Profile picture for user1092101

My fiance and I want to purcharse a condo, but we do not know where to start. Help!?

  • January 30 2013 - Silver Spring
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Answers (10)

I would say you need to talk to a good agent first.  They can point you in the direction of a good mortgage broker.  We deal with them all the time.  Let your agent know what your location and must haves are.  When you are pre approved you and your agent both know what your buying power is.  After that there is nothing more to do but preview (I wish it was that simple.)  Good luck.
  • November 03 2013
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Good question.  Your next step is definitely finding a lender that you can trust.  They will be able to tell you how much house you can afford and any special criteria related to a condo purchase that you should know up front.  Make sure that you track down all of your financial paperwork including tax records, pay stubs, bank accounts and credit card information.  Make copies.  Good luck and have fun finding the perfect home.
  • November 03 2013
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Profile picture for macmccord
There is a lender on the radio now advertising that you should talk w a lender first and he will guide you through the process including directing you to a good agent. That is baloney. There is nothing that can help you successfully buy a home at the right price and with a smooth process like an experienced agent. Do your research and find one!
  • November 03 2013
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Hi user1092101,  [contact information deleted by ZIllow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • March 21 2013
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Profile picture for Ofe Polack
Try interviewing a few agehnts who can explain the process, the agents can refer you to a few mortgage brokers.  Don't be shy and let the agent know that you do not know where to start, so that they can walk you through the process.  Good luck! 
  • January 30 2013
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Hi user1092101,

Find a reputable lender or broker to help you go over your situation and compute how much you can afford and the various loan program options open to you. Once you are pre-qualified or pre-approved, then you will want to find a reputable agent to begin your search!
wetdawgs gave you a great link to begin with, then you can read reviews on loan officers to find yourself a great lender.
Congratulations, and best wishes! Jim
  • January 30 2013
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Buying a home is a big deal, whether it's a condo or single family home, so take your time and do it right.

Since much of your situation will be dictated by how much a bank will lend you and what you want to spend, you should get in touch with a good mortgage representative. My recommendation would not be to walk into a bank, but to find someone with an independent mortgage broker that can explain how your specific financial standing translates into a mortgage loan, and of course, buying a condo.

Once you know that, come back and ask more questions!
  • January 30 2013
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I am surprised nobody jumped in and said: talk to an agent!!!!
There you go I said it :)  Now you also want to talk to a lender to confirm where you stand in term of financing. Go with a reputable one, they will tell you your maximum buying power. From there target a price where you feel comfortable. And work with a good agent who will accompany you to get the best and help you avoid the worst.
  • January 30 2013
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Profile picture for Neeraj Jassal
Learn as much as you can about purchasing a condominium - it can be very different from purchasing a house.  In fact, obtaining financing on some condos can be challenging, though it is getting better than it has been over the last few years.

  • January 30 2013
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Profile picture for wetdawgs
Here's a link to Zillow's buyer's road map.

I tend to recommend doing some studying to familiarize yourself with the process before talking with lenders and agents.  

  • January 30 2013
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