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fozman68 · Joined: 14 Nov 2007 Posts: 29 12.29 Dollars($)

My lease on my rental home is coming to an end on 2/28/2008, and I was hoping to have the purchase of my new home, finalized by then. I've gotton my directions from my broker, as to what I need to do already. I need to pay back 3 old debts, that are on my cr.report. 2 will be paid next week, the other not until 1st week of February, 2008.
I understand it takes 4-6 weeks from the time I find my new home till settlement. Is this correct, and if so, when should I start looking at homes with a realtor?
thanks, Ken

banker0679 · Posted: Mon Nov 19, 2007 4:16 pm Post subject:

your lender will tell you when you're ready....approval is the first step before considering a realtor.

as soon as you get your loan approval you should be ready to go

michelle · Posted: Mon Nov 19, 2007 7:46 pm Post subject:

Ken,

Banker0679 is correct. Ask your mortgage professional when to contact the realtor. If you are able to get the pre-qualification now, you can begin looking now. If the financing is contingent upon you paying off those old debts, you really should wait until you are sure you will be able to obtain financing with terms you find agreeable.

The length of time from finding the home until settlement can vary. If the home is already vacant, you can often close in as few as 2 weeks. The type of loan you choose will also dictate the length of time to close as well.

Be sure to ask your lender what documents you will need and make a file now so you have everything handy when it is time to proceed.

Best of luck to you. I hope you find a home you really enjoy.

jenkin7 · Posted: Tue Nov 20, 2007 4:27 am Post subject:

Hello Fozman,

I think you may start looking at homes after you have pre-qualified for the mortgage.

This will help you to fix a budget because by that time you already know how much loan you will get.

rick · Posted: Tue Nov 20, 2007 7:50 pm Post subject: Another alternative

Here's something else you might consider. This is a technique that I use as both a Realtor and a Mortgage Broker. I'd offer to do this for you, but since I'm in Santa Clara County in CA and you're probably not, I can't, but you can still use this technique to get a Wholesale rate loan.

Contact a Realtor 1st, and negotiate with them and ask them if you decide to use them as your Buyer's Agent, if they will credit you for a standard loan origination fee. Since we're in a Buyer's market, it shouldn't be hard to find a Realtor willing to do that.

Once you do that, then you can find a Mortgage Broker and tell him/her that you want a Wholesale rate, because you will be paying a loan origination fee (which will be credited to you by the Realtor). So, the net cost to you is ZERO and you get a Wholesale rate!

Rick Pelleriti
'http://www.homeswithfreeloans.com'

edited per forum rules

livinginnky · Posted: Wed Nov 21, 2007 11:06 am Post subject:

Rick,

I don't know if you are aware, but it is illegal to offer special compensation such as this. A realtor cannot offer a kick-back to the borrower. The only person who can pay the origination fee is either A. the borrower OR B. The seller.

rick · Posted: Wed Nov 21, 2007 11:17 am Post subject: Beg to differ

Hi. I checked with the Assistant Commissioner of the Dept. of Real Estate before I embarked on this business model. As long as there is full disclosure, what I described is legal. It all runs through the HUD-1. A Buyer's Agent is allowed to credit the borrower Non-Recurring Closing Costs.

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