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Buyers: Financing a * Condo

Buyers:Financing a Condo

Buying a new condominium may be the single largest purchase you make in your lifetime- surpassing even a child's education. Most people take out a loan to finance their purchase. Applying for a loan is a highly complex and time-consuming procedure. It is critical that you understand what you can afford and the process you will go through to obtain financing. The right mortgage broker can eliminate the complexity and simplify this process so it is smooth and hassle free. They will ensure you have an understanding of the loan process, and be there to answer your questions and help you every step of the way.

How do I get Started?

Before starting on your search for a condo, we recommend you do three things:

* Contact a mortgage broker - A mortgage broker can explain your mortgage options, assist you in finding the best rate and plan for your circumstances, and secure a loan for you. They can help if you have experienced difficulty in securing a loan in the past and should be there for you if you have any questions or concerns throughout the loan process. 

* Get Pre-Qualified - There is a difference between getting pre-qualified and pre-approved. Pre-qualification is a simple process that confirms how much condo you can afford. It can usually be done online or over the phone with a lending institution. Pre-qualification saves you the time and frustration of searching for something you can't afford. A pre-qualification is the first step toward, but is not the same thing as, being approved for a loan. 

* Get Pre-Approved - Pre-approval is the commitment from a lender to loan you a specific amount of money to purchase a property. When buying a condo, it is crucial that you are pre-approved for a loan. Many real estate agents and home sellers look for pre-approval before agreeing to work with you, because it assures them that you are a serious buyer. Pre-approval also improves your negotiating position and shortens the length of time to close.

If you would like help finding a qualified mortgage broker, we can help! We have tried and tested local brokers and can give you recommendations on whom to consult when you are looking for a new condo.