credit score: 800+, Debt to Income: Less than 25%


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720

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