Before you start shopping for your property, it is a good idea to make some preparations.
Find a Reputable Lender.
Finding a reputable lender is your first step in the Home Buying process. Whether your lender is local or only available via phone, it’s important to shop around and find the best fit for your family. They will require you to collect many of the following:
- Financial statements
- Bank accounts
- Credit cards
- Auto loans
- Recent pay stubs
- Tax returns for two years or more
- 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. The lender you choose will check your credit score during the application process, researching your credit ratings from the three credit reporting agencies: Equifax, Experian and Trans Union. This is an important process, as it determines what price range you’re qualified to purchase in. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial/investment real estate fields.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases (car/boat/RV/furniture). You want to approach your property purchase from a position of financial stability.