Here are some valuable tips to consider when going through the financing process that may save you some time and heartache. There are a variety of loans catering to the needs of homebuyers and we want to make sure you find the right one for you.

Get pre-approved

  • Speak with at least 2-3 lenders and get pre-approved for a loan.
  • Work backwards by letting your lender know what you want your monthly payment to be and find out what “price range” that puts you in. Qualifying for the most you can doesn’t always work with your goals.
  • Find out what you can afford to buy, and how much of a down payment you will need.
  • Discuss finance options with your lender. Ask to see a few options on how to get the biggest bang for your buck with your down payment. For example, paying for some debt may be better than putting all of the money down on the loan.
  • Understand how the loan officer is paid and what loan fees you will be responsible for.

Work on your budget

  • Put together a budget based on your projected monthly payment.
  • Don’t forget property taxes, insurance and ongoing maintenance costs for the home. P.I.T.I. – Principal, Interest, Taxes & Insurance

Get a pre-approval letter

  • Ask your lender to prepare a pre-approval letter that your agent can submit with your offer. Having a pre-approval makes your offer 100 times stronger.
  • An offer without a pre-approval letter is unlikely to be taken seriously by a seller.

Prepare your cash to close

  • Understand how much cash you will need to close.
  • Ask your lender for a statement that breaks down all of the estimated transaction costs.
  • Document all money transfers and don’t open any new credit lines until the home is closed.


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