Home Buying in Aurora>Question Details

Butikflair, Home Buyer in Aurora, CO

Finally got to 700 middle score and looking to purchase a house.

Asked by Butikflair, Aurora, CO Sun Feb 10, 2013

Finally got to 700 middle score and I'm looking for a home that I can close by end of June because my lease doesn't end until 7/30. How soon should I start on my preapproval?

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That is a huge milestone- Congrats. Have you already been through the pre-approval process or are you just getting ready to move? We would love to assist you find your dream home, but there are a few things that need to be done first. Reach out to us when you're ready and we can discuss your current situation. TeamPowerHouseDenver@gmail.com

Team PowerHouse Denver
0 votes Thank Flag Link Sat Jul 20, 2013
Congratulations. 700! that score is more than adequate to purchase a home. Next question is how much
down payment would be comfortable and how much of a monthly payment can you afford. Good lenders are skilled at guiding you to these answers. For references I can provide 3 I have worked with in the Aurora area
0 votes Thank Flag Link Tue Jul 9, 2013
Good afternoon Butikflair,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Fri Jun 21, 2013

I just saw this post. Looks like it was posted some time ago. Looks like you got some good answers below. I would have said 'immediately'. It is never too soon to start the prequalification process. You even start before your #credit score is where it needs to be. I would start by working with a Buyer's agent so it will be a team effort to get from square one to the lender to the home and then to a successful closing. All the best with your purchase. Let us know how it goes.

Robert McGuire
Your Castle Realestate
0 votes Thank Flag Link Thu Jun 20, 2013
That's good news! You can now obtain a mortgage to purchase a house. By the way, where are you planning to buy one?
0 votes Thank Flag Link Fri May 10, 2013

I would contact a lender now. You want to be pre-approved. Than, I would start looking for a right home. It might take few weeks. After you find the right place it will take at least 1 month from making an offer till closing.
If you need any professional help, feel free to contact me. I also know few very good lenders.

Thank you

Jacek Glowacki
0 votes Thank Flag Link Wed May 8, 2013
Great question! I recommend speaking with a lender right away and get moving on your application. It will take 30-45 days to close on your house once you find it. Locating the home of your dreams will be tough right now in this tight market.

But the rental market is also tight, so your landlord may be willing to release you from your lease if he can rent it for more. Be proactive and talk this over with your Landlord now so you can see where he stands then you can secure an agent you like and start searching.

Congratulations on getting your credit scores up. Best Wishes in your home search. I'd be happy to answer any other questions you might have.
0 votes Thank Flag Link Wed May 8, 2013
Hi -- just following up to see if you have further questions about "where and how" to begin looking for a home. I specialize in working with first-time buyers. My services and advice are always FREE to you, as commissions are paid by the seller. Are you interested in staying in Aurora?

Julie Montgomery
RE/MAX Masters, Inc.
Direct: 303-906-3150
0 votes Thank Flag Link Thu Feb 21, 2013
Well, here's the good news ... in virutally every case, your landlord will probably be willing to release you from your lease. There is so much demand for rentals, that the last three buyers I've worked with (last two months) were all able to terminate their leases early -- the landlords raised the monthly rent in each case!!!

You are already smarter (much smarter) than the average buyer. You know your credit score, which is awesome. You will also be able to get a better interest rate because your score is over 700. You could pre-qualify immediately and start shopping this weekend.

Seriously ... get pre-qualified only takes a few minutes and you can do it by phone. They will ask what you make, what you owe, they'll verify your credit score by asking for your SS# and you'll be ready to go!!

What area in Aurora are you interested in? I would be happy to refer you to one of my lender (like me, they work weekends and evenings) :-)

Julie Montgomery, RE/MAX Masters, Inc., Greenwood Village, CO
Web Reference: http://www.jmontgomery.com
0 votes Thank Flag Link Fri Feb 15, 2013
Congratulations! Are you prequalified for a loan yet? If not I have three excellent lender partners you can choose from. Contact me and I can get you in touch with them.

Also, our website gets rave reviews for the detailed home searches it provides and ease of use. You can save your searches & favorite properties, make notes online, and get email alerts of new listings matching your criteria. Map search and virtual tours, too.

Let me know if I can answer any questions for you.

Warm Regards,

Marianne Bandy, CRS
The Bandy Team
RE/MAX Professionals - Denver CO
"From Our Heart to Your Home"

303-746-7799 cell
Web Reference: http://www.BandyHomes.com
0 votes Thank Flag Link Mon Feb 11, 2013
I'm sure you're hearing a resounding NOW, with detailed reasons. Every Agent should have a list of mortgage brokers they work with. If you're a member of a credit union, contact them first. Good Luck and please call if you have more questions. Ric Werremeyer, Associate Broker w/ Keller Williams, 720-437-0724
0 votes Thank Flag Link Mon Feb 11, 2013
By starting now you take pressure off everyone, especially you!
Flag Mon Feb 11, 2013
Hi, butikflair. 700 FICO WAY TO GO! Preparation is one of the keys to success.
0 votes Thank Flag Link Sun Feb 10, 2013
You should start now. There are many mortgage products, some designed for first time buyers . A real estate agents could give you some recommendations. Schedule a consultation with an agent.

Happy house hunting..
0 votes Thank Flag Link Sun Feb 10, 2013
I would start sooner than later. A good realtor can recommend trusted mortgage orginators and begin the loan process and also start getting you information about the areas you are interested in living in. Its important to start the loan process before looking at home to determine your price range. As for time frame, I have closed deals, mostly with VA loans, in less than 30 days and some have taken up to 6 months. Its going to depend a lot on the house you choose and the circumstances of the sellers. Their are several completely different types of transactons. From short sales, foreclosure, HUD homes, to your traditional sale which all bring in their own unique circumstances for each. There are many question you will want answered before you get to closing, so the sooner you start the better. I wish you the best on your house hunt.
0 votes Thank Flag Link Sun Feb 10, 2013
First talk to friends, family, co workers and real estate agents to get some recommendations for mortgage brokers. I have a few I can recommend if you are interested. It can depend on who you are working with and what type of loan you are getting. It is important to get pre approval before you start looking at homes for a couple of reasons.....1- so that you are looking at the correct price range. You would hate to find a home that you are in love with only to find that you can't get approved for it. 2- the market has really seen a lot of multiple offers and if your competing offers have their pre approval and you do not, you will likely get beat out. That being said, if you are not looking to move until July you may end up having to get pre approved again later on as they do not last forever. Keep in mind that when you find a place, closing is usually 30-45 days from when the offer is accepted. It is possible to extend the closing date a little more, but it may hurt your offer. I would also suggest talking to your landlord to see what the penalty would be for getting out of your lease early. You may have no options and be forced to finish out the lease, or you might be able to pay a fee for getting out early. It is always good to be prepared and know what lies ahead. Congrats on getting your credit score up and good luck with your home search!
0 votes Thank Flag Link Sun Feb 10, 2013
I wouldn't wait too long. It's good to get it now. Finding a right home might take you several months. Once you find it, it still takes at least another month from signing a contract till closing. If you need any assistance, feel free to contact me. If you need a good lender, let me know. I can definitely help you find one.
Thank you
tel. 303.356.1693
email: jacekadafi@yahoo.com
0 votes Thank Flag Link Sun Feb 10, 2013
Your preapproval is something you should start on right away. This way you can be sure of any issues that may come up along the way. With a 700 score many options will be open to you. Please feel free to visit my site and begin your home search right now. I also have a lender standing by ready to assist you with all of your financing needs.


0 votes Thank Flag Link Sun Feb 10, 2013
Congratulations! That's a big step. I'm happy to help. No pressure. Search for homes for free on our site and get in touch with us when your ready. No worries. http://Www.bluesky-home.com. Or call us at 3035894591
0 votes Thank Flag Link Sun Feb 10, 2013
Now is a good time to start! i have a great lender to refer you to. There's more than just credit score to think about. They'll look at income, savings, debt to income ratio, job history, etc. let me know how I can help!
0 votes Thank Flag Link Sun Feb 10, 2013
You should get preapproved now. This will help you understand the loans available to you and what you cash out of pocked and monthly payment will be. Check out my site http://www.mansfielddenver.com and click on home loans. You can send in a prequal request and one of my lenders will contact you tomorrow morning. You can also search all the homes for sale, updated daily. Let me know what else I can do and when you want to start looking.

0 votes Thank Flag Link Sun Feb 10, 2013
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