Financing of Your Home

Laura Chang
MBA, REALTOR®

Getting Financing

If you plan to finance your home purchase, start the mortgage loan process well before buying a home, even before the bidding
process.

Here are some tips on getting financing of your home:

Investigate loan options that best suit you. Talk to financial institutions, mortgage companies and/or savings and loan institutions to
look at what kinds of loans are available, and compare rates.
If you are a first time home buyer, you may qualify for mortgage programs with little money down, low interest rates or federal
programs that give beneficial rates.
When you have settled on a type of loan and a loan institution, get pre-approved and get a pre-approval letter. To do this, a loan
officer will review your credit files and discuss with you how much you can borrow. This will help you know the price range you can
consider when shopping.
Having a reduced debt load and a good credit history will be helpful in getting a better loan rate. You may wish to discuss with your
financial institution, ways to improve your credit score to get a better rate.
Show your pre-approval letter to your real estate agent when you begin shopping for a home.

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