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Preparing to buy a home in Lakewood Ranch
The first step in preparing to buy your new home in Lakewood Ranch is to get your finances in order. If you will be requiring a loan, your lender will require you to prove your income, outline your debt-to-income ratio, and supply your credit report. Additionally, you should prepare the following documents:
- Income statements
- 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.
How Important Is Your Credit?
In many cases, people assume that they don’t have good enough credit to be able to buy a home in Lakewood Ranch. Don’t make this mistake! Odds are that if your score isn’t good enough for you to buy today, we can help you take a few simple steps to get you where you need to be to realize your dream of homeownership.
Your credit won’t just determine if you can buy, but it will also tell you how much home you can buy. We will align you with a lender that is best for your unique circumstances and they will pull your credit report from the three major bureaus; Equifax, TansUnion, and Experian. From there we will work together to set a budget that makes sense for you and your lifestyle.
Don’t Buy Before You Buy
Just because you are pre-approved for a home loan and get a Lakewood Ranch home under escrow, that does not mean that you have officially purchased the property. Your lender will be monitoring your credit and debt-to-income ration right up until you sit down at the closing table. Therefore, major purchases and new lines of credit could cause you to lose your funding and your deposit. You should always consult with your lender or Hindson Exceptional Realty agent before you make any financial moves prior to closing on your new Lakewood Ranch home.