- Platinum Member
- Posts: 62
- Joined: Tue Jan 29, 2013 12:09 am
- Location: TX, USA
So my parents and I thought it would be a good idea for my to get my own real estate as quickly as I could out of college, so here I am, just moved into a new apartment less than 3 months ago, and preparing to move out in about 3 months from now. My parents convinced me to sign a 6 month lease instead of 12 months, so that I can use rent money towards a mortgage instead (might as well, you have to pay either way right).
So I'm reading up on the realty process and market and everything, but I wanted to ask people who already had the experience, cause you guys might have good advice that I can't find elsewhere.
My apartment lease ends December 31st, so I have to move out my then (what a great way to spend New years). My annual salary is 50k, and I currently pay $985 for rent. Based on my salary, I'm looking to buying a townhome instead of a full house because they're cheaper generally.
What are the first steps I should take in looking for a house/condo/townhome?
Should I get a preapproval asap?
How does my credit score with into the preapproval/home loan?
I know closing generally takes 60-90 days, which worries me because I have to move out by Dec 31st.
What advice would you give to a first-time home buyer that you wish you knew at the time?
Any help is greatly appreciated! Thank you!
Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600
FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701