2006-10-03 13:59:57 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Qualify for a loan first. Almost anyone with a heartbeat can qualify but you must examine what kind of payments you feel comfortable with. Do some research first...mortgage.com is a good site. Know what you are talking about before you visit a lender. Check you credit score. Think seriously if you are considering a 0% interest loan if you are in area where condo prices are falling or might fall.
Don't ever call areal estate agent until you know your numbers. You can search on line real estate and browse but don't ever register.
If and when you are ready to buy take a good look at the condo fees and ask yourself if you can make the payment when they rise. Visit the condo in the laundry area and make small talk with the current residents. Make sure you really want to live there before you buy.
2006-10-03 14:16:59 · answer #1 · answered by ditsyquoin 4 · 0⤊ 1⤋
Go to your bank and get a "prequalification" that will let you know how much you have for a down payment and how much they will finance you for if you find a place you like.
Then start looking for condo's in that price range - when you find one, put in an offer (you should have someone help you so the offer isn't too high, but not so low it insults them), and the offer is contingent on obtaining financing. If they sign and you sign (your offer is signed by them, and then you accept their signature), you take that to the bank / mortgage company and apply for a mortgage. If the property appraises (is worth enough), they'll approve you and schedule you for a closing - after that you'll own the condo, with the mortgage as loss payee.
2006-10-03 14:03:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Get a pre-approval with a real loan officer, not a pre-qualification. The loan officer will have to run your credit and take a full application to determine your best options. If you dont have a loan officer yet, I can help you out if you live in the U.S. Feel free to email me.
2006-10-03 14:06:05 · answer #3 · answered by NOIZE 4 · 0⤊ 0⤋
Get the bank or mortgage co. to approve you for what you can afford and then look. that way you know what you really can buy and that will keep you from being disapointed about overpriced condos that may make you feel bad when you can't afford them.
2006-10-03 14:12:28 · answer #4 · answered by MISS-MARY 6 · 0⤊ 0⤋
It's always good to pre-approved, then find a good agent to work on your behalf(service is free to buyers), find the property you want, and the agent will guide you through the process.
2006-10-03 14:04:12 · answer #5 · answered by T 1 · 1⤊ 0⤋
It is always better to get a pre-qual first. You then know what your price range and pmt will be. I can help you if you like you can email me @ karrie_ramel@countrywide.com
2006-10-04 15:36:12 · answer #6 · answered by karrie r 2 · 0⤊ 0⤋