Before you start shopping for your property, it is a good idea to make some preparations.
Build Your Credit File.
A Credit file contains all your important financial documents. You will need it to secure financing for your property. The typical credit file should contain:
- Audited / Unaudited Financial statements
- Bank accounts statements
- Investments statements
- Loan & Mortgage statements
- Credit cards statements
- Auto loans statements
- Recent pay stubs – 3 months
- Job letters – showing last 2 years+ of employment
- 2 forms of Government issued Ids
- Proof of address – ex. Recent utility bill, deed or bank statement
- Sale agreement, Letter of Intent, Invoice or Real Estate listing
- Current credit bureau report
- Tax returns for two years
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information.
ADDITIONAL FOR US or NON-RESIDENT ONLY
Get a Bank Prequalification Done.
If you are planning on using Bank Credit to complete your purchase, it is critical to get a Bank Prequalification assessment done beforehand. In this review of your credit file, the bank will thereafter provide you with an idea of how much the bank will be willing to lend to you and the terms, rates and fees applicable. Afterwards, you can shop for your new property with confidence, knowing that those funds will be available to you. It is recommended that you speak with an experienced lender to provide you with the best terms and options. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.