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Preparing to Buy

If you’re wondering how to prepare to buy a house, you’ve come to the right place. Richardson Properties will take you through their complete guide to purchasing a home, whether it’s the very first one, or you’ve done this many time already. First step: before you start shopping for your property, it is a good idea to make some preparations.

Build Your Financial Snapshot

A financial snapshot contains all your important financial documents and information. You will need it to secure financing for your property, and to complete the purchase. A complete financial snapshot should contain:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for the past two years
  • Copies of leases for any investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information

Check Your Credit Rating

Your credit score will affect what type of property you can buy, and at what price. We recommend checking your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will also research your credit ratings from the following three credit reporting agencies: Equifax, Experian, and Trans Union. Richardson Properties can also recommend trusted, knowledgeable lenders in the residential, construction, commercial, and investment real estate fields.

Get Pre-Qualified for Financing

Getting pre-qualified for a mortgage is a simple process, that can usually be completed over the phone or online, with many important benefits. Once you provide your chosen lender with your financial snapshot, they will assess how much they are willing to lend you. This identifies a reliable price range for your purchase, and, in turn, pinpoints the neighborhoods you and your realtor should be targeting. By receiving a mortgage pre-approval or pre-qualification ahead of time, you’ll speed up the entire home-buying process – your realtor can start negotiating with sellers immediately, and you’ll be well-positioned to buy when the offer is right.

Let us help you plan out your home purchase so that you’ll be prepared, informed, and ready to go when the perfect property comes on the market.
Talk with one of our agents to learn more – fill in the form or give us a call.