Start A File
The File should contain all of your important financial documents. Regardless of the loan type, lenders will need information about you. Make copies of financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ tax returns.
Savings & Debt
If you are buying real estate, try to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections. Furthermore, try to pay down existing revolving and high interest rate debt like credit cards.
THE 10 COMMANDMENTS
1. Thou shall NOT change jobs or become self-employed.
2. Thou shall NOT buy a car, truck, van, camper or ATV unless you plan to live in it.
3. Thou shall NOT use your credit cards or let your payments fall behind.
4. Thou shall NOT spend the money you have saved for your down payment.
5. Thou shall NOT buy furniture before you buy your house.
6. Thou shall NOT originate any new inquiries on your credit report.
7. Thou shall NOT make any large deposits into your bank account.
8. Thou shall NOT change bank accounts.
9. Thou shall NOT co-sign for anyone.
10. Thou shall NOT purchase anything until after closing.