Financing Your New Property
Before beginning the process of touring and writing offers, it is important to have a well thought plan for financing your new property. In an extremely competitive market with ever-changing underwriting guidelines, the integrity of your purchase offer is heavily weighted by the structure of your home financing.
Prior to offer acceptance, a seller will ask to review a buyer’s:
- Loan Pre-Approval Letter dated within the past 30-90 days from a mainstream lending institution
- Credit Rating with scores using a tri-bureau credit report (Equifax, Experian & Transunion)
- Proof of Funds – evidence of account balances for the earnest money
deposit and down-payment
The absence of this documentation at the time of offering typically results
in hesitation of acceptance at best, or a complete rejection of the offer until
such documents are provided. Timing is often the most critical aspect in real
estate, therefore, it is necessary to have all of the paperwork prepared at
the inception of the buying process.
To obtain a pre-approval letter, please make the following documents available:
- Past 2 years W2’s and/or 1099 Statements
- Most recent pay stubs covering
the past 30 days
- 3 most recent monthly Bank Statements (checking, savings
- Recent Transaction Summary of any additional savings (401K, IRA,
Mutual Funds, etc.)
- Past 2 years Signed Personal Tax Returns (all schedules)
- Copy of Business License
for past 2 years
*Required paperwork may vary based on the specificities of your transaction
and/or credit history. The aforementioned documents are generally suitable
for pre-qualification from most major lenders.
ListingPoint Realty can refer you to one of our trusted mortgage advisors.
(We work with Wells Fargo, Bank of America, as well as numerous other Credit
Unions and Mortgage Bankers)
ListingPoint Realty|Tel: (714) 469-8198|DRE Lic: 01757670
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