Preparing To Buy
Unless you’re paying for your new home with cash (good for you!), the first step in buying a home is talking to a lender. We like to use the analogy that it is really hard to go grocery shopping when you don’t know how much you have to spend. You’ll need to talk to the lender to have them help you determine what price of home you can afford. So it’s time to start gathering up all your important financial documents. Here are the things your lender is going to want to know before they can give you an idea of the home price you can qualify for:
- Financial statement
- Bank accounts
- 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.
If you do not have a lender you know, please contact us and we can refer you to lenders we have worked with in the past that we recommend. You do not need to have all these financial records before you start talking to a lender but eventually, they are going to need this information or at least those that apply to you and your situation.