Since most pre-approvals are good for 6 months, it's not too early to get one. Figure it will take you about a month to find a place, then 60-90 days to closing. Speak to a few mortgage brokers/banks to first discuss what mortgage will be best for you based on preliminary information about your employment, income, debt, and down payment amount, then get that pre-approval. You will then know what you can afford.
In reality if you find a place by end of March, you could move by June or depending on the sellers cooperation, ask to wait till July (or close in June, just stay in your rental place till end of July and move in slowly into your new home).
If I can be of any help finding you listings once you get pre-approved, feel free to contact me via email or give me a call.
Even though you are not looking to buy / move until August, I would suggest that you talk speak to a mortgage person in a preliminary sense, this way you have an idea of what is going on. I also have a mortgage checklist that I give to my clients as well as a first time home buyers breakdown of the events in buying a home.
Typical closings are 60 -90 days.. So think about it, you are not really that far off. Depending on where you want to be, call or email and I can send you listings in the area you like that you can begin to get an idea of what is happening in the market.. as in comparing what is in attorney review, until is closes -vs- the listing price. ( I am just about to list a Condo in Sayreville)
I can also connect you with a great mortgage person to explain the process and find out where you stand.
Buying a home is all about due diligence. Learn as much as you can and work with a smart Realtor.
Orange Key Realty
1. What loan programs you qualify for
2. Down payment expectations
3. How much house you can afford
4. What your payments would be
5. What your closing costs will be
6. How to negotiate your contract based on your financing requirements
7. If you have any credit issues
8. What can be done to bring your credit scores up
Take a minute to read this about the pre-approval process: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr
I do business with a great mortgage rep - if you would like his contact info, just send me a quick email and I'll be happy to provide it.
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Getting preapproved for a mortgage is not automatic. I suggest that you speak to a local mortgage professional now about your plans. That person can discover now whether you will have any difficulties with obtaining a preapproval. If there is anything that you need to do to improve your credit, pay down bills or anything else that will put you the best position to qualify for a mortgage, you can start now.
If you were my clients I would suggest you to start looking around late May at the earliest for a home if you want to time the expiration of your lease to the closing on a house in order to avaoid having to make an extra lease payment or a lease and mortgage payment both. A REALTOR can help you set up a timeframe for your search. You should also look to work with someone who is experienced with buyers, especially first time buyers. Don't discount looking at new construction either and use a REALTOR to help you with that too!
Good luck and remember, there are no dumb questions to ask of us. We are here to help you!
The preapproval process should not take very long, however, it is the ideal tool in helping you to know what price range you can afford comfortably. This will help you to know what to look at in your home search. It can't hurt to go ahead and start the process.
I cover the Sayreville area. If you would like more assistance please feel free to contact me directly either through email or by cell phone.
RE/MAX Central Manalapan
(732) 972-1000 x 364
Cell (732) 232-5277