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I'm planning on buying a condo or townhouse in the next 9-10 months, but I'm really not sure where to start. What are the first steps I need to take before going out to start looking at places?
Figure out the areas you want to live. Investigate them, what are the prices, can you afford to live there. Figure out how much you can afford, both now and in the future (down payment, closing costs, future mortgage payments, maintenance). Think about what you NEED in the house versus what you'd like, as well as things you don't care about and things you definitely don't want.
Ok, I'd figured that out already. I guess what I really am not sure about is the whole pre-approval thing and going from there. Who do I talk to about getting pre-approved and then what steps after that do I need to take?
Location: Danbury CT covering all of Fairfield County
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To get pre approved, you can either talk to your local or national bank that you a relationship with or a mortgage broker that you know or have been recommended to.
I would recommend you speak with a real estate agent and a mortgage broker that focus on helping first time buyers get established. There are many programs out there that can help you. Your bank will help you but they are going to try and sell you on their programs vs. having a 3rd party who can look at various opportunities for you.
I applaud you for taking your time to do your homework nine months in advance and if you pick the right team to help you get their they will guide you along each step.
Ask friends and family who have recently purchased a home if they like/would recommend their real estate agent and their mortgage banker/broker. If so, give the mortgage broker (brokers will shop multiple banks' rates vs. banker will give you their rate only) a call to see what you can afford according to them and how your credit looks (credit is huge in getting a mortgage these days). Then figure out if that's what you're comfortable spending. Then contact the real estate agent and you're on your way.
Good luck!
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