When to Apply for a Condo Loan

Applying for a condo loan can be quick and painless if you know what you want, as well as when you should start the process.

Get Preapproved

It would be in your best interest to apply for a condo loan as soon as you know that this is the type of property you want to purchase. The sooner you are preapproved, the sooner you can begin your search for the perfect condo. It is beneficial to be preapproved so that you know how much you can afford, as well as the rate for which you qualify.

The Mortgage Application Process

Once you find the condo that you want to purchase, you will need to take your preapproval to the next level by filling out an actual mortgage application. Most people do this once they have a condo under contract. This way the exact terms and conditions, including the price and down payment, can be considered. The more information you have when filling out a condo loan application, the better the chance you have of fast approval.

It makes the most sense to get preapproved for a condo loan and then begin your search for a property. As soon as an offer is accepted, you can apply for a condo loan.