Before you start shopping for your property, it is a good idea to make some preparations.
Collect your important financial information
Submitting a current, clear set of documents that indicates your ability to afford a home, is necessary to secure financing for your property. This data 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.
Identify your financing team
Every transaction is unique, and your choice of whom you use to help you finance your transaction should be as well. Are you very comfortable with financing and numbers? Perhaps then you could concentrate on a lower cost, professional provider. First time home buyer? Perhaps you would choose a mortgage broker that is well referred, and that you feel comfortable with. Somewhere in between? Let us help you by referring you to the correct team member for your needs
Confirm your credit rating
Your credit score will impact 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 you 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 in the residential, construction, and commercial 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.