Financing

Start A Financial File

A financial file should contain all of your important financial documents. Regardless of the loan type, lenders will request information about you and your spouse. Make copies of recent bank accounts, investments, credit card statements, auto loans, financial statements, recent pay stubs and two years’ tax returns.

What Is My Credit Rating?

Credit scores range between 300 and 850. If you have a credit score of 670-739 it is considered “Good”, if your credit score is between 740-799 it is considered “Very Good” and if your credit score is 800-850 it is considered “Excellent”. Note: Applicants with scores in this range are more likely to receive a better rate from lenders). Below you will find contact information for 3 major credit reporting agencies to help you determine your credit rating. Remember good credit is Very Important! Ask your lender how to improve your credit score.

Equifax-----www.equifax.com----1-800-685-1111
Trans Union---www.transunion.com---1-855-681-3196
Experion---www.experian.com---1-888-397-3742

Stay On Track

If you are considering purchasing real estate then now is NOT a good time to move your money around, make a career change or purchase big ticket items. If you are considering any major changes meet with your lender first and ask them how to proceed BEFORE you make the change. Remember, lenders like stability!

Finding A Lender
Lenders can be found through a variety of sources such as the internet, newspaper ads, social media and through referrals from your REALTOR®. We would be more than happy to provide you with a variety of lenders that we have successfully used and have proven to be competitive and capable even with poor credit or problem properties.

Lender Pre-Approval Letter

There are several benefits of getting a pre-approval letter from your lender prior to your real estate search. First, you will want to know exactly how much you can afford on real estate. Also, when you do find a property that you want to purchase, your offer will be in a better position and more likely to be accepted than someone less prepared. Lastly, being pre-approved is more efficient, it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide several forms of documentation at the time of Pre-Approval.