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Before you start shopping for your property, it is a good idea to make some preparations. The Faulkner Team has developed an initial checklist to get you started:
If you are an experienced home buyer, you are already familiar with the necessity of a complete financial profile. Start with lining up a mortgage lender who can help you assemble the requirements and can explain the latest regulations that will impact the financing of your home. They will also prepare your lending letter which is an important component of the bidding process.
You will need to gather and maintain financial records that include:
- Bank statements
- Investment statements
- Auto loans and credit card statements
- Tax returns for two years, plus recent pay stubs
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual fund accounts
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 your lender can determine what you can afford. The three credit reporting agencies, Equifax, Experian and Trans Union provide free credit reports on an annual basis. Be careful with your finances as you consider purchasing a home. Sudden career changes and large purchases can impact lenders’ decisions, and you should approach your property purchase from a position of financial stability.
The Faulkner Team can also recommend experienced and knowledgeable lenders who specialize in residential real estate. And if you are not quite ready for the formal financial process, send us a note and let us know how we can help.