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 different fees or have different loan programs. The lender's loan originator will tell you what information you'll need. Much of this can be done online and you can change the parameters until you find something that works for you in regards to purchase price, loan amount, cash needed to close, etc. 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. We have found a few of the online lenders are pretty good, as well as local small brokers. Choose an experienced lender you feel is honest and upfront with you regarding the fees. You want to choose a lender that responds quickly, whether that be by phone or email.
- Here is an incredibly helpful pamphlet to help you choose the best loan program for your situation.