Also, since you have the extra time, you can take advantage of it by laying out best srategies to maximize some savings on your mortgage and putting together a Financial Mortgage Plan that will best suite your needs rather than a banks. An experienced and trained Mortgage Professional can help you acomplish this given the amount of time you have. Most pre-approvals are good for between 60-90 days, but there are some that can be extended as long as 120 days under certain conditions. Extended approvals are usefull if you are looking at building a new home.
Hope this helps, if you need any other info feel free to reach out to us any time.
E Loans Mortgage
Personal NMLS # 276682
Corp NMLS # 856640
hope this help
yes, you absolutely should get a pre-approval letter, before you start scouting out homes in Spring Hill.
After determining what loan program and the actually loan amount you qualify for, you will be receiving a Pre-Approval Letter which is good for 60 days.
With a pre-approval letter in hand you can start your shopping for homes - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.
If there is anything I can do to pre-approve you for the homes of your dreams, please feel free to contact me at your earliest convenience.
Lic. Loan Originator
A pre-authorization, however, takes longer to do, and the banks spend time reviewing paperwork like employment records, tax returns, etc. They also pull your credit. This is something you wouldn't want to do until you're actually ready to purchase. A pre-authorization is usually only good for a specified amount of time, and you usually have to pay a fee to get this done. Different banks have different policies about the length of time a pre-auth will be honored, and different fees for doing the financial history and credit check. Ask the bank what their policies and fees are for this.
I always tell buyers to shop for their financing before they shop for a house because of the differences in bank fees and requirements. Some questions you should probably ask your bank is which type of loan would be the best for you given your individual situation, what they charge for pre-authorization, and how long a pre-auth will be honored by the bank. Ask them about their bank fees and if any of them are negotiable. Ask them about the loan fees and typical closing costs associated with each type of loan for which you qualify.
Knowledge is power, so it's best to educate yourself about the lending practices of different banks, credit unions, and mortgage brokers before you actually need to use their services. That way you'll have the peace of mind of knowing you've chosen the right loan, and lending institution, for your purchase.
If I can be of further service to you, please let me know. I could begin sending Spring Hill listings to you now, so you can familiarize yourself with the market here if you like. I live and work in Spring Hill, and would be happy to help you.
I'm a realtor in Spring Hill FL. I will be happy to help you. It is important you get a pre approval letter. They usually last about 90 days, so prior to coming you should look into it. And you should shop around. That said, one of the places you should check out is a local lender. Local lenders to the area usually have better knowledge of the area you are looking to be in. For example, Spring Hill is Hernando County and we are considered rural so there is some financing that may work for you that would be able to get in Tampa area. We have a local lender, with very good rates and a hands on personality, where they know you and your not just a number. Their name is Patriot Lending.
I'm here to answer any and all questions for you. Just give me an email at firstname.lastname@example.org or visit me at sossold.com
How do you locate these lenders?
Enter Spring Hill or your destination zip code and select an "A" or "B" grate lender.
Go to: http://www.BaningGrades.com
There will almost certainly be a change in interest rate by Spring of 2013. Take care to understand how a change in interest rates will influence what you can purchase.
There are great opportunities in the Spring Hill area. If I were in your shoes, I would be prepared to purchase in Oct if at all possible. Be aware, the situation of the home your purchase, traditional, bank owned, short sale, flipper, investor, will have bearing on the funding most beneficial for you to have available. Consult with a Spring Hill real estate professional.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Chat real estate on: http://www.RealEstateMadeEZ.us
All the best,