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“It used to be, if you wanted a house, you went out, found a house and then spoke to a mortgage broker or went to a bank to get a loan and it was fairly easy,” says Ross Weinstein of Exclusive Capital. “Today, you really need to get on the mortgage game early and find your mortgage first, get qualified and make sure you are looking in the right price range and then go out and find a house.”

Weinstein says many buyers don’t know what they’re in for in this market where there far fewer options than before.

“Back in the day, you had interest only, no interest, variable, adjustable, hybrids, bridge loans, assumable loans, you had all these different types of loans for every different type of person,” says Weinstein. “It’s become a lot more streamlined."

Most people will now choose from a fixed or adjustable rate loan. There are different types of each, but not as many as there used to be.

Generally a conventional loan will require 20 percent down. If that’s not possible, buyers can put down less with private mortgage insurance or with a government backed loan like a FHA or VA, but that can be costly.

Maryla Ciechanowicz of GuardHill Financial says applicants must have high credit scores, stable income and assets because they will be scrutinized more than ever.

“Banks will check credit history, the bank will check income, assets, and they have to have income covering not only the down payment, but also closing costs and reserves,” says Ciechanowicz.

These days, the property will also be looked at under a microscope. Banks are scrutinizing the financials of condos and co-ops more than ever. So sometimes applicants may qualify, but the building won’t.