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Step 1
Estimate your down payment. Almost all lenders require a down payment on any type of large loan. To get a down payment, try cleaning out your savings account, borrowing money from a friend or family member, getting a personal loan from your bank, withdrawing a fraction of your 401k plan or your stocks or a combination of any of the above.
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Step 2
List your questions for a lender. Make sure you have the amount of your down payment listed along with the price range you are hoping to spend on your townhouse. Be able estimate your credit score and condition.
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Step 3
Research lenders online. Lending Tree is a great starting point to get an idea of what your payments would be along with seeing an estimated sum you might be approved for loan-wise. Lending Tree would also be able to grant you pre-approval online and stop your lender search altogether. If you do not want to use an eLender, keep reading.
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Step 4
Have your yellow pages available to find a good lender in your area. Call the lender's office and ask as many questions from the list you made under step 2. Select a lender to meet with this way.
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Step 5
Make an appointment with the lender of your choice. When you schedule the appointment, be sure and ask what paperwork you will need to have on hand at your meeting for your loan.
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Step 6
Attend your scheduled appointment with all required paperwork. You should be able to find out then and there whether you are approved, the amount you are approved for, and what your monthly payment will be.
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Step 7
Search for the perfect townhouse for your lifestyle.
