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home buyers | financing
"What can I afford?"
"Where do I get started with financing?"
"What kind of loan should I get?"
These are generally the first questions that come up when considering a property purchase, which generally includes some kind of institutional (bank or savings and loan) financing. There are many types of financing to consider depending on your finances. To help you determine the best options for your circumstances, a local mortgage broker or direct lender can assist you in the preapproval process and sorting out your long term financial goals; I'm happy to give you a few referrals.
To get you started, do the following:
- Check your credit report
If there are credit issues, it may take as long as a year to clear up items prior to applying for credit. - Keep a stable job
- Don't apply for new credit
- Shop for mortgage rates all at once
Too many credit applications will reduce your credit score because of the number of inquiries on it - Make sure you get preapproved prior to looking at homes
Nothing will be more frustrating than finding the right house and not being able to go for it if you're not ready.
To get a more complete financing checklist and an idea of the types of loans available, please click on the hyperlink to read my article, ?Getting Started with Financing?. In it you?ll find out how you can start packaging yourself as a strong borrower and some questions you should ask a lender or mortgage broker.
