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Sorry to ruin the fun by talking about money...
but, alas, one of the first things to do in the real estate purchasing process is to figure out how much house you can afford. You probably have a good idea, but- You absolutely need to get pre-approved at the beginning of this process.
This means that a qualified lender will pre-commit to approving you for a certain loan amount (contingent upon aspects of the property you want to purchase). It's a way of minimizing unpleasant surprises at critical junctures later in the purchase process.
Additionally, sellers will want to see a copy of your pre approval letter before they remove their property from the market. The pre-approval serves as your credential, a sort of minimal proof of your ability to purchase their property.
Obtaining a mortgage has gotten a whole lot more problematic in the last year or so, and we need become aware of any potential problems before they become real problems.
You are under no obligation to go with the lender that pre-approves you. You should be concentrating on getting pre-approved, but it is a good time to start getting info. By speaking with several lenders, you can start to become familiar with some of the options: What will the closing costs be? What are the available programs and rates? Are there prepayment penalties? All these issues are important, but you don't have to make those decisions at this juncture.
Finding the right lender for the job.
There are more than a few good lenders that past buyers of mine have been very happy with. They know the local market inside and out, which is more important than ever. And depending on the borrower or the condominium association, one may be more appropriate than the other. If you'd like to get some of those names, please feel free to contact me.
Additionally, here are some nifty mortgage calculators you might be interested to try.
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