top of page
Illumination Logo of a lightbulb with words illumination in the middle

Financing

Preparing to buy
Determine how much you can spend
Save for down payment
Get pre approved for a home loan
Check your credit
wondering how much your mortgage will be? Check out the most commonly used calculator by agents
Financing tips
Find the right lender
get your credit in check
find the right lender
sellers usually ask for a pre approval to make sure you can afford the purchase
questions to ask when choosing a lender
interviewing lenders is an important step in deterring what type of loan is best for you
question for lender: which type of loans do you offer
question for lender: what will my interest and annual percentage rates be?
question for lender: do I qualify for any special programs or discounts?
question for lender: what estimated closing costs can I expect to pay
question for lender: what is your average loan processing time?
Different types of loans
Conventional loan which is the most common type of home loan, and is offered through private lenders
FHA loan that is designed for those with high debt to income ratios and low credit scores
VA loan for veterans and spouses of veterans offered my the U S government
USDA loan for homebuyers in designated rural areas backed my U S department of agriculture
Loan comparison chart
What not to do during the home buying process
It is extremely important not to do any of the following until after the home buying process
Buy or lease a car
change jobs
miss a bill payment
move money around
make a major purpose
open a line of credit
any changes can jeopardize your loan approval. Lenders will check your credit again before close
Always remember, it is never a good thing to be house rich and cash poor
bottom of page