Preparing to Buy
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Before you start shopping for your property, it is a good idea to make some preparations.
If you will be obtaining a loan – organize your documentation.
You will need many important financial documents in order to secure financing for your property. Some of the documents that you may need are:
- Financial statements
- Bank accounts
- Investment statements
- Credit card or other loan statements
- Recent pay stubs or 1099s
- Tax returns for the past two years
- Copies of leases for investment properties
- 401K statements, life insurance etc.
If you are self-employed your lender may require additional information.
Check Your Credit Rating.
Your credit score will have a significant impact on what type of financing you can qualify for and what you can spend on a property. A lender can help you to research your credit ratings from the three credit reporting agencies; Equifax, Experian and Trans Union. I am happy to recommend several experienced, knowledgeable lenders. Each lender I recommend has worked for other clients of mine and has established a track record of professional and communicative service with me and my clients.
What if you are a cash buyer?
Cash buyers often need to be prepared to submit evidence of their ability to pay cash along with an offer or after mutual acceptance of their offer. This can be done in a way that protects the clients’ privacy and security.