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Sorry to ruin the fun by
talking about money...
but, alas, one of the
first things to do in the real estate purchasing process is to figure out how
much house you can afford. You probably have a good
idea, but-
You absolutely need to get pre-approved at the beginning
of this process.
This means that a qualified lender will pre-commit
to approving you for a certain loan amount
(contingent upon aspects of the property you want to purchase). It's a
way of minimizing unpleasant surprises at critical
junctures later in the purchase process.
Additionally,
sellers will want to see a copy of your pre approval
letter before they remove their property from the
market. The pre-approval serves as your
credential, a sort of minimal proof of your ability
to purchase their property.
Obtaining a mortgage has gotten a whole lot more
problematic in the last year or so, and we need
become aware of
any potential problems before they become real problems.
You are under no obligation to go with the lender
that pre-approves you. You should be concentrating
on getting pre-approved, but it is a good time to start
getting info. By speaking with several
lenders, you can start to become familiar with some of the options:
What will the closing costs be? What are the available programs and rates?
Are there prepayment penalties? All these issues are
important, but you don't have to make those decisions at
this juncture.
Finding the
right lender for the job.
There are more than a few good
lenders that past buyers of mine have been very happy
with.
They know the local market
inside and out, which is more important than ever. And
depending on the borrower or the condominium
association, one may be more appropriate than the other.
If you'd like to get some of those
names, please feel free to
contact me.
Additionally, here are some nifty
mortgage calculators you might be interested to
try.
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