Online House Hunting

I want to buy a house and my lease is up June 1st. When should I start house hunting? ?

I don't want to pay both rent and mortgage, so I was wondering how long the house-buying process usually takes.

Public Comments

1. not more than 30 days for the loan process and inspections so start looking in April so you can find what you want and move in in May
2. I would start in early March. It may take a while to find what you want
3. Get your pre-approval paperwork started now so you can be sure that you have all the necessary paperwork lined-up. This will also tell you your loan limit and rate. You have plenty of time now to work up a budget, pay off all bills and start saving the maximum amount of money. Scrimp and save all you can. Frankly, I'd be looking around starting after the first of the year to gauge the market and see what's around. Then about 10 weeks out I'd start in earnest. With your pre-approval and budget both in hand you'll be able to shop intelligently. Don't overbuy and avoid any variable-rate or other "creative" financing options. Use a Buyers' Agent to protect your interests and cover your butt. And I suggest that you NOT give notice to your landlord until after you have the house keys in your hands. It may mean a month or so of double payments, but the alternative is a potential delay of closing and not having a place to live.
4. Now. Construct a schedule and work backwards. So... June 1: Move out of your rental and into your new house. April 15: Contract on your new house is signed and you apply for financing. March 1: Begin house-hunting in earnest. (I've allowed 45 days between now and the time you sign your contract. If you find a home sooner, great. Just include in the contract a closing date of May 30...slightly longer than usual, but no real problem. February 1: Become familiar with what's out there. And in what price range. Research neighborhoods. Look into crime rates and school systems. Go to open houses to get familiar with the process. (Few houses are sold at open houses, but it's still a good exercise.) Also, get pre-approved for a mortgage. Select a Realtor. January 1: Begin your search for a Realtor. Compile a list based on references, referrals, and those active in your area. Interview at least three in depth. Also, order copies of all three of your credit reports. Analyze them. Identify any errors in them or weaknesses. I've only allowed 30 days for you to clear up any credit issues or problems. That's really not enough. So you're already behind schedule here. Maybe you can delay your approval process for a loan by a week or two to give you more time to enhance your credit. Begin your search for a lender. So, there's your schedule. You're already behind schedule regarding your credit and mortgage approval process. (But most people are.) Otherwise, take it easy for the next couple of days. Then it's time to begin the process. Hope that helps.