first time home buyer my move in date needs to be by Nov 1 my when should i begin the prequalification apllication for a mortgage loan?

Asked by Fsoto, Pembroke Pines, FL Wed Jun 13, 2012

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Ann Ryan, Agent, Doral, FL
Wed Jun 13, 2012
Now -

First, you will know what your price range is.

Second, you will have time to fix any possible credit problems.

Third, you will be able to take a chance on a short sale.

1 vote
Irina Karan, Agent, Aventura, FL
Tue Feb 19, 2013
The best time to start with the pre-qualificaiton is

Why? Because you'll have your credit report pulled from 3 credit agencies, and,
what if there is an error there in their reporting, or something is not reported properly?
Then - you'll need to fix the issues, clean your credit, possibly apply for additional cards (
to have a higher available credit limit) might need to pay off some past debts like collections,
or medical bills or just to pay down your car loan below 10 payments (this will increase your buying power)...

There is the additional money that you might need to set aside for the purchase - for inspection,
downpayment, closing costs, home & flood insurance policy, insurance inspections...and reserves (leftovers to show that you'll be ok for at least 3 months worth of payments).

So, if you start now, you'll be in a much better position later on - and ready to roll!
By then - you'll also need a pre-approval letter from your lender (the difference will be in
providing full documentation for loan approval-but without the actual house).
Pre-approval is a must have when buying a property.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
Morris Mass…, Agent, Davie, FL
Tue Feb 12, 2013
No more than six months out. Otherwise, it will probably expire. Be prepared for a lot of financial questions before calling and have all of your tax returns nearby.
0 votes
Tchaka Owen, Agent, Fort Lauderdale, FL
Mon Jun 18, 2012
As an agent, please check to make sure you're allowed to recommend a mortgage broker (ie, 1) as opposed to choices to a prospective client..
0 votes
Catherine Kim…, Agent, Hallandale, FL
Mon Jun 18, 2012
If you're looking to move in November, I'd recommend that you start pre-qualifying in July, then search your properties w your pre-qual certification. that way, you can negotiate fr a position of strength.

I would recommend you get one great mortgage broker, or if you have a good relationship w a credit union, or I noticed ing direct has really low rates, if you open an account on line w them. If you need a good mortgage broker, let me know. I used to be one; I know someone who can help you.

I am a realtor in Pembroke Pines. I can help you in your search fr financing and the right property by setting up a customized search for you. Let me know how I can help.

Remember, each time someone pulls your credit, you lose a point on your credit score, so try to go to the best person, who can shop rates wholesale for you, or go to someone who will give you best rates. If it sounds too good to be true, it usually is...because they'll load u up w bad rates/closing costs at the end, when you're pushing you have to go w reputable professionals, always.

Catherine Kim Owens
Hammer & Hammer Realty Group, Inc.
0 votes
Carlos Vazqu…, Agent, DAVIE, FL
Wed Jun 13, 2012
En todos los casos debes empezar por la precalificacion para que a partir de ahi puedas buscar el area y la propiedad que puedas comprar , asi ahorraras mucho tiempo en encontrar algo que se ajuste a tus expectativas y posibilidades ya que las propiedades buenas hoy en dia son escasas en el mercado y hay que someter las ofertas tan pronto encuentres algo que te guste para tener exito en tu compra
0 votes
Nicole Marks…, Agent, Boca Raton, FL
Wed Jun 13, 2012
You should begin your pre-approval application now and get the letter stating the amount of the mortgage you can get. When you find a home you want to buy the pre-approval letter is submitted with the offer.

Please let me know if I can be of further help to you.

Nicole Marks Mason, Realtor
0 votes
Tchaka Owen, Agent, Fort Lauderdale, FL
Wed Jun 13, 2012
Be sure to prequalify with at least 3 entities. I often recommend a banker, a broker and a third that's either one of those two or perhaps a credit union.

Have them do it on the same day with the same parameters so that you'll have a true apples to apples comparison.

Tchaka Owen
Keller Williams Realty Professionals
0 votes
Allister Lenn, Agent, Orlando, FL
Wed Jun 13, 2012
We always suggest that clients prequalify as soon s possible.
By pre-qualifying you will know how much home you can afford and be able to focus your
search accordingly.

We would be glad to assist you in pre-qualifying and your home search.

Feel free to reach out if you need specific information.
0 votes
Allister Lenn, Agent, Orlando, FL
Wed Jun 13, 2012

I would not waste anytime in getting pre-qualified. We can assist you with this if needs me.
You may well discover that you can afford more home than you thought and it is definitely better
for both you and the agent you work with to find you the ideal home.

Let me know if you need more information

0 votes
marsha ferra…, Agent, hollywood, FL
Wed Jun 13, 2012
Hi Fsoto, you should start your prequal for your mortgage now. If you dont have a mortgage broker, we can help you. Also if you email me, I can send you the available properties in the area of your interest.

I look forward to helping you.
Marsha Ferrara
Royal Florida Realty
Direct: 786 525-9794
0 votes
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