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.

Mortgage Pre-Approval

To obtain a pre-approval letter, please make the following documents available:

Employed Borrowers:

• 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 accounts)
• Recent Transaction Summary of any additional savings (401K, IRA, Mutual Funds, etc.)

Self-Employed Borrowers:

• 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)