topic Re: when to look for home in Mortgage Loans

when to look for home

Tallpap — Sat, 07 Jul 2012 21:22:08 GMT

my lease ends in december , when should i start getting my credit pulled as the loan app is only good for 30 40 or 60 days depending on lender, but when should i start going to lenders. Please let me know- first time buyer here

Re: when to look for home

Tallpap — Sat, 07 Jul 2012 22:36:41 GMT

11 views with no comments come on people please help me out ... my post arent really getting responded to

Re: when to look for home

Familywantsahouse — Sat, 07 Jul 2012 22:54:52 GMT

Depends on the bank. Our initial credit pull is valid for 90 days and we need to close in that time frame or else we have to re-pull it. Short sales take a lot longer, I'd honestly start that process now if that's something you'd like to pursue. Otherwise it's reasonable with most lenders/programs you could find a home and close within 90 days.

Re: when to look for home

Tallpap — Sat, 07 Jul 2012 22:56:09 GMT

whats a short sale?

Re: when to look for home

Anonymous — Sat, 07 Jul 2012 23:05:52 GMT

When the home is being sold for less than what is owed by the owner.

The last thing my LO said after he gave us the preapproval letter was don't buy a short sale, he knew we are in a hurry.

Re: when to look for home

Familywantsahouse — Sun, 08 Jul 2012 00:20:04 GMT

We too were in a hurry and told no short sales. If you have 8 months to wait, they can be a good deal...but again you'd have to begin this process now.

Re: when to look for home

StartingOver10 — Sun, 08 Jul 2012 01:15:03 GMT

@Tallpap wrote:
my lease ends in december , when should i start getting my credit pulled as the loan app is only good for 30 40 or 60 days depending on lender, but when should i start going to lenders. Please let me know- first time buyer here

Are you also shopping for a vehicle?

Don't get a vehicle loan before you get a mortgage. It is the single most common reason that people can't afford a home - their car loan is too high.

Looking at your gross income that you posted in the auto loan thread and the maximum amount you want to pay for the auto loan - it would limit your ability to get a mortgage tremendously. Get your house first, then get a new vehicle.

The debt to income ratios for a vehicle are much more relaxed than what they are for a home. Also you don't want to have a brand new debt reporting just before going for a mortgage if at all possible.

Re: when to look for home

Tallpap — Mon, 09 Jul 2012 00:22:15 GMT

okay i'll waiting on getting the car but thanks for informing me on that! and being that im paying the auto loan of early the 48 month term. that debt... how long does it take to show that i paid it off like 45 days... do i wait the 45 days to get it pulled? or do i inform someone?