Preparation


 
Decide
To Buy

 
Preparation
 

Choosing A
Real Estate
Agent

 
Time to Go
Shopping
 

Escrow
Inspections
& Appraisals

 
Moving In
 

 

When the purchase of a home is contingent upon mortgage financing,  there is no question that organizing and consolidating financial records in anticipation of a purchase simplifies the process considerably.  An offer accompanied by a pre-approval letter is reassuring to the seller and strengthens the position of the buyer.

 

Get Your Records In Order

An up to date file should contain all your important financial documents. You will need this information to secure financing for your property. The typical file includes:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

Check Your Credit Rating.

Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution to determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and investment real estate fields.

Be Careful With Your Finances.

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability and even minimal changes can have an impact upon the credit score.