Home Buying in Sayreville>Question Details

D.Smith, Home Buyer in Sayreville, NJ

How far in advance should I start the pre-approval process? We can't move until August and it's only February?

Asked by D.Smith, Sayreville, NJ Sat Feb 18, 2012

I am looking to but a Condo/Townhouse and move in when my lease is up on July 31st. Is it too soon to get pre-approved and start looking?

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D. Smith,

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.

Mary Petti
1 vote Thank Flag Link Sun Feb 19, 2012

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.

John Sacktig
Broker /Manager
Orange Key Realty
Direct: 723-213-1409
2 votes Thank Flag Link Sat Feb 18, 2012
Getting Pre-Approved for a mortgage should be one of the first things you do before you go shopping for a home. That way you will know:

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…
1 vote Thank Flag Link Tue Feb 21, 2012
Getting preapproved now is a good idea so that you know what you can afford, AND if there is some element of your credit picture that needs tweeking, you have time to do something about it. You can begin looking now, but you may be just a bit premature in terms of timing for an offer. Think 45-60 days for closing and work back from there. But it can take a while to narrow down communities of interest and become familiar with the inventory available in your price band. You can make good progress on those fronts over the next couple of months. A preapproval will help you focus on what you can afford which is such an important place to start.

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.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
1 vote Thank Flag Link Tue Feb 21, 2012
You can always get pre approved now and if you don't find something you can just get an updated letter. They may check to see if nothing has changed with your credit by doing a soft pull so it doesn't really affect your score. you shouldn't search without being pre approved because you will be shooting in the dark not knowing what you can really spend.

1 vote Thank Flag Link Sat Feb 18, 2012
Usually a pre approval is good for 3 months. So you can check your credit so you are aware where you are, and you could even get a pre approval now,so that you know what dollar amount you are able to afford and start looking at some homes and areas that may interest you. Good luck.

Kelly Darland
1 vote Thank Flag Link Sat Feb 18, 2012
I disagree with those who say that you should wait.

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.
Web Reference: http://www.MedfordTeam.com
1 vote Thank Flag Link Sat Feb 18, 2012
It is never too early to see where your buying power is. There may be surprises hiding in your past financial life that your were not aware of. Get thyself to a local reputable lender. If you have not established a buyer agency relationship yet with a REALTOR, most lenders will be able to recommend you to one, or two, or three. If you are with a REALTOR, ask them who their past buyers have used for financing or who they recommend. You may be eligible for certain loan program based on your income, geographic area, or type of home you buy (i.e. HUD, Homepath). A lender will be able to help you through the maze and guide you to the program and loan that best suits your needs.

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!
1 vote Thank Flag Link Sat Feb 18, 2012
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.
1 vote Thank Flag Link Sat Feb 18, 2012
How long it will take to find a property that you like will really just depend on you and what is for sale at the time. How long it will take to close will depend on a lot of different things. If you start looking in June and find something right away that you like and then you make an offer and it is accepted and it isn't a short sale then you could close before the end of July.
1 vote Thank Flag Link Sat Feb 18, 2012
No problem & I agree with Alain, if you begin looking now then the first step should be to get pre-approved however if you want to wait until let's say May then the pre-approval can wait until May. A pre-approval is just used to ensure that you are qualified to obtain financing and so you know what price you can afford. I wish you the best!
1 vote Thank Flag Link Sat Feb 18, 2012
It is not too soon to get a preapproval for a mortgage if you are planning to move by the Summer. Moreover, it is not too soon to start looking for a home.Most buyers start looking months in advance and closings typically take place 60- 90 days from the time you actually find a home that they like.I sell condos, townhomes & single family homes in your area so if you need help finding a home please feel free to contact me. It is important to check to find out what type of loan you are preapproved for ahead of time if you are looking for a condo/ townhouse.If you are buying with an FHA loan keep in mind that not all communities are FHA approved so your choices may be limited. If there are certain communities that you are interested in I can look them up for you to check.
Joan Congilose
RE/MAX Central Manalapan
(732) 972-1000 x 364
Cell (732) 232-5277
0 votes Thank Flag Link Fri Feb 24, 2012
Thank you all! This is advice is so helpful. I recently reviewed my credit reports and scores from all 3 bureaus [BF is a credit counselor, so I was confident my scores would be very good to excellent :) ] I guess I will just have to take a deep breath and get ready for the next steps you described. I appreciate your candor.
0 votes Thank Flag Link Sat Feb 18, 2012
Get preapproved now just to make sure there is no unknown issues on your credit report that could be very old or might not be yours.
0 votes Thank Flag Link Sat Feb 18, 2012
In my opinion if you are going to start looking for properties to make offers on now then you should get pre-approved now however if you don't plan on looking for a few more months then you can wait on the pre-approval.
0 votes Thank Flag Link Sat Feb 18, 2012
Thank you, Chris. I am a first-time home buyer and I'm not even sure how long the process takes from the search to the closing. I don't want to be in a rush with a lease ending and still not having found a house. I guess my question is, if I have to be out of my current residence by 8/1, should I start looking now or wait til June?
0 votes Thank Flag Link Sat Feb 18, 2012
I personally would suggest getting pre approved right before you begin your search for a home so you know what price range you could afford.
0 votes Thank Flag Link Sat Feb 18, 2012
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