If you don’t have the funds to pay cash for a home, don’t worry! You are certainly not the only one. Many people need some sort of financing to help cover the cost of purchasing a property. But how do you go about acquiring that financing? That’s what I want to answer today.

When I first meet with prospective buyer clients, I make sure to get them in touch with a lender. There are different types of mortgage professionals out there, but the most popular type is a lender, or a loan officer. Once you talk with a lender, he or she will walk you through everything he or she needs to give you a good idea of what kind of house you can afford.

A lender will also consider all the different types of loans available and will match you with the one best for your current financial position. You may qualify for government-assisted loans or down-payment-assistance programs. This lender will walk you through your options. If you qualify for a loan, they will provide you with what is called a pre-approval letter.

This pre-approval letter is an essential step in the home-buying process. It outlines the ceiling of what you can afford so that you are not shopping outside your price range. Thus, rather than hopping in the car and showing you a bunch of houses that you fall in love with, only to find out that they’re outside of your price range, I like to make sure you know the exact parameters so that we can find a place that will be financially comfortable for you.

Not sure which lender to pick? I have recommendations that I can share with you. The lenders I refer are client-oriented and are excellent about communicating and making the home-financing process as simple as possible.

BONUS TOPIC: Did you know that you don’t have to put down 20% of the purchase price in cash upfront? This statistic does not apply to every situation, by any means. Depending on what you qualify for, your down payment could be anywhere from 10%, to 3.5%, or even 0% in some situations! This is why talking with an experienced lender is essential.

BONUS BONUS TOPIC: Did you know that you can talk with a lender, even if you are not quite ready to buy a home? In fact, some lenders recommend starting the conversation as much as six months out from buying a home. This way, they can look into your full financial history, and if there is anything unearthed that you forgot about or didn’t know about, they can help you get on track before you are ready to look at houses. Thus, when you actually are ready, any financial hiccups are already resolved!

Ready to download your FREE First-Time Home-Buyer Checklist? Click here and scroll down to fill out my contact form. Not sure if you’re ready to buy but want to reach out to figure out what to do next? Click here, and I’ll reply to you in 24 hours.