Before starting your property search, it’s important to be prepared. Here’s how to set yourself up for success:
Build Your Financial File
Gather your essential financial documents to streamline the financing process. Your “green file” should include:
- Financial statements
- Bank account details
- Investment records
- Credit card and loan information
- Recent pay stubs
- Tax returns (last two years)
- Lease copies for any investment properties
- 401K, life insurance, and other financial account statements
Check Your Credit Rating
Your credit score significantly impacts your buying power. Review your credit rating early to understand what you can afford. Lenders will evaluate your score from all three major credit agencies—Equifax, Experian, and TransUnion. Delano Group can connect you with experienced lenders to assist you through this process.
Maintain Financial Stability
Avoid making large purchases or career changes before buying. Maintaining a stable financial position will improve your ability to secure favorable financing and make the buying process smoother.