When should I start speaking with a lender? I'm looking to purchase my first home sometime in the Fall of this year (September - November).

Asked by Charmed077, Germantown, MD Wed Jan 26, 2011

I'm looking to purchase my first home towards the end of the year, sometime between September and November. I'm not looking to get pre-approved until at least September, but I have alot of questions that I feel only a lender/loan officer/etc... could answer. How soon is too soon to speak with a lender? Are lenders willing to speak with a potential buyer knowing they won't be ready for another 6-8 months? Can they give accurate (or as close to accurate as they can get) estimates on mortgage costs, interest rates, etc... without checking my credit? Thanks in advance for your answers.

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scott farmer, Agent, Scottsdale, AZ
Wed Jan 26, 2011
There is no obligation on your part to be pre-approved. This way you can start now and find out if there are any credit repairs needed that you can be working on between now and September. You also may find that there are programs which offer down payment assistance and with lower interest rates at the moment perhaps you can actually buy now rather than wait until later. You want to investigate your options so start shopping for a lender now.

Good luck in your pursuits!

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
Web Reference:  http://homesales411.com
1 vote
Sam Hankin, Agent, Gaithersburg, MD
Fri Jun 8, 2012
The minute you start to consider purchasing a home is when you should consult a lender. If anything, a lender will assess your financial state of affairs and let you know if you currently can qualify for a loan or the lender can outline the steps you'll need to take to get in position to buy a house so that when you start looking you will be a ready, willing, and FINANCIALLY ABLE purchaser who can close on a purchase offer.
0 votes
Larry Richmo…, , Lynchburg, VA
Thu Jan 27, 2011
I would definately start now as having time on your side is a great advantage. The lenders I refer my clients to would aboslutley talk with you and start the processes of getting in the best position when it is time to buy. The questions you have now will only lead to more questions so look forward a lender who is willing to take the time and explain everything to you. I know a lender who worked with a client for 13 months getting them in the best shape to buy. Also one of the most important things to rememeber don't get caught up in what you are pre-approved for, only look at what you can afford for your monthly payment with taxes and ins.
0 votes
Kimberly Wil…, , Frederick County, MD
Thu Jan 27, 2011

First I want to applaud you on your preparation in purchasing a home. It's such a big decision, and there are many things to consider before you should start the search process. It's always fun to look and see what's on the market, but it's a good idea to know what you can afford before you fall in love with something and wonder if you can purchase it. I would recommend you speaking with a lender as soon as possible. This is a great buyer's market with so many opportunities, but the loan process has changed due to the market, and there are many things to go over through the process. I know several lenders who work with their clients months and up to a year or more in advance. By the time you want to purchase a home, you should feel comfortable and have many of your questions answerd. I cannot speak for other lenders, but the ones that I trust, use and refer to my clients are very open to meeting and helping you early on in the process. There are many things to consider and get in place for the time when you are ready to purchase. If you have any real estate related questions, need a referral for a trusting lender, need the assistance of a real estate agent or are curious about what's on the market, please feel free to contact me at your convenience. Even if you are not ready to go out and look, I could email you listings as they come on the market. Please let me know if you have any other questions or I can help you with your home buying process.

Have a great day,

Kimberly Wilson
Realtor, MD Licensed Salesperson
RE/MAX Results
5300 Westview Drive, Suite 200
Frederick, MD 21703
Serving Montgomery, Carroll, Howard and Frederick Counties

Cell: 301-706-0110
Office: 301-698-5005
Fax: 301-698-5344

Email: kim@kimberlywilsonrealestate.com
Website: http://www.kimberlywilsonrealestate.com
0 votes
Jesse Buckler, Agent, New York, NY
Thu Jan 27, 2011
A mortgage broker will absolutely answer many of your questions. And most importantly, allow you to understand your price range.It is always good to become educated as early as possible in the buying process.
0 votes
Elliott R. O…, Agent, McLean, VA
Thu Jan 27, 2011
Buying a home is all about preparation. In my opinion, the sooner you find out where you stand credit and income-wise the better. That way you and your lender can address any issues now rather than waiting for an underwriter to uncover them later.

So in short, it is never too early to speak with a lender to gain more insight on what you need to do to buy a home. I have clients that I worked with for 6 to 12 months before they bought a home. I am not retiring anytime soon (unless I win the lottery of course) so if you would like more information on the process please feel free to contact me at your convenience.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage, LTD.
202.681.1636 direct
"Se habla Espanol"
0 votes
Louwu, , Irvine, CA
Wed Jan 26, 2011
In my opinion, since fannie mae changes their guidelines every three months (give or take), the best time to check in with a lender is approximately a month before you plan to look. No point getting qualified now if you won't be able to qualify 6 months from now due to a guideline change.
0 votes
John L Gross…, Agent, Roslyn, NY
Wed Jan 26, 2011
If you plan on getting a mortgage to purchase a home you should get pre-qualified before you start looking for a home. This information will help determine what price range you may be able to afford.
0 votes
Nick Pakulla, Mortgage Broker Or Lender, Rockville, MD
Wed Jan 26, 2011
If you have questions, now is the time! I am a lender and am more than happy to speak with anyone to help educate them about the process. I am with a local community bank here in Rockville. There is no need to pull your credit. I recommend you pull it via annualcreditreport.com to make sure there are no surprises. I would be happy to assist you with this. You can reach me at 301-585-7283.
Web Reference:  http://www.nickhomeloan.com
0 votes
Tim Scozzari, Agent, Sandwich, MA
Wed Jan 26, 2011
you should talk to some one NOW. You want to know what you can be approved for and the programs available to you. This way when you are ready to start looking for a house you will be able to put an offer in right away and be able to negotiate with confidence.
0 votes
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