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Image by Glenn Carstens-Peters

Preparation to buy

Before you start shopping for your property, it is smart to make some preparations. Begin by gathering together the following paperwork and make a separate file that will contain all your important financial documents. You will need it to secure financing for your property. 

  • Financial statements

  • Bank account(s) statements

  • Credit card bills

  • Auto loan information

  • Pay stubs for the past three months

  • Tax returns for the last two years

  • 401K statements, life insurance, stocks, bonds, and mutual account information.

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 they are able to determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies. Remember to get copies of the lender's findings if you choose to meet with additional lenders. You don't want several different sources looking into your credit; it will lower your score each time.

Do not accidentally sabotage the process by making sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.

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