Unless you are one of the few who are able to buy a home with all cash, you will need to get a loan to finance the cost of your home.

The most common source of mortgage loans are banks, mortgage brokers and credit unions

One of the first steps in purchasing a home is contacting one of these lenders to see if you qualify for a loan and for how much.  You will also want to get an estimate of your monthly payment as well as an interest rate quote and amount of lender’s fees associated with the loan.

You should actually contact your lender prior to choosing a house to buy or even looking at houses.  When you choose which house you want, you will need a letter from your lender stating that you are qualified to make the purchase.  Most sellers or their agent will not accept your offer without such a letter.

After being qualified or approved by your lender, you can shop for a home with confidence and know that you won't lose a home because you were not ready with the loan financing.

If you have questions about the financing process or need the name of a good bank or mortgage lender, feel free to give Dwight a call.