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| Deciding to Buy | Preparing to Buy | Choosing a Realtor® | Time to Go Shopping | Due Diligence | Moving In |
Before you start shopping for your next home, it is a good idea to make some preparations.
Get Pre-Qualified
Building a file of all your important financial documents before heading off to talk to your bank or a mortgage rep. In order to secure financing, these are the documents that will be required. By organizing prior to beginning the home search and getting pre-qualified, you will save yourself time. Typically lenders will require:
- Financial statements
- Bank accounts
- Investments
- 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. Your credit score will determine the interest rate you qualify for, thus also determining how much of a mortgage you are able to receive.
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.
TIP: Once you have been pre-qualified, secured a property and are heading towards closing, do not make large purchases, such as buy new furniture, a car, or go on an expensive vacation. It may negatively impact your ability to close on the property.
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