Mortgage brokers are becoming more selective in the loans they grant. Buyers can expect to pay at least 10% down payment. No longer will you see zero down loans, at least for the time being.
What does this mean for you, the buyer?
The good news is that there is less competition for properties.
The bad news is that you may not qualify with your lender to purchase the property of your dreams.
What to do?
Ask your real estate agent for referral to a qualified mortgage specialist. These specialists can explain what mortgages are available to you, calculate what your downpayment and monthly payments would be, and pre-qualify you for a loan.
Then, when you find a house or condo to purchase, your financing will be in place.
Sellers are now nervous that an offer for their home may not lead to a sale if the buyer can’t find a loan. Therefore, they are eager to sell to prequalified buyers. This may even be a bargaining chip to obtain a lower price.
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