This is the same advice I gave to my own sons...
I have known Morgan ever since he was a toddler and he has grown into a very successful and bright young man! His father and I have been great friends in Los Angeles for 40 years and to see Morgan today so well and asking me about buying his first home is such a great feeling!
"Hi Morgan, I wanted to get back to you regarding your questions about how much money you should put down, what kind of loan you will be looking at, etc...in regards to your futur project to buy a property. Those are great questions and I am going to give you the same advice l give all my clients and also what I told my own sons Jon and Zac: Talk to a very reliable loan broker now to get the answers to all those questions (financing is an area that Realtors don't generally deal with, we only deal with the real estate sales aspect, not the loan aspect). Some people are reluctant to speaking a mortgage broker early on if they aren't ready to buy yet... That's a big mistake because it is often necessary to rearrange way in advance the way you structure your income I order to qualify for a loan, especially for self-employed people. So if you want to be smart, get the conversation going now (and it's free 🙂). Not only you'll be ready to buy when the time comes but you will also have full clarity about how much your monthly mortgage will be per month + monthly HOA dues (if you buy a condo) + property tax + insurance. These all come into consideration for a loan approval.
I have a great mrtg broker that I've worked with for many years and that I trust 100% (fyi, I do not get kick backs from anyone I refer my clients to). He's going to ask you a lot of questions (all confidential between you and him) and you're going to realize that it's not that simple to get a loan but if you go through the process and give him all the information he needs (and it's going to be a lot...) you'll be in a much better position than most people out there who wait until the last minute to get pre-approved and then scramble and freak out AND you'll have clarity.
His name is Michael Abram with RPM Mrtg (310) 995-0975.
Let me know if you're planning on calling him and I will give him a heads-up about you."