The Tampa Bay Areas' Favorite Source for Real Estate and Financing Needs

 Get Organized

NOW THAT YOU HAVE DECIDED TO BUY MORE REAL ESTATE YOU CAN SAVE YOURSELF A GREAT AMOUNT OF TIME BY DOING A FEW THINGS FIRST PRIOR TO "TOURING THE COUNTRYSIDE" LOOKING FOR THAT IDEAL PROPERTY.

Check your credit rating and FICO score: See " Finance Center " "Getting Started" for FICO scores, and where to call to get a current credit report and "score".

Get the boring, difficult tasks out of the way first: Start gathering financial information your lender will want from you: Your last two years tax returns, last two pay stubs, assets list (savings, checking accounts, real property, vehicles, etc.) and verification of "other income" such as rentals, trusts, pension, child support.

Get your lender to give you a "pre-approval letter" for a loan (see Finance Center for why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.

Caution: DON'T BUY THAT NEW CAR OR FURNITURE: When you're applying for a new property loan or refinancing a loan do not add any additional debt to your credit report. In most cases this will lower the overall amount to credit (dollars) a lender will lend you. The amount you can borrow before can drop and after adding extra debt! So, if you're planning on financing a new car, furniture for your home or a vacation, hold off until after your loan "closes".

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Tampa Bay Metro Realty / 1st Capital Mortgage, 1513 East Park Circle, Tampa, FL 33610

Copyright © Tampa Bay Metro Realty. All Rights Reserved.

Get "happy": Take your financial paper work into your lender and tell him/her what you want to accomplish (buy another home, an investment property).

Get your lender to give you a "pre-approval letter" for a loan (see Finance Center for why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.

Caution: DON'T BUY THAT NEW CAR OR FURNITURE: When you're applying for a new property loan or refinancing a loan do not add any additional debt to your credit report. In most cases this will lower the overall amount to credit (dollars) a lender will lend you. To understand this clearly, go to my Financial Calculators section and look at the "Mortgage Qualification" calculator. There you will see what happens to the amount you can borrow before and after adding extra debt! So, if you're planning on financing a new car, furniture for your home or a vacation, hold off until after your loan "closes".

ganized

why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.