|
|
What you can afford depends on your income, credit rating, current monthly
expenses, down payment and the interest rate. Your very fist step is to pull together all your important financial documents.
|
In order to secure financing for your property you will need the following documents
- 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 so that we can 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.
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.
Download Focus On Credit Facts
Get a pre-approval
Now that you know your credit rating, do your homework and it will save you money. Talk to several lenders, compare costs and
interest rates. Start the pre-approval process before you start to view homes. You will know exactly what you can afford and wont lead to dissapointment if you find your dream home and you can afford it.