movinginsider.com
One of the most pressure filled situations to put yourself in is to decide to buy a home thirty days before the apartment lease is up. Unfortunately many new homebuyers find themselves in this situation when they haven't taken the time to become educated about the process of home buying and how long it can take to find a suitable home as well as make mortgage application and the time line to closing.
Well, yes, it is something like that.
If the buyer is not a picky shopper, theoretically the process can be completed in thirty days. However, that requires a fast purchase, a fast lender, and absolutely no snags or issues that arise during the process. If you are a regular follower of this blog you know that a loan process without issues almost NEVER happens. And a plan can reduce those issues by addressing them upfront. At Tippecanoe Mortgage we are all about P.L.A.N.N.I.N.G. I can't say it any better than that. Purchasing a home is not an impulse buy (in most cases.) In fact since it is probably the single most significant financial purchase you will make in your life, you probably owe it to yourself to do a bit o preparation before you run out of time on your current situation.
Where to begin....let's see...
Before you begin looking at homes-yes even before you decide to wander through an
news.deltanews.com
You need to be sure you are in a position to buy that open house should you decide you can't live without it...in other words you are allowed to be impulsive, you just can't be impulsive before you have been practical and prepared.
I have written a past blog on this but there is nothing better than being ready, willing, and ABLE to buy the house of your dreams. And if you haven't looked into the ABLE part, someone else may snap it up before you can speak with a lender, much less become pre-approved or...
walk into that open house with a pre-purchase underwritten approval offered by our company, Tippecanoe Mortgage to any qualified buyer in Indiana. Once you have the pre-purchase underwritten approval you ARE 30 days from moving out of your current digs because any questions about you as a qualified buyer have been answered.
And for those of you who currently own homes and are ready to trade up-the aforementioned plan works for you too! Many folks who haven't purchased a home in a few years assume that buying another home will happen- no problem. This isn't necessarily the case. Lending is a whole new world and the loans that sailed through so easily the last time will move much more slowly. Not necessarily because of you, just because the process is now built for Federal compliance not for speed.
And of course you, Mr.and Mrs. Current Home Owner also have to deal with selling your property, closing your property and working through any issues on that transaction. Just as a word to the wise, owning two properties isn't nearly as easy as it was a few short years ago. Deciding that you will rent your current home rather than sell it can be done, however, you need to be able to afford both payments as rent can't be applied to offset a mortgage payment unless the home has been rented and declared on two previous years tax returns as a rental-so they kind of cut us off at the pass on that one.
Most of our lenders can close a loan in 30-40 days depending on workload, but please keep in mind that is from loan application-not from when you began a housing search. Consider what you are looking for, talk to a lender like us to confirm your price range, do some searches with a Realtor to see what is actually available in your range and then set your time line. For most people who don't have a house to sell first, 60 days should be ample time. Hope you come by soon for a pre-purchase underwritten approval and you can keep it simple and fast!
No comments:
Post a Comment