It's probably no surprise that nearly all buyers require financing for their home purchase. The real challenge is not so much in getting the loan as it is in finding the loan that's right for you.
The time to start your loan search is before you begin looking at homes. After you've reviewed your loan options, you'll have a better idea of just how much home you can afford.
Starting early also gives you an edge when you offer to purchase a property, because most contracts will specify that you have to apply for financing within a certain amount of time, usually seven to ten days. Meeting with a lender in advance prevents your having to rush into a loan decision.
You'll also have an advantage with sellers, because an offer to purchase from a pre-approved buyer is more attractive to sellers who won't have to worry about whether you'll qualify for financing. It demonstrates to both you and the sellers that you have the financial strength to complete the purchase on schedule.
Many real estate agents have experience and relationships with local lenders, and can suggest one or more lenders who offer a variety of loans with competitive terms and quality service. Your mortgage is as individual as you are, so take the time early on to match a loan to your particular needs.
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