When should I start looking for a house?
My apartment lease ends 5/31/2010 and my wife and I want to buy a house, I was wondering when would be a good time to start looking.
I have heard from different people I should start looking at mortgage lenders now and then some have said in February 2010. What would be the best time and what all should I know before buying or getting a loan?
- 1 decade agoBest Answer
The advice you have been given is good: first find a lender/broker who you trust and will find you the best possible rate. If this is your first home, talk to many brokers and make sure you are comfortable with every aspect of the process.
Next, decide what you want to really afford. The lending companies may approve you for much more than you can pay for (yes, even in this tight credit time). On our first home, my husband wisely insisted that we were pre-approved based on his salary only. I was working, but a year after our house was built, I became pregnant with twins...
Everyone has unexpected expenses. We were approved for two times as much as we ended up commiting to. Boy was I glad!
Thirdly, I would start going to open houses NOW and make a list of needs/wants in a home. There are many more decisions involved in choosing a home than you can imagine. It's a great time to buy, don't miss it! You may be able to target 3-4 houses and put in low bids.
Also - if you find the perfect house now, you could buy it and rent it back to the occupants until your move out date in May. You have a lot of options right now. The most important find is a great realtor and broker! God's Blessings to you both!Source(s): Military brat, 2 countries, 10 states, 9 houses and more than 40 moves over a 46 year span.