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Preparing to Buy

Before you start shopping for your property in Northern VA, you must make some preparations.  The first step is to get financials in order and get a Pre Approval first.

Build Your Financial File.

You will need to secure financing for your property so your financial file will contain all your important financial documents.  The typical financial file should contain:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Recent W-2
  • Copies of leases for any investment properties you own
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

Your Credit Report.

Your credit score will have a huge impact on what purchase price you can qualify, thereby effecting the type of property you can buy.  It is a must, to first check your credit rating with an experienced lender so that we can determine what you can afford and issue a pre-approval.  The lender will pull your credit from the three credit reporting agencies Experian Equifax, and Trans Union.   Our team will be happy to recommend experienced, knowledgeable lenders.

Be Careful With Your Finances.

Please keep in mind, once you seek a pre-approval, it is not a good time to make sudden career changes or large purchases. Here is a detailed article on 7 things to avoid after you hav applied for a mortgage or pre-approval.

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