CONDO LENDERS

When you’re looking to finance a condo, there’s no better place to start than with the preferred condo lenders of OwnACondo.com.

Discussing your financial situation with a lender is an important early step when looking in earnest for your Chicago condo or suburban Chicago condo. A condo lender will take a look at your credit history, your earnings, your debt, length of time on the job and other factors to let you know if you qualify for a mortgage loan, and in what estimated amount.

Your immediate goal is to be pre-approved. Although pre-approval is no guarantee of final financing, pre-approval is a green light in the financing process. It lets you understand the estimated price range of condos, townhouses or other real estate you should be looking at. The lender typically issues a certificate or letter of pre-approval, valid for a limited period of time.

Pre-approval from a condo lender is also very important for what it tells the seller of a property you might be interested in. Sellers of Chicago condos or suburban Chicago condos have a reasonable expectation that the people who take a look at their real estate at least have the ability to buy. The pre-approval you receive from your condo lender opens a lot of doors, as we like to say, when shopping for real estate.

OwnACondo.com’s preferred lenders have a variety of loan products that can match most individual situations. Fixed-rate, adjustable rate, VA (for veterans) and others are available. If you are a first-time buyer, not only may a condo lender have a special program for you, but the federal government is offering an $8000 Tax Credit as part of the economic stimulus package. This new tax credit can put real money in your pocket when you file your 2009 income taxes. Income levels for individuals and couples, along with other qualifications, are quite achievable for many if not most first-time homebuyers. Condos and townhomes are eligible in the program. Be sure to visit OwnACondo.com for more information, because you must close on a property by Nov. 30, 2009 to be eligible.

After your condo lender pre-approves you, your loan application will proceed through the automated or manual underwriting process once you select a condo, townhouse or other property you’d like to buy. When the offer you’ve made for the property is accepted, the lender will then have an appraisal performed to determine the property’s value .A number of other legal and financial procedures are also set in motion that ultimately lead to a closing on your new condominium home!


The above scenarios are offered for general illustrative purposes and are not intended to provide a comprehensive explanation of mortgage lending or the loan approval process, nor is it an attempt to solicit or extend credit. Please be sure to consult with a mortgage banker or lending professional of your choice to discuss your personal situation. Not all applicants for lending will qualify.