Before you start seriously looking for the property you would like to buy, it is a good idea to make some necessary preparations to help expedite the process.
Build Your Financial File.
A financial file contains all your important financial documents. You will need it to secure financing for your property. The typical financial file should contain:
- Financial statements
- Bank accounts
- 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.
Verify Your Credit Rating.
Your credit score will have a very large 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 so that we can determine how much property value you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We have preferred, experienced, knowledgeable lenders in the residential, construction, and investment real estate fields and will be happy to share their contact info with you.
Be Very Careful With Your Finances During the Process.
While you are in the home buying process, it 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 this time frame is from the beginning of your search until after you have closed on the property.