That is a very common question among first time home buyers and the answer is, it depends. It depends on the level of preparedness you have had and how eager you are to buy your house.
In terms of the level of preparedness, we have to make sure our finances are in good place and we have built enough savings for the down payment, closing costs and other expenses attached to the house buying process, such as inspections, appraisal and reserves. Once you got the pre-approval from your Mortgage Loan Officer, the fun part begins, which is the house hunting. Obtaining a pre-approval letter can take as fast as 3 days to a few months of hard work and discipline, trying to increase your score, decrease debt or simply waiting for another tax season; at the end, it all depends on your personal circumstances. Your Realtor will take your pre-approval letter and your search criteria (Needs and Wants) into consideration to provide you the most accurate list of properties you can browse from and decide which ones to visit and eventually make an offer on THE ONE.
When you make an offer on THE ONE house you like and that offer is accepted is when we are officially “Under Contract” and here is exactly when WE ALL – your dream team – work together to accomplish a successful closing (MLO, Realtor, title company, inspector, appraisal). This can take on average from 30 to 60 days; depending on the type of loan you were pre-approved for, the time the title company takes to review documents and other variables.
Take note that most of the times re-scoring is necessary to complete the loan process, therefore you need to keep an eye on your finances and make sure your credit score is maintained or even better, raise it and that your debt has not increased from the time of application.
If you need help planning the buy of your house, give me a call, I will be happy to assist you – 813 446 2003
Clarisa Moody
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