Home loan approval time frame advice

[On the RX]

We are required to sign our lease in April and our lease is up in the end of June. We waited too long last year and I didn't want to end up homeless so we just signed the lease again and waited another year. What are your thoughts on when to get approved and when to start looking to get under contract? Our leasing company will not budge on running the lease out in its entirety. With the cost to rent and the cost to buy, I would like to try to time it so I am not paying for two places at once. Any suggestions on how to achieve this?

 

[damon]

GET PREAPPROVED NOW! If you don't have a realtor and loan person already, I have an awesome realtor and the loan process was butter with the processor she got us.

 

[Inukshuk]

Talk with lenders direct. As Damon said, you can get approved / pre-approved now. Appraislas are taking about 3 weeks right now. That seems to be the longest single item but that won't matter until you are under contract.
I also have a few people I can refer you to

@bassguyry Ryland is in this space at Firstbank

Elizabeth A. Turra, Branch Manager, Universal Lending
Direct: (303) 759-7367
eturra@ulc.com | www.ElizabethTurra.com

Evan Jansen, Branch Manager, Summit Home Mortgage, Inc.
720-200-9480 office
ejansen@summit-mortgage.com

FYI, my law practice is mostly real estate transactions related so feel free to reach out.

 

[mcgaskins]

Agreed with everyone else. Get pre approved as soon as possible and start looking at houses immediately as well. Inventory is exceptionally low, demand is off the charts, and it’s never been harder to be competitive as a buyer. I’m not trying to discourage you but to help with expectations, and I’m certain you’re already aware how crazy it is trying to buy! We made offers on 5 houses last year, all materially over ask, and we were outbid by literally 6 figures each time. My buddy and his girlfriend were looking for a house in the $400-500k range, and they had come up to $625k to get something…that still needs work. It’s a weird time!

 

[On the RX]

Yea, it sucks out there. We are looking I. The 500s but realize it will probably 700k.

 

[PhillyB77]

I bought in 2016, if I recall it went pretty quick. I just did a REFI and from my first call to the closing was 3 weeks. As everyone stated demand is absurd everywhere, especially up here in the mountains. I want to say I paid 360k for my home and it appraised for 650k, could prob sell it for 700 if I wanted to. Personally I think it's nuts...maybe the value of the dollar sucks. This house is not worth that IMO but there would be people lined up to buy it within a week, I have no doubt.

Good luck.

 

[rover67]

FYI we’ve used fairway Independent mortgage a lot and they have been great and easy to work with.

RJ Baxter:
Baxterteam@fairwaymc.com