Home Buying in Oklahoma City>Question Details

Jennie, Home Buyer in Oklahoma City, OK

In OKC, is there a timeline I should follow to help me decide when to get serious about the steps towards purchasing my first home?

Asked by Jennie, Oklahoma City, OK Fri Aug 16, 2013

I would like to purchase a house early next year. I'm currently renting and my lease will be up February 28, 2014. I can certainly afford the additional charge to go month to month on renting, but ideally would like to be moved around that time so that I don't have to do this more than a month or two. By Feb. 1, 2014 I will have reached my goal to have a guaranteed $10,000 to go towards fees/down payment. I have no debt.

How many months out should I be looking to engage in the normal steps towards buying (Pre-qual and/or pre-approval letters, finding an agent, looking at homes in person, etc.)?

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Teri Reed’s answer
I generally tell people that they should start at least six months in advance. The first step is to order a copy of your credit report and obtain your credit score. In some cases, you may need several months to clear up errors. If your credit score is in the low 600's, you should take some steps to improve the score. This can also take you a few months. The next steps is to get prequalified with a lender and find an experienced realtor to help you find a home. You'll also want to explore neighborhoods that you would like to live in and become familiar with the home values, school system, available activities, and track the commute time to your work. All of this will save you time and energy when it comes time to start touring available properties.
0 votes Thank Flag Link Thu Sep 19, 2013
BEST ANSWER
Jennie, the sooner the better, IMO. It takes time to work through all the caveats properly, and having some time to build a relationship with your agent before you're ready to pull the trigger is wise, so they get to know your wants/needs more in-depth.

Additionally, I'd like to share with you a post I wrote a couple of years ago. You may have covered some or all of these steps already, but if not, this is a great starting point: http://www.showmeokc.com/first-steps-to-becoming-a-home-owne…

Having your finances in order is the number one key to this. If I can be of any further help, please don't hesitate to call or email me, and congratulations on such an exciting step!!
0 votes Thank Flag Link Fri Aug 16, 2013
Hi Jennie - I would start by sitting down and talking with a Realtor or two. You should ask them questions to learn who is the best fit for you. Your Realtor should also be able to help connect you with a lender or two, so you can get an idea of loan requirements etc. Once you have chosen your Realtor, you will need to sit down with your Realtor to discuss your wants and needs so your Realtor knows what you are looking for and can help make recommendations. I would start the process right away, so you have a timeline of what to expect and everything won't catch up with you and leave you scrambling when you are ready. Please feel free to give me a call at 405-816-3600 if you have any specific questions or if you would like to interview me.

Brent Buxton
Keller Williams Realty
405-816-3600
1 vote Thank Flag Link Fri Aug 16, 2013
Jennie,

The sooner you start the better. it can take 30 to 45 days to process your loan depending on the lender you are working with. Also you do need to build a relationship with your agent so they can totally understand you needs and wants in a home.
I am a buyers agent at Keller Williams so I speclize in home buyers I would be happy to help you and set down with you and talk about all of your needs. Please feel free to call me anytime.

Charles Willoughby
Home Buying Expert
Keller Williams Elite
The Brett Boone Real Estate Team
405-412-1546
Willoughbyrealtor@gmail.com
0 votes Thank Flag Link Thu Sep 19, 2013
The first step you want to consider would be to get approved with a lender. That will let you know what your financing capabilities are and how much of a monthly payment you would have. Once you get a preapproval letter you can start shopping for your new home. I would like to speak with you and figure which financing options fit you the best. Please call me @ 405 595 1764.
0 votes Thank Flag Link Thu Aug 22, 2013
You will want to get pre-qualified around December or January. You could start searching then and write a contract to close at the end of Feb. However, it is harder to negotiate a close that is 60 days out as compared to a 30 day close. I would start actively looking around the beginning of January to find the home you would like. Be willing to take your time while looking, yet willing to jump on the home you fall in love with. The OKC market is a fairly strong market and homes tend to move quite fast. I wish you the best of luck in your search!
0 votes Thank Flag Link Sat Aug 17, 2013
Get started 60 days out and you will be good. If I were to choose an agent below I would go with John or Ryan.

Best of Luck
0 votes Thank Flag Link Fri Aug 16, 2013
Your pre qualification letter will be good for 3-6 months. Lenders can close on a house after contract somewhere between 3 and 6 weeks after the offer has been accepted. You may want to start looking at houses online and interviewing realtors.

Is this your first home purchase? If so, I do a first time home buyer consultation and would be happy to meet with you.

Carolyn Sims
Keller Williams Realty Elite
405-808-7922
0 votes Thank Flag Link Fri Aug 16, 2013
It wouldn't hurt to sit down with a lender soon just to make sure there isn't anything in your credit that might require a few months to work on.

Most loans take about 30 to 45 days to close on. The timeline for finding a home really depends on the person looking. Our market in OKC is moving fairly quickly. You could get set up for a search fairly soon so that you can see what sorts of homes are in your price range, and narrow down your list of must haves, etc. Then when you're ready to seriously look, you'll already have the advantage of knowing approximately what you're looking for, and what reasonable prices look like, with input from your Realtor of course!

Please let me know if I can help in any way. Be sure to talk to a few people, lenders included, and make sure you feel comfortable with them. This is one of the biggest decisions in your life, so make it with people you synch with. Happy house hunting!
0 votes Thank Flag Link Fri Aug 16, 2013
Hi Jennie:

If your lease is up the end of February then you should start looking the 1st of January to find your new home, at that time you should already have your pre-qual letter, It normally take about 2 weeks to find you a home and then it takes 4 to 6 weeks to close, most of the time it only takes 4 weeks:
I would be more than glad to meet with you and discuss what you are looking for in your home and start sending home for you to view to your email: I can also help you with finding a mortgage co.

You can contact me ay time

Thank you
John Phillips
Re/Max Preferred Properties
405 413 0791
jphillips81@cox.net
0 votes Thank Flag Link Fri Aug 16, 2013
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