A lot of factors go into preparing yourself financially for buying a property. One of must think of lenders, loans, pre approval, etc. There is a lot of decisions to make and little to no room for error.

Choosing a lender is an especially important decision. You will be tied to the lender and this deal for a large amount of time and money. There are some crucial factors that need to be thought over before making a choice on lenders. Make sure that your lender is well-capitalized, meaning that they have funds to complete your transaction. As time goes by with the market, liquidity is shortening and mortgage companies are having issues with obtaining sufficient funding for their loans, so lenders are having more narrow credit lines and less room to work with wholesale lenders. Make sure that your lender has enough money to cover your needs. You should also try to work with a lender that can handle all types of loans, such as FHA, VA, Conforming/Non-Conforming loans, as other market changes can at times make one type of loan more appealing then another. Don´t lose out on a better deal just because your lender is not equipped for the best loan type that is available for you.

It is also good to make sure that the lender you work with gives a on-time closing guarantee. Loan processing time is slower now then before, due to document regulation changes, etc. Your lender being willing to pick a date, shows that they are confident and hypothetically loan smart.

When getting ready to have a loan, buyers also need to preapproved. Buyer agents need to make sure that their time investments are going to be profitable over time, as no one knows what will come with the market. Buyer agents need to request a complete, underwritten, preapproval before the house search and offers begin. On a side note, sellers should also get pre approved before listing their home, as they might not qualify for a loan for the new home they are looking for and then perhaps have to cancel the listing, etc.

While taking all the above factors into account, does not ensure that all will go smoothly in your buying process, it can only serve to assist you and help you to look after your best interests.