Avoid looking at condos you really can’t afford. There is no reason why you should fall in love with a place and then not be able to come up with the money for it. You also need to be careful about financing, but knowing that you can’t realistically meet that payment month after month. Don’t put yourself in that kind of position where foreclosure is possible.
find a lender
Take your time to find a lender with a lot of experience so you can get the condos that are the best fit for your needs. Ask your friends, family, and people you work with who they’ve talked to. Chances are you know someone who has purchased a condo in the last year. You can also review lenders online and schedule appointments to speak with them.
Ask them about their experience because you want a lender that is easy to work with. They must be friendly and communicate well. They must return calls in a timely manner and answer any questions you may have. They can guide you through the application process. Make sure you complete it accurately and do not skip any of the sections. Talk to them if you’re not sure what to put.
Never lie or withhold details when it comes to your application for one of the condos. Be honest and let them tell you what documents they need to complete the process. The verification they request may include tax returns, income verification, a photo ID, and consent to complete a credit report. Profit and loss reports are required for self-employment.
Evaluate the loan offer
Once they complete the loan, they can share with you what can be offered for one of the condos. This includes the maximum loan amount, the interest rate, and what your monthly payment will be if you borrow that amount of money. If you can find a condo you want for less, it means your monthly payment will be lower, and that’s always good news.
If you don’t understand the offer, ask lots of questions. Don’t be too quick to accept the offer until you know what it entails. You’re making a long-term commitment when you buy one of the condos, so don’t leave anything to chance with this part of the process. Once you’re satisfied with the offer, it’s time to find your place!
The market
There are many people interested in buying condominiums in this area. However, you will have more purchasing power if you are already approved for the money. This means a lot in the eyes of the seller. They will be more willing to negotiate the price with you than to expect more from any other offer they may get in the future.
Shop around at different locations, too, because a condo in one neighborhood can cost you considerably more than one a few miles away. If you need to stretch the money you’ll get from the loan, take that into consideration. It may be worth having more room and a slightly longer ride than the other way around.