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The first and most important step in finding your new home is to get your
financing put together.
Being pre-qualified for a loan is a great tool when buying a
home (assuming, of course, you are not intending on paying cash!). Being
pre-qualified lets you know exactly what is affordable for you, and it tells the potential
seller(s) that you are serious about buying their home!
Quite frankly, in any market, if
you are planning on buying a home and you are not pre-qualified, any offer that you submit on a property without a
pre-qualification letter from a reputable bank puts the prospective buyer at a
disadvantage.
Why?
Just think of it from the seller's perspective. If you're a seller, why
would you take a risk by taking your property off the market while a potential buyer
-- who may not get a loan -- applies for a loan with a bank?
Below is a list of several banks
(and their respective loan officers) that provide loans to individuals for the
purchase of houses and condominiums in the DC-metro area.
This list is not an exhaustive list of all professional lenders in the DC-metro area, nor does it constitute an endorsement of any of the banks noted.
There are several other qualified individuals and companies available to
provide similar services. We urge you to seek other recommendations,
consult the yellow pages for names of other individuals or firms, and
inquire the Better Business Bureau as to the general reputation of such
individuals or firms.
PLEASE NOTE: Not all banks provide loans to co-ops. So If you are interested in
purchasing a cooperative, please click on the button to the right to see
a list of banks that provide loan to co-ops.
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Getting
Pre-Qualified |
What does it take to get pre-qualified? Basically,
15 minutes on the phone
with a lender. The loan
officer from the bank generally needs to know
the
answers to four questions: |
1.
How much money do you make?
(salary, commissions, trust funds,
inheritances,
etc.) |
2.
How much money do you owe,
both total amount and monthly
payment?
(student loans, credit cards, car loans,
boat loans, judgments against you, etc.) |
3.
How much cash do you have for
a down payment?
(checking & savings accounts, IRA's, 401k's,
gifts from family, etc.) |
4.
What is your Social Security number?
(necessary to do a credit check) |
Once you give the loan officer the information
you
should have a pre-approval letter within an hour.
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