Proper preparation for your home buying experience can make all the difference in how smoothly the process goes. These home buying steps can help ensure a stress-free and maybe even fun home buying experience!
Create a Document File
Your document file should contain financial documents that will be needed to qualify for a mortgage. The items you should include are the following:
- Financial statements
- Bank statements
- Investment account information
- 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 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.