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As part of the pre-approval process be prepared to answer questions regarding your employment, income, assets and credit history. With this information your mortgage consultant will be able to provide you with a full detailing of the financing options available to you, point out to any attributes specific to your situation that may be a hurdle in obtaining financing and discuss ways to overcome these issues, if any.
The way I work, I like to have an initial 10-20 minute conversation where I answer a new client's general finance questions, gather their information and discuss their desires specific to the property they are interested in purchasing.
After this conversation, I then do my research and analysis to put together a document with a detailed breakdown of various mortgage options that meet the client's specific desires and constraints. In this document I list all costs associated with owning the home and derive what I call the "net after-tax housing expense". I provide this information in a table format which allows the client to compare all options side by side. I also create and send to the client a short video where I review and discuss each option. I find that this particularly assists first-time home buyers and allows them to better understand what may be complex information.
Each mortgage consultant works differently, so make sure you work with someone that you feel comfortable with.
It all starts with the financing. Check out my video to find out what you need to gather up and give me a call to go over. Would love to help. http://www.youtube.com/user/teresatims?feature=mhee#p/a/u/2/
You are correct, your first move should be to get preapproved by a lender to see what price range you can qualify to buy. There are many townhouses and condos available in fact I have a few condos listed myself that may be a fit for you. We are also a direct lender and can prequalify you for financing all under one roof. If I can be of asistance please do not hesitate to contact me.
1. Attend a first time homebuyer seminar/class which will educate you on the responsibilities & expenses of being a homeowner- you can find a list of HUD approved homebuyer education courses in California at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction
2. Speak with at least 3 different places you get mortgages from - I'd start with the bank you bank with, also speak with a mortgage broker, a mortgage lender, another bank that offers mortgages, and then also a credit union (if you can become a member of any). You may even want to speak with at least 2 of each type.
3. Make sure the eventual lender you want to go with and has pre-approved you, has pre-approved you in a manner similar to http://www.trulia.com/blog/shanethemortgageman/2011/05/the_m
If you need help figuring out your financing options, have a buttload of questions to ask, and are looking for that type of information... I'd be happy to help.
Having said this, I would like you to know that I am a real estate agent. I focus in the Inland Empire in specific Rancho Cucamonga and Fontana. Would love the opportunity to talk to you and get you started with your goal of purchasing a condo.
Mj, I hope all of this helps you get started. Looking forward to possibly helping you!
I agree with all the answers below. You should definitely start off by speaking to a lender about getting pre qualified to see where you stand financially. Once you have your letter in hand you are ready to start shopping. At that time you can decide if a condo/townhouse or single family home is right for you.
I would be more than happy to help you with both your mortgage and real estate needs.
If you have any questions please feel free to give me a call.
The first step is to speak to a loan officer who can pre-approve you for a loan. That way, you know exactly how much you can afford in terms of a purchase price, maximum loan amount and monthly payments. Good luck!
First Capital Mortgage
Direct: (310) 434-1718
Fax: (310) 451-6407
Start by applying with a credited bank or mortgage company to determine how much you can spend and what you are willing to spend. This will help you to know what price range you qualify for and how much of a monthly payment you are comfortable with.
please see my blog for tips and advice on getting a mortgage
Then you need to work with a Realtor who can help you find a Condo Complex that also qualifies with the type of loan that you will be getting. Questions like, is it FHA approved, what is the owner occupancy rate which is relevant in traditional financing.
Please contact me I am very familiar with Condoâ€™s in Rancho Cucamonga ( I have lived in Rancho for over 27 years) and my office is in Rancho Cucamonga, I am also familiar with other areas in the Inland Empire because I have sold in many of the cities for over 11 years.
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The "Real" Difference in Real Estate
Definately your first step is to get pre-approved by a lender and know where your financial comfort zone is before you go out looking at homes. Make sure to shop around and ask a lot of questions. I'm a local broker, realtor so feel free to either email or call if you need any assistance in finding the right home.
Day Creek Realty
I know the area really well. Feel free to send me a message if you want help looking: