Home Buying in Indianapolis>Question Details

Kara, Renter in Indianapolis, IN

When is a good time to start touring houses?

Asked by Kara, Indianapolis, IN Fri Oct 4, 2013

My fiance and I are looking to buy a house in Broadripple when our lease ends in June 2014. We have done a fair amount of research and read a few books on the homebuying process but don't know what next step to take and an appropriate time to take it? We've got an idea about how much we can afford and checked out credit scores out; mine is 762, his is high 600's. We are don't want to get ahead of ourselves and do things prematurely

We are both recent college grads and are leaning towards FHA loan.

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12
Kara,

You have done more than 95% of first time home buyers already. Doing as much research and gaining as much knowledge as possible is always a good thing, very impressive.

As most people will likely say that the first thing you need to do is contact a Mortgage Advisor, I would advise on the contrary. I graduated from college three years ago and I can most definitely relate. I would advise you to find a Realtor you get along with and one you can trust. Grab a cup of coffee and talk about the process. You may need to interview a few before you find the one you trust the most. Understanding the process is the most important thing for first time home buyers. From there they can give you referrals to reliable Mortgage Advisors.

I would love to talk with you and your fiancé, even if it is just to see if we would be a good fit. I am available at your convenience via call, email, or text.

I hope to hear from you soon!

Braxton Denton

Century 21 Scheetz
Cell-317.800.4515
Braxton@c21scheetz.com
http://www.Century21scheetz.com/braxton
1 vote Thank Flag Link Fri Oct 4, 2013
The first step is to meet with a lender. Even though your credit scores are good, there can still be things that could pop up and need some work in order to get financed, and it's better to make sure all the kinks are worked out before it's too close to moving time.

After that, you can begin looking at homes but you don't want to look TOO soon, in case you find a home you love, but aren't able to purchase it yet.


Feel free to reach out to me with further questions.

Tori Myers
Century 21 Scheetz
(765)434-2838
Tmyers@c21scheetz.com
1 vote Thank Flag Link Fri Oct 4, 2013
Hi Kara,

The first thing I have my clients do is get in touch with a mortgage broker and see what they would be approved for. When I first started, I didn't do that, showed these people a home they fell in love with, and then came to find out they couldn't afford. Lesson learned!

Also, if you guys have something on your credit, a good mortgage broker can help you get that ironed out to get you the best rate possible for your upcoming purchase.

The way home inventory is right now, it doesn't make sense to look around until about 2-3 months before your move. Homes have been going rather quickly.

I would appreciate the opportunity to help you folks navigate your purchase. Check out my website in the referenced link, and see what some of my past clients thought about me.

Avery Garrett, Realtor
Coldwell Banker Kaiser
317-721-2274
soldbyavery@gmail.com
http://www.soldbyavery.net
Web Reference: http://www.soldbyavery.net
1 vote Thank Flag Link Fri Oct 4, 2013
in this market (Indianapolis area) the best time to start looking is when you actually have your pre-approval letter ready and you are prepared to make an offer. properties are selling so quickly that you could fall in love with a home and then it would be gone by the time you got your paperwork in order. just keep in mind those books never prepare you for the reality :) the market, laws, etc...are different state to state. do you plan to have both of you on the mortgage? the title? you may want to marry first. have you spoken with a mortgage broker or a bank? so many questions. you may want to sit down with a Realtor and have a buying consultation. should you need assistance you can call or email me at kimwalshrealtor@gmail.com or visit my website http://www.kimwalsh.kwrealty.com
good luck!
1 vote Thank Flag Link Fri Oct 4, 2013
Kara,

First of all, Broadripple is awesome! That would be a great place to live. Rock Lobster is one of me and my friend's favorite places in Indy to go out.

I thought you might want to hear an opinion from a Mortgage Professional, as well. I really believe for the home-buying process, that it is simpler if you get a pre-approval before you go shopping. This is simply because you have the knowledge of how much house you can afford. It is much like going shopping for anything else: You have a better idea of what you can buy when you know what you can spend. And agents will really appreciate if you have a pre-approval letter as well.

I'm assuming that you like the FHA loan because it requires less cash up front? If so, then that's a smart choice. I am a mortgage originator at PrimeLending and we offer FHA, as well as certain conventional loans with 97% financing (with certain qualification criteria). You might also look into the MyCommunityMortgage, which is a big hit with first time homebuyers, and also offers 97% financing. PrimeLending offers this program too.

As a first time homebuyer, I would like to work with you on the financial aspect of obtaining your new home. I understand it is stressful making the biggest purchase you've ever made. My goal is to keep you informed and be your guide through every step of the process, to make it as stress free as possible.

If you would like to contact with me about any further information you may require, please feel free to do so whenever you like.

Cody Broshar
Phone: 317-989-5304
Email: cbroshar@primelending.com
Website: https://lo.primelending.com/cbroshar
0 votes Thank Flag Link Wed Oct 30, 2013
Hi Kara,
Congrats on making the decision to become home owners! It seems to me you guys have done some good research and are headed in the right direction. Broadripple is an exciting area with lots to offer. It is one of my favorite parts of Indy. I love all the uniquely charming homes and the variety of restaurants in the area.
While I do feel it is important to meet with a Mortgage lender early in the process I would recommend at this stage that you start with interviewing a few agents to find someone you feel most comfortable working with. Once your agent gets to know you a little better they can make an informed recommendation for a lender they have worked with in the past and that they know can get you into the right loan for the right home.
If you are looking at moving in June I would say that April is going to be about the time you really need to start looking at homes, but the next few months may be the time to start thinking about who you want to represent you as buyers.
I would appreciate the opportunity to have you interview me so I can tell you a little more about myself and what Century 21 Scheetz and I have to offer first time Home Buyers.

Ernie McGhee
Century 21 Scheetz
317-705-2572
emcghee@c21scheetz.com http://www.HomeSalesIndy.com
0 votes Thank Flag Link Tue Oct 29, 2013
It is EXCITING to look at houses!! Especially, if it's your first time to buy for yourselves. You've done a lot of research an hopefully you've not read the article that I'm sharing with you. This article is on the essential tips for buying your first home. http://homes.yahoo.com/news/6-essential-tips-for-first-time-…

I have several lenders that I would recommend that I enjoy working with because they have shown to me that they can close on time and care more about you and not just the sale.

Please contact me when we can be of assistance and make any other suggestion as your Realtor to represent you in this process.

Danielle Barton
317-417-4070
Owner/Broker
RED DOOR Realty & Property Management
0 votes Thank Flag Link Wed Oct 9, 2013
Hi Kara,

The first thing I have my clients do is get in touch with a mortgage broker and see what they would be approved for. When I first started, I didn't do that, showed these people a home they fell in love with, and then came to find out they couldn't afford. Lesson learned!

Also, if you guys have something on your credit, a good mortgage broker can help you get that ironed out to get you the best rate possible for your upcoming purchase.

The way home inventory is right now, it doesn't make sense to look around until about 2-3 months before your move. Homes have been going rather quickly.

I would appreciate the opportunity to help you folks navigate your purchase. Check out my website in the referenced link, and see what some of my past clients thought about me.

Avery Garrett, Realtor
Coldwell Banker Kaiser
317-721-2274
soldbyavery@gmail.com http://www.soldbyavery.net
0 votes Thank Flag Link Fri Oct 4, 2013
Hi Kara,

You are in a strong position for building a dream home. Equistep specializes in making sure you have everything in order before you buy, to maximize the potential for equity. We are not a lender or a credit repair company. We maximize your opportunity to build a home or purchase a brand new move-in ready house.

In addition, here are the best reasons to build or buy a new home: Customization, Higher Energy Savings, Stocked with Green Appliances, All Inclusive Warranties, Fewer Repairs, Lower Maintenance, Fire Safety, Builder Concessions, and frequent Financing Perks. Plus when you close with Equistep you receive a free $300 Gift Card for Bed, Bath & Beyond.

Why not the three of us meet to discuss? I am located at Keystone at the Crossing near 465 and Keystone. 317-538-2988 or rick @equistep.us.

Always here to help and provide answers,

Rick Miller, CEO
Web Reference: http://www.equistep.us
0 votes Thank Flag Link Fri Oct 4, 2013
Kara,

You have done a great job up to now perfect! At this point I feel strongly that you need to start interviewing Real Estate agents and find one that you are comfortable with that you feel certain that the agent has your interests at heart and not their own... As a first time homebuyer there are a lot of i's to dot and t's to cross so you want a professional working for you to ensure that this is being done on your behalf. I am not a big fan of FHA financing at this point there have been a lot of changes to FHA especially this year and I don't feel it is the best tool for financing a home if you would more information on this feel free to contact me directly. Have a great weekend.

Chuck McCollum ABR,CDPE
317-514-5175
chuckmccollum@remax.net
0 votes Thank Flag Link Fri Oct 4, 2013
Hi Kara,

I would advise you to make a loan application for pre-approval. It will normally only be good for 60 days but it can be renewed. The important thing is to know that you will qualify and for how much house.

I can recommend a good lender that has FHA and other programs. Call or email me for details.

Probably April is soon enough to start looking, and I would be happy to help you.

Peter Knight
(317) 529-4178
peterknight@frontier.com
0 votes Thank Flag Link Fri Oct 4, 2013
Hi Kara!

Bravo on your decision to purchase! The market is great and there will be lots of new properties that will come available in June 2014. At this point, I would meet with a lender just to ensure there isn't anything you are missing on your credit report that could prevent you from buying. There are many components involved in being preapproved for a mortgage, not just your credit score is considered. This way, if you have issues you are allowing yourself plenty of time to get those items corrected.

I have various lenders I work with, feel free to call me if you have questions or concerns.

Thank you!
Tiff Atkinson
Real Estate Broker
317-612-4545
tatkinson@callcarpenter.com
0 votes Thank Flag Link Fri Oct 4, 2013
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