Step 3: Secure Financing
Ultimately, your lender will pre-approve you for a certain amount, but YOU will decide what you're comfortable paying every month. Remember, your lender only sees your finances on paper. It's up to you to decide how much you're willing to stretch your budget in order to get into your dream home.
Be sure to follow these six steps to financing your home:
- Choose a loan officer. Your agent should recommend a lender with a good track record and a high level of customer satisfaction.
- Make a loan application and get pre-approved.
- Determine how much you want to spend and select a loan option.
- Submit to the lender an accepted offer to purchase contract.
- Pay for an appraisal. Your lender will order the appraisal and title commitment.
- Obtain funding at closing.
