Future first time home buyers wondering how soon to start looking and getting loan approvals

Asked by Jennscoots, Plantation, FL Sun Oct 7, 2012

My spouse and I relocated to Broward Co. in early summer. We're renting for now but plan on buying our first home around July next year. We're doing a lot of browsing right now to get a feel for the market and the Plantation area, where is were we'd like to live. I know we'll never get the timing perfect as far as our rental lease is concerned, but how far out should we be getting pre-qualified and meeting with a realator? We're both in great shape credit and job wise but I don't want to waste someone's time if it's way too early. Thanks in advance!

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9
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Oct 12, 2012
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Jenn,

With rates this low and prices going up in South FL, waiting to purchase could prove to be very costly. Also, if you buy before the end of the year you can also Homestead for lower taxes as well as benefit from any possible interest tax write off savings.

See what my realtor partners are willing to do for you here: http://www.trulia.com/blog/steve_31/2012/09/gfb_250_000_purchase

Then see line #9 below about buying out of your lease

BUYER'S AGENT CREDIT CAN BE USED TO:
pay for Closing Costs
pay for separate Attorney representation
pay for Interest Rate Reduction
pay for Gift Card: Home Depot, Lowes
pay to Wounded Warrior Project /charity
pay for rental car for buyers while in FL
pay for plane tickets to come to FL
pay to eliminate PMI
pay to buy out remainder of lease
0 votes
Jennscoots, Home Buyer, Plantation, FL
Fri Oct 12, 2012
Thank you for taking the time to answer everyone... much appreciated! We'll start reaching out to get the process started. I'm really excited!
0 votes
, ,
Sun Oct 7, 2012
Hello,

since you are a first time home buyer, I would recommend, contacting a Lic. Loan Originator now.

You should learn about the different loan programs available and also, what requirements you need to meet in order to qualify for a mortgage loan.

Please feel free to contact me at your earliest convenience regarding a future mortgage loan pre-approval, if I may be of any service to you.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299 244

Beate.Rodriguez@HGFLoans.com
Cell: 954.695.4849
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sun Oct 7, 2012
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MORTGAGE BROKER: Do a dry run now to identify any issues or to see what you can do now to improve your scores, Debt To Income ratios and things that will allow you to qualify for the best terms when you're ready to buy.

SIMPLE TWO STEP WAY TO GET YOUR BEST OVERALL DEAL:

STEP ONE:
contact any realtor you think you like and listen to what they say they’ll do for you. Then ask them to refer you to their very best “Preferred” or “In-House” Lender. Listen to their best purchase strategy and ask for their best written quote on an estimated sales price, on a TBD (To Be Determined) property address.

STEP TWO:
contact me, I’ll present my best purchase strategy, show you what my realtor partners can do for you. Then compare to see which team offers the best purchase strategy and your best overall deal.

You’ll be shocked at the difference you’ll find with such little effort!

WHAT MY REALTOR PARTNERS CAN DO:
http://www.trulia.com/blog/steve_31/2012/09/gfb_250_000_purchase
http://www.trulia.com/blog/steve_31/2012/08/please_shop_this…

WHAT I CAN DO:
http://www.trulia.com/blog/steve_31/2012/07/2012_loan_progra…

NOTE TO CONSUMERS: shop multiple Lenders and realtors for your Best Overall Deal!

Call me today, I actually answer and return phone calls.

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service U.S. Marine Corps
-
0 votes
Allan Erps, Agent, Pearl River, NY
Sun Oct 7, 2012
Mortgage Lender, Go to Open Houses & possibly meet an Agent you connect with on your tours. If not try to find one that is an ABR(Accredited Buyer Representative) or interview several at a local Real Estate office(s). Best of Luck!!
0 votes
Maria Jessica…, Agent, Weston, FL
Sun Oct 7, 2012
Hello,
It is not too early to start talking to a mortgage lender. The lender will be able to give you all your financing options so when you are ready to purchase, everything is all set.
You can meet with a realtor right now. You want to see if this is the realtor you want to work with you during the buying process from the contract signing to closing. You want to build a relationship with your realtor. He or she will be able to guide you through the whole process.
If you are ready to meet with a realtor, I will be more than happy to meet with you.

Warmest regards,
Maria Jessica DeLuna
Keller Williams Realty
1801 N Pine Island rd Suite 210
Plantation, Fl 33322
Direct:954-882-1517
Email: mariajessica.deluna@gmail.com
0 votes
Stefanie Coh…, Agent, Weston, FL
Sun Oct 7, 2012
Hello,

It is really not too early to choose a Realtor to work with. A Realtor can educate you on the different neighborhoods, and provide valuable information that will help you in making your decision.

It is certainly fine to browse the area...that is important. It is also important to be informed about your different financing options and have a targeted price point. Your time will be better spent with the knowledge of an exact price range, and how much cash you will need on hand. I can refer you to a mortgage professional who will go over your information with no obligation.

Often, I begin working with buyers way in advance of their desired closing date. Once we have a price range I then determine just what type of home my buyers are looking for. What amenities are important, location desired, etc. It is a process....

Also, in today's market, there are many Short Sales. If you give yourself enough time, this can be an added option for you. Short Sales can take many months to close. Unfortunately, because of the time involved, it is not a consideration for some buyers. But, if you begin looking early enough you have the time to consider a Short Sale, which will give you more choices.

I specialize in Plantation and the surrounding areas. Please feel free to contact me! It certainly would not be a waste of time....I am Relocation Certified, and have helped many people who are new to the area.

Best regards,
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
954-547-9203
Scohen77@aol.com
0 votes
Julie Rosent…, Agent, Jupiter, FL
Sun Oct 7, 2012
Hi,
Your great question shows you will do fine. I suggest having an in-depth planning meeting now with a good mortgage broker. You may need at least two months to build up your savings history. Now is also a good time to find a realtor you mesh with and start looking at properties. The more educated you are the smoother everything will come together when you are ready to buy. Feel free to call, text or email me. I will be glad to assist you.
Thanks!
Julie Rosenthal, Broker / Property Brokers International.
mobile (561)827-6789
email: julier6789@gmail.com
web: http://www.juliesellsjupiter.com
Helping people buy sell and rent Florida real estate 30 years.
0 votes
Amy Kilcoyne, Agent, Fort Lauderdale, FL
Sun Oct 7, 2012
You should speak to a lender now in case there are any errors on your credit report. A lender will also help you get an idea of monthly payment options to make sure your expectations are in line with your budget.

I would say you should meet with a Realtor 4months before you want to move.

Hope this helps
0 votes
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