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| 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 Good
Faith Estimate 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.
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- Should you use an internet lender or a lender based here? There's a measure of assurance in knowing you can face someone
here if things go sour. Yelling at your
computer isn't nearly as satisfying. Some internet lenders have been
known to keep limited business hours and to not answer the phone in a
timely manner. Then what do you do?
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