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Timing events in first time home purchase

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  • Timing events in first time home purchase

    When should one shop around for mortgage pre-approvals? How long before expected time frame of purchasing home? Saving for downpayment and wanted to purchase Jan-April 2022.

    Same question goes for the the buyers agent..?.?

    As far as mortgages generalities. I heard local is the best option?

  • #2
    It’s been over 7 years since I’ve personally done this, but we got “pre-approved” for a mortgage just before we started actively looking at houses. You want some idea of what your budget is so you don’t waste time looking at houses you can’t afford or don’t want to spend that much money on.

    We had a buyer’s agent that was recommended from the practice I joined, and she was fantastic. She had ample experience dealing with physician clients (not that that point is super critical), but she understood things like having to buy within a certain range of hospitals for call coverage, for example. If you’re already in the area, get recommendations from other people you know who have bought houses. I think the buyer’s agent is less critical than the seller’s agent. If you’re moving into a new area, get recommendations from the practice manager of the practice you are joining, or the physician liaison person at your hospital.

    Local can be good, but not always. We used a local mortgage company who worked with a local bank to get our 75/15/10 mortgage since we could only put 10% down coming out of fellowship (insert audible gasp from the hardcore WCI readers). We’ve since refinanced with some national mortgage companies because they had lower rates, but the relationship with the local mortgage company helped us with an arrangement we likely could not have achieved through a national company straight out of fellowship.