The first step is to get pre-qualified by a lender. Then you will know the correct price range for your purchase. Once you locate the property and have your offer accepted, you start the loan process.
The lender will walk you through what documents you need to provide. In the course of processing your loan, the lender looks at 3 things:
- Your own individual finances.
-The finances of the building (through a questionaire to the managing agent)
-The value of the apt. as determined by an appraiser.
When all 3 check out satisfactorily, your loan is approved.... more