Before you start shopping for your property, it is a good idea to get things in order so the process will be a smooth one!
Build Your File
Your file should put together all your important financial documents that you will need in order to secure financing for your property. Typically this is what you need:
- 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
Contact a reputable lender!! You may have an idea of what your budget is, but it is highly recommended to check first with an experienced lending institution so that you can determine what you can afford. In addition there are many loan products & incentives available to you that your lender will discuss with you.
Having your pre-approval letter in hand will also put you in the strongest position when submitting an offer, or when we need to move quickly on a home that you like in the event someone else is interested in the same property.