When to start looking for home loan finance?
Am I worrying too soon? I have an idea of what price I can afford to pay for my new home, but have a way to go finding the best buy for my money. There’s some time pressure; our home has sold already, and I have so many pets I cannot face the thought of a temporary home and the upset that moving to a new location will cause anyway. Once I identify possible targets when should I think about approaching a lender for a home loan? What will I need in the way of paperwork?prequalified? And when do I need to get pre-approved?
Shouldn’t you have considered this prior to selling your home?
I would start now with the financing…The easy part id finding the house specially in a buyers market. Be approved so when you do find a house its less stress on you and the family
Your hard work is done. you sold your house! It is absolutely a buyers market right now, and you have your choice of houses out there. With the technology available today, you can close on a home purchase loan in a week. I know because I did it. So I think you will be ok with your pets. If time is of the essence, I can recomend the person I used. is his email.
Good luck!!
Do not even think about being prequalified. Go for pre-approval which states you have a lender that will do the funding. Its a little late and should have been the first thing you ever do. Don’t look at houses until this is done so you don’t get upset if you can’t get that particular house. You may have an idea of what you can afford but be realistic. After the pre-approval, look for your house. During the real estate transaction the lender’s underwriter will have conditions that need to be met. These also change alot so be prepared in advance of possible delays.
right now call me 631-673-6100 ext 3506 Joe Giunta
You want to get pre approved with a solid loan officer. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
Lucy I guess you didn’t have much time for thinking about this till now, but have a pause and get straight onto this. You have to look at 3 factors in determining what price range you can look at; how much of your capital is available immediately for deposit and up front expenses, the size of the mortgage you qualify for, and how much of your existing capital you want to re-invest in the new home in total (including necessary repairs and upgrades). So first up talk to home loan lender to get a cursory review of your finances from the data you must provide of your current financial status; pay slips, bank statements in your name only if you have any, other forms of proof of your own income, clearly not that in the joint names of the past. How is your personal credit history do you know?
This cursory review is “prequalification” to give you a sense of what you can afford, and will be necessary in most cases to get that really good local real estate agent working for you.
You could also do a quick and dirty using a mortgage calculator like this one at
Once you are serious about bidding on a certain property, having narrowed down your choice from a list of possibles, please, not just the first one you’ve seen, then get formally approved for the mortgage you need for any of those final choices. That’s preapproval.
Complete and submit a loan application, your credit history will be checked, and all your financial documentation verified.
Preapproved buyers have an advantage if you are looking in the preforeclosures market.
Best do this now because with a possible distressed price home in mind, I saw from an earlier post of yours, you are up against seasoned competition who will move fast , they have their credit lines in place, ready to proffer the paperwork to get the seller’s signature before he changes his mind.
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