Describe your image
Describe your image
Preparing to Buy
Before you start shopping for your property, it's imperative to make some preparations.
Get Your Documents in Order
Gather all your important financial documents. You will need it to secure financing.
Your lender will ask for the following:
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.
If you don't know your credit score, you can check it for free at creditkarma.com. And not to worry, checking your credit won't impact your credit score. Credit Karma will give you access to your Vantage Score, provide reports and insights. Plus it's a good idea to check your credit regularly to ensure that it's accurate. If there are any errors, you can get them resolved there. And if you need to work on your credit, they also have credit simulators that will help you to understand how credit scoring works. Use
creditkarma.com to get the info you need to take control of your credit.
*Note: Overall, your Credit Karma score is an accurate metric that will help you monitor your credit -
but it might not match the FICO scores a lender looks at before giving you a loan.
There are several
Contacting A Lender
The next step is to contact a lender that you want to work with. If you already have a lender, great. If you don't, we can recommend one. *see our resources page for our preferred lenders.
Your lender will work with you to determine what you can afford and get you pre-qualified to purchase your new home.
Note: Just as you wouldn't buy a house without shopping around first, why would you commit to the loan you use to buy that house without making sure you're getting the best deal possible? Take a few minutes to review these mortgage resources and learn why it's essential to browse before you borrow.
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.