Home Buying in 44709>Question Details

Rex Beach, Home Buyer in Canton, OH

When my middle credit score rises 20 points more a bank will give me a home loan. Is it okay to look at homes while waiting or should I wait?

Asked by Rex Beach, Canton, OH Sat Oct 22, 2011

My debt to income is good & a bank manager said that when my middle credit score reaches 620 I will get approved for a loan. Someione told me I should not look at homes until I get a loan but I feel that looking around might make the home buying quicker when i do get the loan. Will agents show homes to someone who is not yet approved for a loan?

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I wouldn't recommend looking at homes until you're financially in the position to.

If you look at homes and find one you want to write an offer on but your lender says it's not time, you wouldn't be in the position to write an offer. Once you would be in the position to write an offer, the home may no longer be on the market.

If you wait until you are in the position to write an offer if would be a much smoother process. A preapproval letter has to be submitted at the same time as the offer.
0 votes Thank Flag Link Sat Oct 22, 2011
Rex,

It’s not the fact of not looking at homes. Go to open houses until you are ready. This way you get an idea of what you want. It can take a little while to reach your 620 score to get approved. Do you really want to find the house of your dreams, only to lose it because you are not approved yet? When you do find the house of your dreams, you will always compare the entire house to that one house you loved. Then nothing you find you will like. It doesn't hurt to go to open houses. You don't need an Agent to go to open houses and look. Take this time to eliminate what you don't want and find what you do want. So when you do get approved you already know the style, layout, etc. This will make it easier for you.
0 votes Thank Flag Link Sat Oct 22, 2011
Well, it depends on the sellers of the homes you wish to see. They may require you to be preapproved to view their home. I would probably suggest to wait until you get that preapproval. You will have more clout with sellers, because they know you are preapproved to purchase. Also, you don't want to start looking, fall in love with something, and then not be able to do anything because you're not preapproved yet. However, once you get your preapproval, let me know and we can start the search for you. Thank you.
0 votes Thank Flag Link Sat Oct 22, 2011
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