If you look at my signature, you'll see that I've lost a bunch of fat since I started bodybuilding. During the first year, I did nothing but lifting weights and lost most of the fat without getting loose skin. But man, I was really fat. Once my body fat percentage dropped below 30, I started doing cardio as well. Just a couple of weeks ago, I started dieting seriously.
My experience is that it's better to keep calories higher and do cardio than to leave out some calories and do nothing. Fat loss is much faster that way. But then again, a good diet really helps to maintain what you have achieved. Just don't do it wrong and eat too little as it will make fat loss more difficult. Read the stickies about cutting. The stickies on this site are among the best information on the topic you find.
I prefer rope jumping for really intense cardio and fitness walking to take it a bit easier. Both work very well for me. Curiously, I have always lost more fat with less intense cardio like fitness walking. But you can try out what works best for you.
You should also read up on how to stay motivated. Workout logs, weekly measurements, and pictures every now and then really prove your progress. Staying motivated is as important as getting started.
