1. Shop for a Loan
- Unless you have enough cash to purchase a property outright, you'll need to borrow money. You should shop for a loan because different lenders may charge slightly different fees or have different loan programs. The lender's loan originator will tell you what information you'll need to bring to your first appointment. The loan originator will discuss with you, based upon the information you give, how much money you may spend on a home. The lender will prepare a list of the costs to close a transaction. Choose an experienced lender you feel is honest and upfront with you regarding the fees, who listens to what you want, and returns phone calls in a timely manner. Many times a potential buyer may be qualified to purchase an expensive property, but chooses not to, in order to keep the monthly payment down. A frank discussion of your financial picture is what you're looking for.
- Here is an incredibly helpful pamphlet to help you choose the best loan program for your situation.