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Financing Options

Start A Finance File

Regardless of what type of loan you are applying for, lenders will need information about your financial situation.  We recommend you start a finance file which should contain all of your important financial documents such as bank account statements, investment statements, credit card bills, auto loan amounts, recent pay stubs and two years’ tax returns.

Check Your Credit Rating

Credit scores range between 400 and 800. A “good” credit score is between 620 and 679. A “premium” credit score is 680 and above and may possibly help get you a lower interest rate.

Below you will find the contact information for the 3 major credit reporting agencies to help you determine your credit rating. If needed, ask your lender how to improve your credit score. Going forward, treat your credit like gold as a higher score can make a major difference in the total amount of money you must repay your lender.

Equifax 800.685.1111
Experian 800.392-1122
Trans Union 800.888-4213

Savings and 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.

Financial Stability

Now is not a good time to change careers, move your money around, or buy big ticket items like cars or boats. Lenders like stability, so if you are considering any major changes, it pays to meet with a lender and ask them how to proceed before you make any changes. If you are tempted to buy a big ticket item, consider the following:

A $500 a month debt payment (like a credit card or auto loan) could lower the amount of home you can afford by about $83,000! *

* Based on a 30 year mortgage at 6% interest.