Tips for Buyers
Begin Preparing Documentation for Financing
Any lending institution will require a number of documents before they will consider financing your property. The following are some of the documents you could put together:
Bank account statements
Investments
Auto Loans
Credit Card statements
Tax returns for the last two years
Your most recent pay stubs
Personal Financial statements
Copies of leases to investment properties
401K statements, life insurance, stocks, bonds
Child support or spousal support documentation
Any other documentation that supports your income and/or expenses
Check Your Credit Rating
Your credit rating will be extremely important when it comes to obtaining financing . If you use a well-established lending institution, they can help you determine what you can afford. There are three credit reporting agencies; Equifax, Experian and Trans Union. The lending institution will research your credit rating. If you would like a recommendation for a reliable, experienced lender in the area, I would be happy to do that. Also, note that this is not a good time to make large purchases such as vehicles, furniture, etc. Your credit rating can be greatly affected from making these purchases and could very well influence how much you are able to borrow.