Call one of the following banking contacts, your preferred bank, to determine what your borrowing limit is and the details of the financing, such as: estimated contribution ($$) at closing (between deposit and expenses), % interest and the different products most convenient for you:
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When asking ourselves this question, there is no other option than to contact a professional from a banking institution, who is the person who will tell us:
- At what price can I buy? With prequalification, in addition to knowing that magic number (which would be the limit, the highest price at which a mortgage loan would be approved), you can know:
- The monthly payment you would be paying
- What cash ($) would you need to have and:
- The % interest.
Any price below that limit would be approved by any banking institution, taking into consideration other aspects such as credit and employment security, among other factors.
The other steps are as follows:
- Find your desired property.
- Help you in the offer, negotiation and presentation process to the property owners.
- The origination. Submit the documentation to the bank.
- Wait for closing day. Approximate time of 4 to 8 weeks, from when it originates in the bank.
- Handing over the keys to your new home or business.
