Financing in 32504>Question Details

mjay, Home Buyer in Pensacola Beach, FL

I'd like to start looking for a home, with my target buy being before November (current lease is up). When should I start looking for mortgages?

Asked by mjay, Pensacola Beach, FL Sat Feb 23, 2013

I'm a first time buyer with pretty good credit and pretty hefty down payment available for the range I'm looking at.

0 votes Share Flag Financing in 32504

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Homes are rising in price. It certainly would be good to start looking early rather than late in the present market. It may even be that you should have one built. That would take a while and might take some of the financial pressure off of your current lease situation. Have you considered that? There are many considerations that come into play and my advice is to sit down with a licensed Realtor sooner rather than later to discuss your options and make a plan. Realtors can help with everything from vacant lots and helping to find builders, to representing you with major builders such as D R Horton and others. Finding existing homes for sale is a snap with the MLS system and other info that the Realtor has available to them. Realtors also usually have experience with working with mortgage officers and brokers. I was an Army officer and an Eagle Boy Scout and learned that the key to success in most everything is a good well thought out plan. Another good thing is working with a Realtor to find a home doesn't cost you anything for their services. I'd be happy to assist you. Call me at 850-982-1907 or email me at Thanks - Ted
1 vote Thank Flag Link Sat Feb 23, 2013
I would call an agent not so much to check on your credit since it is good, but to get a good idea of how much you can afford to pay for your next home, and also to let them keep you in mind and give you updates on interest rate. Keep in mind the same home will cost a lot more if the interest rate goes up. Best of Luck!
1 vote Thank Flag Link Sat Feb 23, 2013
In my previous answer I didn't refer to what is becoming very popular with buyers and sellers alike - the FHA 203k mortgage loan. You sound like a good candidate for it depending on the home value you're considering.

This FHA loan opens up a world of homes that need remodeling that can be wrapped up into the mortgage. It is also said to "make principal" for the buyer because some of the homes might not pass normal mortgage home inspectors and the sellers can't or won't fork out the necessary money to fix the problems. This can be a real "deal" for buyers and If you want to know more then set up an appointment with me and I'll be happy to give you some guidance on it, free with no obligation.
You can call me at 850-982-1907 if you like. I am certified in this type of loan and can advise you about it. The overall process of buying a home includes the financing too. You should have a Realtor working with you with all aspects of home purchase.
0 votes Thank Flag Link Wed Jul 31, 2013
It is important to begin your financing before beginning the search process as the financing will give you your buying power.
0 votes Thank Flag Link Wed Jul 31, 2013
You can go talk to a mortgage lender anytime. There are quite a few but the people at gulf coast community, first federal, and universal lending group are all very helpful. Interest rates are staying steady at the moment but that can change very quickly. I live right here in gulf breeze so if you would like me to help you find a home, I'm right around the corner. Thanks
0 votes Thank Flag Link Wed Feb 27, 2013
I love to start the search at least 6 months out. However, your lease does not have to dictate your timeline as some leases make provisions for purchasing a home and some sellers may be willing to buy out the lease. You should use the banks/mortgage company now to get an idea of how much house you can be approved with your down payment, Also, they can let you know of any "surprises" that can be fixed along the way. I can be reached at 850-390-6664 and would be happy to assist you with your search.
0 votes Thank Flag Link Mon Feb 25, 2013
Congratulations - it sounds like you are in a wonderful position to purchase your first home. Is there any way to get out of your lease early? Home inventory is low and prices are projected to rise. There are multiple offers coming in on many properties when they go on the market so you will need to be competitive.

You can get preapproved any time. If you do not have a Realtor yet you should begin doing research to find a great one! Interview a few and do not settle for someone - use the time you have to put together a great team!
0 votes Thank Flag Link Sat Feb 23, 2013
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