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mymack79 | Mortgage help for a first time home buyer? |
I am looking to get out of renting, and my lease is up in almost 3 months. (end of Dec). Question 1. When should I start looking for a mortgage, to be preapproved or prequalified? Question 2: what is the real difference between preapproved and prequalified? Question 3: I have been looking online and most free mortgage searches have a thirty day lock. Does that mean I have to find a house and close in thirty days? Good HELP PLEASE and THANK YOU! All online help say the same thing but I am not really understanding when I should actually grab a mortgage. |
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Kaz
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It is absolutely vital that you get pre-approval before you go out looking at homes. It is always best not to waste the Realtor's time, nor your own. Get pre-approved through a lender that you feel comfortable with.
The difference between pre-approved and pre-qualified is drastic. Pre-qual. means that based on your income, job time and other factors, then you COULD be financed. Pre-approved means that everything has been verified and an underwriter has looked at your file and offered his/her recomendation.
A 30 day lock means that you have to close on the mortgage in 30 days or less. That is not to say that you will not get the mortgage after 30 days, but there will be penalties for blowing the lock. An average penalty is about .25% added to the rate.
If you would like an excellent resource to search for a home without being haggled or bothered by Realtors and mortage companies, then go to www.yourohiomtg.com, click on the Scouting Report link, watch the video and enroll right online. It is a GREAT tool for searching for properties. Honestly, it blows Realtor.com away and it will list all the listings from all the companies in your area.
Good luck on your search and if you would like to ask more questions, please contact me at timothy.kazee@americanhm.com. Good luck!!!! |
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open4one
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Pre-qualified and pre-approved are used interchangeably. You want to be sure they've not just given you a number based on what you told them, you want to know it is a firm commitment.
The rate lock means they won't change your interest rate up to a given date. 30 days can be a little bit tight to find a house and get closed, but it can be done. Some lenders will give 60.
Now, here's how you go about the whole process.
First, you want to find a lawyer. Find one that will do the entire representation for a flat fee, no matter how many times you call to ask questions.
Next, find out how much money you can borrow, and figure out how much you're able to put down. Call at least three different lenders, and don't just use internet sources. Be sure you understand how much the estimated payments are on that amount, and that it is realistic for you.
Next, find the house. Realtors are paid by the Seller anyway, and they are helpful to finding the right house at the right price.
Then put in an offer, which will specify that it will close on a given date, which you fill in. Negotiations often follow and take a week or more.
Once the offer is accepted, you get copies to your lawyer and lender, and get the house inspected to be sure there are no hidden problems; the offer usually says it presumes there are none. If there are, more negotiations follow. Call insurance agents and arrange homeowners insurance.
If you were pre-approved, the lender still has to verify that the house qualifies. You could close in two weeks if the appraisal checks out and your lender and attorney are on the ball. |
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padrote chingon
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1- the mortgage place can usually lock in your rate for 90 days, so get the mortgage within 90days of when you plan to move (NOW)
2-Prequalified is BS....shop for a lender like you shop for your house, look at least three..if you have a credit union, you MUST check there, they are usually the cheapest.
3.Closing in about 30 days is about normal, dont just look at the online mortgage joints, check with banks and your credit union |
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Mls
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I would get a pre-approval, this shows the buyers that you are serious and have the money and can buy.. guaranteed..
Start looking aout 60 days out, that is what I did, and get several opinions.
Also, DO NOT do anything with adjustable rates, if you can do an 80/20 loan, they are really great and got me out of paying PMI, and both are deductible for tax purposes, theyare great if you dont want to put a lot down.
Just what I learned |
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mortgage help
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1) start looking now
2) get pre approved. ideally you should get approved. The difference, http://www.choicefinance.net/faq/approval-letter.htm
3) You won't lock your loan until you have found a property. Get pre-approved upfront and THEN start shopping. you need to find out how much you qualify for and how much you are comfortable paying each month. You can lock as far out as 60 days from your settlement date. Don't even worry about locking right now... Get approved, find your house, and then discuss locking with your Loan Officer.
help@choicefinance.net |
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KathyS
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I would get pre-approved now and start shopping for a house. Pre-qualified doesn't mean much, it's the pre-approval letter that people want to see. |
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dajuan_n_only
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Now is a good time to began looking but there are some key things to remember. Pre-qaulified means you fit their qualicfications, pre-approved means you have been approved as long as conditions which your approval were based on remain the same. Heres the thing getting qualified now is good to know where you stand, and finding a house can take some time you dont want to waiti untill the last moment. But in contrast anything detrimental to your credit in between the time of the purchase will change the parameters so I suggest you not apply for new credit especially anything that will change your income ratio such as a car. Fee most locks are 30 days. Depending on who your lease is with you may be able to get out of it early since you are purchasing a home you should try to see what the deal is on that. Feel freee to log onto http://www.justgetaloan.net/ for low rates and great programs you can have your pre approval within hours. no cost and also get additional info. Also fee free to contact me at jfreeman@justgetaloan.net or 866 530 7300 ext 7305 for assistance with any other questions. |
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Jim H
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Go ahead and start with the mortgage company. They will give you some guidance on how much you can afford. Realtors will tell you it helps to be preapproved/prequalified, but I don't think that's really true.
You won't be able to do most of the work until you pick a house, anyway. The mortgage company can get your loan done between the time you make an offer and the time you close, unless you pick a really short time (less than about 2 weeks?).
The lock refers to how long the mortage company will guarantee the rate they quote you. But you usually know the close date before you get the interest rate quote. The longer out the close date (the longer the lock), the higher the interest rate. |
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Searchlight Crusade
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Start with a pre-approval. Many people think a prequalification is the same thing, but it is not. A good broker will probably get you the best rates, but you cannot lock until you have a property picked out and anything you are quoted today is not valid tomorrow. Cold hard truth. So talk to half a dozen or so, and pick at least two to apply with. Keep in mind the none of the paperwork you get upfront really means anything unless they separately guarantee it in writing - not the Good Faith Estimate, not the California MLDS, not the Truth In Lending - nothing. Find out about what you can afford given current rates, and stick to that budget.
Find some good buyer's agents, and make sure they know what your budget is. Sign all the non-exclusive agreements you want, as you can work with any number of non-exclusives, but don't sign any exclusive agreements, and don't work with them, no matter who recommends them, if they require one. If they try to show you something outside you budget, *fire* them. Just stop working with them.
One you've got a purchase contract, you want to move fast. Thirty day locks are plenty - especially with preapproval - but don't try fifteen. The longer a lock, the more it costs, but if the lock isn't for long enough, you end up paying extra that way also. There is no reason why a loan can't get done from a standing start in thirty days - unless there's something external holding the whole transaction back, like the house not being complete.
Lots more consumer education on my websites. |
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