Have you moved yet? It takes up to 60 days to locate a property, and close. 1st you need to be approved for a home loan prior too searching for a home, then I am unclear where you want to move to?... more
Since some lenders will have offices in different states you can ask each bank ( or other institution) if they have offices in the area you want to go to. IF they do then you can ask to be pre-qualified.
I would ask the lender IF you get approved completely ( forget which prequal or pre-approve) how long you have to buy something on that loan. The longer they will give you the better. Say you got a 4 month time frame. Think, will I be willing to buy during this time? Will I be secure in my new job? ( Think last hired first fired) (Think of how many people now have relocated for new jobs only to be laid off in a few months, weeks, or even arrive and find the job just went away.
If you do move will it need to happen again in the next 6 years? If you are going to be somewhere less than that length of time you will likely lose money buying instead of renting.
Do you have any ideas what the people, places, lifestyles, and so on are in the new location? Would you feel more comfortable being able to look over an area a lot before deciding to choose this neighborhood? All things to consider.
You can have a credit score pulled by yourself or ONE, but only one bank. Then take your fico score to different lenders. That way you do not have tons of checks that lower your score. You will be told that based on taht score and income you can get x amount at x% interest. Only if you actually apply for the loan will they have to pull your fico score again.
The basic idea of credit is this: your yearly income x 3 = the loan you can safely get.
The other thing I saw posted elsewhere is they want to see you have steady work for a stated time frame. If the job is with the same company you would be ok. If a new company you may have problems.... more