HOME PURCHASE LOANS
This type of loan is used to buy real estate. You may be
buying your first home, replacing your primary residence,
buying a second home or vacation home, or purchasing an investment
property - each of these has its own set of lending "rules"
that dictate how the loan can be structured. A lender will
consider the property type, your credit, your assets, your
income, and the amount of money you have to put down to determine
how much they will lend and at what rate. Each category of
consideration breaks down further into many sub-categories
- each affecting their decision. It is important that your
loan be "packaged" correctly to improve the likelihood of
approval and to guarantee you the best possible rate. A consultation
with a seasoned mortgage professional greatly increases the
chances of approval at the best possible rate. When buying
a property, you may or may not employ the services of a real
estate agent. Whether you do or not, it is always to your
benefit to arrange your financing in advance. You are always
in a much stronger bargaining position if you know exactly
what you are capable of offering - you can dictate how the
transaction will occur as opposed to hoping it will occur.
Once you've pre qualified, you can then begin shopping for
real estate; or if you already have a property in mind, you
will be ready to make an offer.
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