Home Buying in Saint Charles>Question Details

Carl Barkow, Home Buyer in Saint Charles, IL

Timing my purchase.

Asked by Carl Barkow, Saint Charles, IL Sun Jan 12, 2014

If I want to be in a home on June 1st, when should I do all of the prequalification, and mortgage application, in addition to finding the right home.

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Answers

10
I would start the mortgage process now with a local experienced lender so that there are no surprises when you are ready to put in an offer. Since you have posted many questions on this forum I know you are a serious buyer.

Consulting with a real estate broker will help address these questions one on one so you don't have to share your personal information on a public forum. Short sales are still an option if you start now and are a great way to find a more affordable home in an area that you may want. With inventories in our area being very low the homes that are priced right will go the quickest.

Get the pre-approval out of the way and you can start getting homes that suit your particular needs faster and you can get a better idea of where you really want to move to whether its St. Charles, Batavia, Elburn or even Sugar Grove. Homes with 1 acre or more that suit both your needs in these areas and your price range are not readily available but by working with an agent you will have a much better chance of having the first opportunity to buy it!

Contact me at your convenience!
1 vote Thank Flag Link Sun Jan 12, 2014
I would start the pre-qualification process now so that you know the price range that you will be able to afford. You want to know what your price range is so that you do not spend valuable time looking for houses out of your price range.
0 votes Thank Flag Link Thu Feb 5, 2015
I would say the time is now to start with a prequalification. I have great lenders that I can connect you with in IL. The reason you need to start now is due to the fact that you need find out how much you qualify for and if there are any credit issues that need to be resolved and/or improved before you proceed with your home search. Credit issues can require much time from months - years. So, please do yourself a favor and call your preferred lender now.

Also, should you need assistance in buying a home in St. Charles, IL or elsewhere I can help you.
For real estate worldwide, whether you need a home in Chicago, Arizona, Colorado, Canada, Europe - anywhere in the world for that matter - there is no better place to begin and end your search than Century 21 Real Estate.

You can reach me at:

world@century21.com
0 votes Thank Flag Link Mon Jan 13, 2014
Its never too early to start with the ore-qualification process. I would start now. That way if there is anything that needs to be worked on or sorted out. Once you have a good idea where you stand financially call me and we can take a tour of a few areas and homes in your price range. To be in a home by June 1 you would probably need to purchase 45-60 previous.Don't wait that long, get an idea of what you want sooner rather than later. I have a number of mortgage brokers in the area that I can refer to you.
0 votes Thank Flag Link Mon Jan 13, 2014
Hi Carl,

Wow, these are really loaded questions. Here's why; your credit score, type of transaction (short sale, foreclosure, estate or traditional sale), and available housing inventory will all effect your time line. However, I've provided some info below based on very good credit & traditional sale to help give you an idea.

Now
- Do pre-qualification with a lender to know what price range to be looking in
- Determine your "must haves" & "wants" based on what you want to spend & can afford
- Speak with a Realtor about what's available, be set-up on auto-home search for new listings

Feb 1 - March 1 (depending on your particular situation)
- Start previewing homes with Realtor
- Work with lender to obtain Pre-Approval letter (this is different from pre-qualification as it requires you to submit income, bank, tax, documentation to your lender for closer review)

April 1
- Have Pre-Approval letter from lender ready (This will provide you with stronger negotiating power)
- Narrow home search, select your home

April 15
- Contract negotiated and accepted

These are only estimates, not based on your particular situation. This is where a local, seasoned Realtor, like myself : ), can help you. The best part, seller pays our fees - not you! Feel free to call or email to discuss a time line based on your particular situation. You may also want to check out my new "Homebuyer's Transaction Flow Chart". If so, send me an email or text.
0 votes Thank Flag Link Mon Jan 13, 2014
Hi Carl,

Great questions! It is very smart to plan ahead in todays market. If you are looking to be in your new home by June 1st, I would recommend starting now. Find a mortgage broker that can help you through the prequalification process. Then search for your real estate agent that will help you with your search and exceeds your expectations.

Thanks,
Michelle Tangorra
Baird & Warner Broker
0 votes Thank Flag Link Sun Jan 12, 2014
Hello Carl,

I would recommend starting the prequalification process as soon as possible, this gives you more time to correct any problems the mortgage broker may find when reviewing your information. I work with over 40 different lenders to provide more opportunities for my clients. I would be happy to give you a free professional assessment. Feel free to contact me with questions or to get started

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
0 votes Thank Flag Link Sun Jan 12, 2014
Good Evening Carl,

It is best to start the prequalification process immediately. There are new mortgage guidelines that went into effect last week and it is a good idea to have a experienced mortgage lender look at your income, credit... to come to a determination as to how much you can afford before you start looking at homes.

I am a experienced mortgage lender with over 6 years experience and many mortgage products to offer (Conventional, FHA, VA...) and would appreciate the opportunity to show you how I can help you get to the point of purchasing a home. If you would like to talk more about your situation, please contact me at the below phone or email.

Good Luck to you,

Nick Nelson (NMLS#384413)
Mortgage Lender
Community Bank of Rockford
2470 Eastrock Dr.
Rockford, IL. 61108
815-289-0880 - Cell
nnelson@thehsb.com
0 votes Thank Flag Link Sun Jan 12, 2014
Carl

It is somewhat going to depend on the type of transaction. Short sales may or may not be good for your timeline. I would talk with your real estate professional to have them help you understand what to do. If you do not have one, reach out to find one that can work well with you. It costs you nothing to use an agent and will save you time and money.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
0 votes Thank Flag Link Sun Jan 12, 2014
Good Morning Carl. I would recommend you begin interviewing lenders now to find out a purchase price you can afford. Once that is determined, I would suggest you begin receiving listings of homes available in that price range to start educating yourself on the market. Let me know if I can be of assistance with lender referrals or information on homes in St.Charles. Thank you.
0 votes Thank Flag Link Sun Jan 12, 2014
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