Buyers Guide
What are my mortgage options?
A mortgage is a written agreement between you and the lending institution. It is used to create a lien on your condominium so funds can be provided (in the form of a loan), to purchase the property. Before starting on your search for a condominium, we recommend you do three things:
- Contact a mortgage broker - A mortgage broker can explain the different mortgage options, assist you in getting the best deal, and secure the loan. They can help if you have experienced difficulty in securing a loan in the past. A mortgage broker takes your loan application, processes the paperwork, and floats it to several mortgage bankers at one time to ensure you are getting the best deal.
- Getting Pre-qualified - There is a difference between getting pre-qualified and pre-approved. Pre-qualification is an easy and simple process allowing you to confirm how much of a mortgage you can afford. It can usually be done online or over the phone with a lending institution. Pre-qualification saves you the time and frustration of searching for something you can't afford. However it does not mean that you are approved for a loan.
- Getting Pre-approved – Pre-approval is actually a commitment from a lender to loan you a specific amount of money to purchase real property. It is critical in the condominium buying process that you get pre-approved for a loan, Ripco Real Estate can help you through this process. The majority of realtors and sellers will not work with you unless you can prove you are pre-approved. Pre-approval also improves your negotiating position and shortens the length of time to close.
