Financing for Your Home or Condo Purchase

I bring this up often because it can be the one thing that determines whether you get the home or condo you really want or lose it to another buyer.

Many people who are planning to buy a home or condo put off the step of arranging financing (if it is not a cash purchase) thinking they have plenty of time, or that they will take care of that if they find something they like.

But in the current market, buyers are finding that if they don’t have their financing lined up when they find the right home or condo that they can easily lose out to another buyer or may not lose out to another buyer but may have to pay more than they would have because of competing offers.  The day or two or three lost by having to get financing arranged after finding a place to buy can be a problem, especially now with inventory being so low.

So it is smart to get this step handled before looking and there are some things you should know about doing it.

Prospective homebuyers should interview more than one lender, ask the right questions, and compare the answers. There is no best mortgage. The conditions and rates that work best for one household may not be ideal for another….More at Five questions to ask a lender

This is a short article that was put out by our state Realtor® association and is helpful because it gives you 5 good questions you should ask any lender.

I’d recommend reading it over because this will come in handy when you get to the point of needing to arrange financing and being prepared will always put you in a better position.