How to Get a Loan for a Condo

Buying a condo is a wonderful time in your life. Whether it's your first time purchasing property, or your tenth, it's an exciting time. Finding the right loan and lender for your condo is not as exciting and requires time and patience.

Instructions

Difficulty: Moderately Easy

1. Figure out how much money you will have for a down payment. Most lenders will require you have a down payment for any type of property loan. Clean out your savings account, look into withdrawing a percentage of your 401k (if you have one), borrow from a family member, get a small personal loan from your bank or sell stocks or bonds to get a decent down payment.
2. Make a list of questions to ask a lender. Note your credit score, amount of down payment and price range that you are looking for.
3. Search online for loans. Websites like Lending Tree can give you pre-approval online. This gives you a good idea of what you could potentially be approved for and what your estimated payments would be. This is a starting point for looking for a condo. You can also choose an eLender like Lending Tree and stop here.
4. Use your yellow pages to find a lender in your area. Call them and ask the list of questions you made in step 2.
5. Schedule a meeting with a lender. Make sure you know what paperwork to bring to your appointment.
6. Show up for you appointment with all required information. Find out if you are approved, usually on the spot.

Who Can Help: