Before you start shopping for your property, it is a good idea to make some preparations.
Gather your Financial Documents
Gather copies of 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 card statements
- 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.
Your lender can advise you exactly which documents pertain to your situation.
Check Your Credit Rating
Your credit score will have a huge impact on what type of property you can buy, and at what price. You can request your own credit report for free once a year from the three credit reporting agencies: Equifax, Experian, and TransUnion. You can also have your lender research your credit rating for a small fee.
We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, commercial and investment real estate fields.
Our financing tab here contains more detailed information on selecting a lender and financing your real estate purchase.
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.