When to start speaking to lenders/agents, lease ends in June

Question

Hello everyone! I am intending to purchase a house hack in Houston next year and I am unsure of when to start speaking to lenders and agents. My current apartment lease runs out at the end of June, so I would like to shoot for closing a month or two before that. When do y'all think I should kick everything into gear?

Thanks,

Camron

Thanks,

Camron

Camron Mire · Answer

Thanks for the response, I have actually spoken to a few real estate agents already and I intend to follow up with them in the new year!

Justin Brickman · Answer

Probably best to start talking with them in March. The earlier you start, the easier it is to make sure you're ready to go in June. You can ask them not to run your credit when looking at your application, and they will usually be able to tell you if your file is ready to go, or if you need work to do before. (such as paying off debt, raising credit score, selling a liability, etch)

Camron Mire · Answer

Gustavo, thanks for the insight. I actually have a meeting set up with a lender for tomorrow to talk about those very things you mentioned!

Gustavo Delgado · Answer

I would start now. Speak with a lender and see if you would qualify for a loan today and if not what you need to do to qualify for one in the next few months. Give yourself enough time to get your financing together. Start asking friends and family for any realtor recommendations. You don't need to necessarily reach out to them now but you can compile a list and research them a bit

Camron Mire · Answer

Thank you! I am very excited to get started. I will make sure to have all my documentation in order before March.

Doug Smith · Answer

For the record, I do not do consumer loans like yours in TX...only real estate investor loans there, so I don't have a dog in the fight. My advice is completely unbiased for you. A lender is going to want to see two full months of bank statements PRIOR to the loan. If you need to close June 1, you will need to provide statements from April and May. The lender will want to see your down payment, closing costs, and reserves in the beginning balance in that first statement (April). You'll also need to provide a detailed paper trail for any non-work large deposits that are greater than 50% of your normal monthly income. I would start discussing the loan by March with your lender to ensure that you're prepared for a smooth loan process. I wish you well in finding a home!

Julien J. · Answer

@Camron Mire

I'd start the interview process now for the realtor. A good realtor will have great lender recommendations which you want to spoke to sooner rather then later in case there is work to do to set up up on a loan.

Camron Mire · Answer

Thats about what I was thinking, thank you!

When to start speaking to lenders/agents, lease ends in June

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