Home Buying in 77084>Question Details

missg, Home Buyer in 77084

about how long does it take to get a home loan? our lease is over in july< and we are wanting to buy.

Asked by missg, 77084 Tue Jan 18, 2011

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27
I can 'Name That Note' in 1 week and 6 days.......


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1 vote Thank Flag Link Wed Jan 19, 2011
It usually takes about 45 days to get through the home loan process. Here is a video link that will help you understand the mortgage process better.
0 votes Thank Flag Link Wed Jan 26, 2011
Hello, again Guerra family.
I visited with you earlier on this site. Hope you are well. Call me and we can get started now so when your lease is over you will be ready to move.

Very truly your,
Kathleen Hamid (281) 799-4002
KathleenRealtor1@gmail.com
0 votes Thank Flag Link Tue Jan 25, 2011
Be very careful of people telling you that a loan can be done fast. Most loans these days are taking at least 30 days and most are 45 to 60 days. Better to start early and be prepared. Don't fall for empty promises!
0 votes Thank Flag Link Tue Jan 25, 2011
Good afternoon Mr. Guerra,

The normal process time from Application to Underwriting and from processing to closing is two weeks. Please feel free to contact me with any more questions that you may have.

Sincerely,

Jay Abeya
NMLS ID # 252320
Mortgage Banker
832-813-0100 ext 332 office
832-524-3842 cell
jabeya@kgcm.com
0 votes Thank Flag Link Wed Jan 19, 2011
Hello, Mr. Guerra.
Congratulations on your plans to purchase home. It is wise of you to begin your efforts to locate a home and the services needed as soon as possible. Then when the right home is available you will be able to make an offer and have the opportunity to have it accepted because will have all that you need to actively move forward.
If you will call me we can introduce ourselves and meet to discuss the steps needed to begin the process and you can explain your needs so we can narrow the search to your specific needs.
I am Kathleen Hamid, a Realtor, in the Greater Houston Area. You are in the Bear Creek ? area I believe. Please call or email me and we can begin. Kathleen (281) 799-4002 or email- KathleenRealtor1@gmail.com I look forward to meeting you and working with you. Happy New Year. Very truly yours, Kathleen (281) 799-4002 KathleenRealtor1@gmail.com
0 votes Thank Flag Link Wed Jan 19, 2011
Hello,

The process does not take long but you will be best served to meet with a local professional who can start the process for you. You may find some potential issues that can be addressed and corrected now so that they do not get in the way when you are ready to purchase a house this summer.

Try to find a lender or broker who will take the time to go over your credit circumstances and give you some guidance. This is the only way you will know your credit is moving in the right direction.

Good luck to you.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com
0 votes Thank Flag Link Wed Jan 19, 2011
There's no time like the present. Begin the process now, this will also allow you time to 'shop around' for the best interest rate, although there's more to it than just the rate. You will need to have several documents ready to start the process, please call me and I can help you. A pre-approval letter usually is accepted within 3-6 months of the issue date, but can be updated as needed. This will also guide you as to what price range you need to stay within when you begin your home search. Many sellers now require proof of funds when an offer is submitted. Keep in mind, even after an offer is accepted there can still be perhaps 6-8 weeks until closing, depending on appraisals, etc;. I have a link on my website for mortgage calculation, also some useful buyers information. I have some good lenders that my previous clients have worked with, so if you like give me a call so I can email you the information. 832-274-7572 Hope this helps & Good Luck!
Web Reference: http://agoodehome.com
0 votes Thank Flag Link Tue Jan 18, 2011
YOu can get prequalified now.
That way you can delete or update any potential credit issues between now and then.
Sometimes the better your credit score the better the rate might be.
The loan officer might also be able to give you guidelines on how much to save for
a down payment or closing costs.
The loan itself should take about 45 days from the time you contract to the time you close.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Jan 18, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You want to get pre-qualified NOW!! If there are any issues, you possibly can resolve them well before the time you need the loan. This will also allow you time to review with the lender(s) different types of mortgages (FHA, conventional, Arm VS Fixed, etc) and most importantly...how much your monthly payments will be.

You can't lock in an interest rate until you have a signed contract, but once you do the loan process takes 30-45 days typically. Again, if you are pre-qualified or pre-approved, you will have a relationship established with a lender and the process will go much faster.

You can get quotes now on current rates and how much money you will need to have for closing (down payment and closing cost). They might discuss how sellers could possibly help you with closing cost if needed.

Feel free to check my buyer's section on my web site. It has direct links to the 3 credit bureaus and shows the buying process in steps. Would be happy to be of some assistance if needed.

Good Luck!
Mark McNitt, Bernstein Realty
m# 832-567-4356
0 votes Thank Flag Link Tue Jan 18, 2011
Hello,
Glad you are thinking ahead. First, I would like to suggest contacting more than just one loan officer - this way you will get an idea of what your options are. Compare the quotes you get, so you know that you are comparing apples to apples. Please make sure that once you are ready to buy, you get a pre-APPROVAL, not a pre-QUALIFICATION letter. The approval process looks at your credit history, income, etc. to give you a more specific idea of the loan amount and the interest rate you will be getting. The details on the report will give you an idea of what your other costs are, so you are prepared with the dollar amount you have to bring when everything is finalized and you close on the house. Once you start the buying process and you have a contract, generally your loan gets processed within the time frame you have set to close, roughly 30 days. Don't forget to get an inspection done on your house within the option period - it is well worth it.

Wish you all the best in your home search. Let me know how I can be of assistance. Thanks.
Persis
713-294-7747
0 votes Thank Flag Link Tue Jan 18, 2011
Depending upon the lender, you should be able to obtain a loan decision within 15 minutes. The approval will normally take place while you are on the phone with the loan officer.

I would advise starting the approval process as soon as possible so that you will have an idea of how much you can borrow before you start looking at houses. This will also give you time to gather all of the tax returns, W2's, etc that the loan officer will need.

Best of luck with buying a house it is a great time.
0 votes Thank Flag Link Tue Jan 18, 2011
The length of time will depend entirely on the mortgage broker/banker that you select. Be very careful in the selection process as there are those who are very efficient and talented and in this instance you want the best lender you can find. You will want to find one who is prompt in returning your calls every time with the answers you need to make the best decisions that you can.

It's best to start early in case issues pop up that need to be dealt with before you can get full approval.
0 votes Thank Flag Link Tue Jan 18, 2011
Hello Mr. Guerra,

You should start now. Get pre-qualified. Visit a mortgage banker and review income, assets and credit situation. You have adequate time to correct any issues your credit report may have, will also be able to discuss mortgage loan estimate of fees and closing costs, so that you can save and have have 'seasoned' funds to close. Also by knowing what you qualify for, you can budget and start your research on real estate market; educate yourself based on realistic assumptions.

This is a fantastic time to be a homebuyer! Mortgage Rates are at historic lows, and current property values represent great instant equity opportunities.

Congratulations on your decision to buy a house and best wishes on this fantastic journey of home ownership.

In Service,
Mario Romero
Broker & Mortgage Banker
mromero@amcap1.com
832.818.5868
0 votes Thank Flag Link Tue Jan 18, 2011
All the responses are good ones, especially the ones from loan officers. Before you begin your search for homes here are a few things you should consider: If you belong to a credit union start there for your preapproval. If you don't, I would suggest you find a very reliable buyer's agent who can guide you. Going directly to the big banks does not always guarantee the best rate even if you are a good customer with great credit. 2. Find a buyer's agent and sign a buyer's rep agreement. Most buyer's think they can get a "better Deal" especially on new construction without an agent. This is not true. You need someone working for you, in your behalf.
3. Stay away from calling the listing agent. They have a signed agreement to represent the seller and even though they can write a contract for you they are not representing you. The same goes for new home construction. Remember the sales rep is representing the seller not you.
0 votes Thank Flag Link Tue Jan 18, 2011
A good lender should be able to get you a pre-approval letter the same day so long as you provide 2 years W2's, 30 days of pay-stubs and 2 months of bank statements. If you are self-employed or have additional sources of income then you will need to provide 2 full years of tax returns.

Depending on where you are wanting to buy, you may qualify for a USDA No Money Down loan. The USDA program is considered a Rural Development loan so you have to find a home a little farther out. Areas like Katy, Cypress and Magnolia are good examples of areas eligible for the program.

Here are some highlights of the program:

-Finance full purchase price plus closing costs up to 103.5% of the appraised value with or without seller concessions
-No cap on seller concessions, if seller is not paying closing costs, they can be rolled into the loan amount up to -103.5% of appraised value, not sales price. Great on foreclosures.
-One lien, no down payment assistance required
-No post-closing reserve requirements
-Not limited to first time home buyers
-Finance needed property improvements into loan amount up to 103.5% of “After Repaired Value” (case by case, contact me for details)
-NO MORTGAGE INSURANCE: That means lower payments than FHA
-Full doc only, must have stable work history (2+ years)
-Self-Employed borrowers okay with 24 month average income
-620 minimum credit score
-No open collections, charge offs, judgments or tax liens
-No pre-pay penalty
-30 year fixed rates
-Primary residence only
-Available for SFR’s, condos & town-homes only, No mobile homes or multi-family properties

To verify if a property is in an eligible area go to the following link:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If you would like more details on how to qualify for this loan please feel free to contact me at your convenience.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage, LTD.
202.681.1636 direct
eoliva@envoymtg.com
"Se habla Espanol"
0 votes Thank Flag Link Tue Jan 18, 2011
As long as all our ducks are in a row 30 days or less... first we could get you preaproved to see what your price range would be and also what kind of loan is best for you... this would only take at most 24hrs.... I would love to help ... Brittany Williams 281-770-8209
0 votes Thank Flag Link Tue Jan 18, 2011
It depends on the mortgage broker who can answer your question however it can take approx. 72 working hours to 10 working days .

The home processing takes approx. 60 days from submitting your sales offer to close BASED on property you purchased.

IF short sale or foreclosure can take up 60 - 120 days to close

Great question !

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 18, 2011
Hi there
Buying a home is such an exciting event, but the process can sometimes feel a bit overwhelming. I would recommend about 90 days before you lease is up, go ahead and see if you pre-qualify for a home purchase. I live and work in the 77084 area and would love to help you out. While there are several loan officers available to you, be sure to get a few quotes, ask friends who have purchased for referrals, and ask your Realtor also. Many buyers do not realize that one Realtor can show them nearly any home, including new construction in the area. The Realtor services to a Buyer, are most commonly, at no cost to the Buyer. Please feel free to contact me if you have any further questions or I can help in any way. I would love the opportunity to meet you and make your goal of owning a home a reality.
0 votes Thank Flag Link Tue Jan 18, 2011
That's great that you are planning ahead. Qualifying for a home loan depends on various circumstances including credit scores/reports, your debt to income ratio and how much credit you have available vs. owe.

The first thing I would suggest is to look over your credit reports. That way you can take care of any problems immediately. The only government backed place to get your free credit reports are http://www.annualcreditreport.com. I highly suggest the following site for detailed information about credit reports and how to address problems: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

Don't take on more debt, pay ALL BILLS on time and try to pay off your cards with the highest PERECENTAGE OWED first. You really want to keep them below 30% or they start to lower your credit scores. I have worked with credit specialists and have compiled a list of what/not to do while waiting for a large loan to close. If none of the above affects you, congratulations!

You should also check with your rental agreement to see how long in advance you need to notify your intentions of leaving.

Typically, lenders approvals last 3 months or longer, but it's good to plan early.

I can be reached at 832-409-9436 for any more questions you might have while preparing.
Web Reference: http://www.har.com/sboon
0 votes Thank Flag Link Tue Jan 18, 2011
Hi there!

Yes as said before the approval process takes only filling out an application and submitting your last two years tax returns, last two months bank statements and last two paystubs. The loan processing can take 3-4 weeks and the home searching well...that can take some time too depending on if you have an idea of what you are looking for or not. A good knowledged Real Estate Agent will help guide you to the right home in the right neighborhood and that is a good buy for your needs because we are out there daily and know what is out there being offered by sellers and builders.

Many of us also offer lease buyouts should you decide to move earlier than July while the rates are still great!

Good luck to you! Be patient it's a long winding path to homeownership, you will learn alot, need alot explained to you and you will get frustrated at times so it is SUPER beneficial to have the right team players working hard for you - your Realtor and Lender!
0 votes Thank Flag Link Tue Jan 18, 2011
As others have indicated, the process of obtaining a loan can happen relatively quickly - usually about 30 days. However, I would recommend that you start now. A visit to a local mortgage lender will help you solidify a number of things. First, you can discuss your financial situation, money you have for down payment, etc and the lender can advise you of the type of product that would work best for you. He can also get you prequalified for the loan, and you will know exactly what your purchase budget is going to be.

In the event that there are any issues with your credit report, you have time to get those issues resolved. I have worked with clients that thought they had great credit, and then found that someone else's issues were showing up on their reports. Although it was possible to get this corrected, it did take some time. Best to start now and know that you are ahead of the game.

Good Luck!!
0 votes Thank Flag Link Tue Jan 18, 2011
To obtain a mortgage loan usually takes at least 30 days. However it may take longer depending on the type of property you are puchasing and how long the underwriting department takes to process the loan.

I can refer you to a mortgage company if you like. Just email me at realty.houston@gmail.com or call me directly at 281-380-5589.
Web Reference: http://www.amandahomes.com
0 votes Thank Flag Link Tue Jan 18, 2011
Hola Mr or Mrs Guerra, it is all on you credit if you have a great credit and if you are prepare with savings will be easier but if you have low score it will take a little be longer.
0 votes Thank Flag Link Tue Jan 18, 2011
Hi Rguerra

Pre-approval takes a matter of a few minutes if you have all of the documentation presented to the lender.
The loan process takes 3-4 weeks in most cases.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
214-763-4629 cell/text/nights/weekends
tomburris@dallasloanguy.com
0 votes Thank Flag Link Tue Jan 18, 2011
It really depends on the type of loan program you plan on using but in most cases it takes 30 days or less to obtain a home loan. If you have more questions just let me know.

Steve
0 votes Thank Flag Link Tue Jan 18, 2011
You can qualify for a home loan as soon as 1 day. Once you are approved, you will be asked for the following documents:
2 years most current income tax statements
2 months most current of bank statements
Driver's License or photo Id
1 Month recent pay stubs

Please let me know if you need any other information
Sonya Burnett/Realtor 832-282-8881 Text
0 votes Thank Flag Link Tue Jan 18, 2011
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