Financing Your New Home


Are you diligently searching the breadth and width of the internet on a daily basis for your dream home? Are you looking for just the right investment property to use as your 2nd home or vacation cabin? Want to find the perfect place to use as an income rental? Unless you’re independently wealthy, recently won a huge lottery prize, or received a substantial inheritance, chances are you are going to need (and for tax purposes, you may actually WANT) to have your new property financed.

There are many different types of financing available; depending on your needs, the type of property you are purchasing, and how much you have saved up already to apply to your down payment and closing costs. And I’ll be the first to admit that I am absolutely NOT an expert about how you should finance your purchase, but there are several local lenders who I can call that are. (Give me a call if you are looking for one, I’d be happy to provide you with a list of lender’s numbers!)

The important thing to note is that when you do find the property of your dreams, for whatever purpose you intend it to be used, you are going to want to have ALREADY spoken to several lenders about what they will qualify you to buy and what sort of rates they can offer you! The one you decide to use will likely fill out an application over the phone, or have you do so online for the purpose of providing you with a prequalification letter, which gives you an idea of what price range in which you’ll be able to shop for that dream property.

Image courtesy of David Castillo Dominici /
Image courtesy of David Castillo Dominici /

Then, when the time comes to submit your offer, you’ll be able to have the lender update your “prequal” letter to be specific to that property, and submit it to the seller with your offer. Offers that arrive with financing documentation attached have a much stronger chance of being accepted!