If you plan on borrowing money from a bank to finance the purchase of your home, working with a local reputable lender is critical to a smooth transaction. Please click here for a list of 3 lenders I have worked with extensively and to whom I happily refer my clients.

When you call a lender, they will need 4 basic pieces of information to provide you a ballpark range for the amount of money their bank can lend you. Factors such as the loan product you chose, type of housing (condo, house, co-op), etc will influence you total borrowing power.

The 4 C's:

1) CREDIT - how well you have paid your debts in the past

2) CAPACITY - financial means (income, revolving debt, etc) show your ability to repay your loan

3) CAPITAL - your ability to pay a portion of the sales price (down payment) and closing costs

4) COLLATERAL - serves to protect the lender if you fail to repay the loan

Your initial conversation with a lender will take about 15 -20 minutes and will help you establish a comfortable price range in which to begin your search.

A pre-approval should always be free and is most valuable to a seller when performed by a local, reputable lender.

Want to get pre-approved now by a local, reputable lender?
Contact a lender today!