LookingToBuy, Home Buyer in Spencer, WI

I will have enough for a down payment on a home in December when is the best time to start looking for a house?

Asked by LookingToBuy, Spencer, WI Fri Oct 11, 2013

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
First you should speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Mandy Fritsc…, Mortgage Broker Or Lender, Delafield, WI
Sat Oct 12, 2013
I would suggest you get pre-qualified for a mortgage first. This you can do now to make sure there are no issues that need to be addressed now so that you can purchase in December. If you would like a lender who is in WI to work with let me know.

Please contact me if you would like to discuss your situation further.

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes
Michelle Sot…, Agent, Madison, WI
Fri Oct 11, 2013
There’s always inventory in the market place. Each community will have their own rhythms to the market. Actually you can do a search on Trulia by State/city to see when the housing markets pickup for each community. But typically activity in the market will start strong each year in the spring but it can start at early as January. It's a great idea to start your lender shopping too, make sure you have your pre-approval before you start looking for a house. That way it will take the guess work out of how much you can afford and you will have an idea of what your payments will be. Happy house hunting!!
0 votes
Clay and Sha…, Agent, Marshfield, WI
Fri Oct 11, 2013
Now! There is a very nice inventory and you should start taking a look so that when you reach your goal you'll be ready to move on something. But wait, have you talked to your lender yet? You'll want to make that your first priority so that you have a clear idea of your comfortable price range. They will also provide you with a pre-qualification letter that will strengthen any offer you may make.
0 votes
Melissa Goss, , Center Moriches, NY
Fri Oct 11, 2013
Right after you get a pre-qpproval letter from a lender. Without one, you may be looking at homes that you may not necessarily get qualified for. Speak with a lender, get that pre-qual or pre-approval and then start looking. Now is the perfect time
0 votes
Charles Dail…, Mortgage Broker Or Lender, St Paul, MN
Fri Oct 11, 2013
I would start searching right away under the understanding that you're doing it to get a feel for the market and an understanding of what types of properties inspire you. Without a surgical pre-approval, you can make assumptions on certain loan related things. If you use the calculator below, you can bring in those assumptions and be reasonably accurate. For rates, use iloanrate.com, for taxes use what you see in the home search, for private mortgage insurance use http://iloanhomemortgage.com/borrowers/price-my-pmi-mortgage… for dues (if applicable), for FHA mortgage insurance, I could give you the appropriate factor. Use the calculator in the web reference below. It should work for you.
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Fri Oct 11, 2013
Get your mortgage pre-approval in order then start narrowing your search a little. Maybe spend a Sunday going to a couple open houses in the area you want to be in. This will help you see what is out there and you can narrow down your wish list.

I wouldn't get too deep in your search right now if you don't have the money yet for the down payment. It will just get your hopes up, and a truly good home probably won't last on the market until December.

Just get your ducks in a row now and figure out what it is you want. Then come December you will be in a good position to act quickly once you find the right house.
0 votes
Sally Grenier, Agent, Boulder, CO
Fri Oct 11, 2013
First, have you been prequalifed with a lender?? That should be your first step. Once you know what you can afford, then you can start looking for a home. Now would be an excellent time to start the process.
0 votes
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