Becoming Pre Qualified

Before you start shopping for your property, it is a good idea to make some preparations in order to become pre qualified with a mortgage lender.

Gather Documents

A lender will ask you to gather all your important financial documents. You will need this information to secure financing for your property. This information should contain:

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. I will be happy to recommend experienced and knowledgeable lenders to begin the pre qualification process.

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.