Home Buying in Newark>Question Details

Scar72, Home Buyer in Newark, DE

Should I start looking for a house before I get pre approved?? Sine a mortgage time frame is only 5 weeks for some banks?

Asked by Scar72, Newark, DE Mon Dec 10, 2012

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I agree with the other agents there are a lot of good reasons to get pre-qualified before you start looking. A good realtor will make sure you do this before they ever show you any homes. It just makes sense. In my market homes are selling fast so if you are not ready to put in a contract and show you are pre-qualified, you can and mostly loose out a chance to buy your dream home. Also consider a mortgage broker for getting a loan, they will just be able to keep renewing your pre-qual until you find a house you like. Good Luck
David Zimmerman
0 votes Thank Flag Link Wed Dec 12, 2012
It is always best to get pre-qualified first so you know exactly how much house you can afford. It only takes 1-2 days with most lenders. I have a list of lenders that all participate in the first time buyer programs as well. Even if you don't utilize these programs, you should at least know what they can offer you. I work with many first time buyers and I am always available to help!
0 votes Thank Flag Link Mon Dec 10, 2012
Get pre-qualified so that you are only looking at homes that you are able to buy. Makes no sense to see homes that you cannot purchase.
Sophia Bilinsky
Prudential Fox & Roach
Delaware and PA
0 votes Thank Flag Link Mon Dec 10, 2012
The pre-approval technically may be good for 3-6 months, they are all going to want to verify information once the contract is signed, and all the information on the purchase is correct. As far as documents go, generally the rule of thumb is that they expire after 90 days, but that just means that you have to provide more current ones. If you were to get a pre-approval now, and didn't close until after April 15th, you may be asked for your 2012 tax return. if there are no issues, updating paystubs, bank statements, and credit reports should not be an issue. If you are borderline, the loan officer can discuss how you can make sure that you will still be approved and be able to close once you have located a property.
The best thing to do is speak to a loan officer to make sure that you are shopping in the right ballpark before you have a realtor take you out, and make sure that your income, assets and credit qualify you for a loan.
0 votes Thank Flag Link Mon Dec 10, 2012
Hello again,
I'm not sure which banks you are referring to. The mortgage companies I work with generally issue preapprovals that are valid for 3-6 months. It is best to speak with a loan officer to make sure you can purchase before you go out to view homes. That way you know your actual price range before you start looking and fall in love with a home you can't actually afford.

Call me so we can get you on your way to home ownership. 302-355-1865.
0 votes Thank Flag Link Mon Dec 10, 2012
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