Eight Steps to Buy Property

2. Pre Qualify

Immediately after your initial meeting, your TPN Realtor will begin to work with lenders to get you Pre Qualified for a loan. You may work with one or more banks or mortgage brokers, depending on the type of loan you will require and based on your financial and credit status.

There are several goals here – to obtain a mortgage at the lowest possible interest rate (and points), with the lowest possible closing costs. You will choose the lender and mortgage terms that fit your needs. You must be certain the monthly loan payment, taxes and insurance are within your budget.

After you have successfully negotiated for a property and you are ready to file your loan application with your lender – then you will need to gather the necessary financial documents. At this time you will receive a “Truth in Lending” statement that projects the cost and terms of your loan.

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