Buying Roadmap :: Salt Lake City Real Estate

Step 2 :: Get Organized

Now that you have decided to buy Salt Lake Real Estate, you may be getting excited about looking at Salt Lake City Properties. But before you go searching for homes in Salt Lake City, we highly recommend that you do some additional homework to help avoid disappointment and frustration later on in the home buying process.

Start a Green File
A green file should contain all of your important financial documents. Start by making copies of all your financial statements, bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ of tax returns. If you haven’t already, start saving a down payment and extra funds for incidental home buying and closing costs (i.e., home inspections, appraisals, title insurance, etc…).

Check Your Credit Rating
Credit scores range between 400 and 800. A score of 620+ is considered “good”. A score of 680+ is considered “premium” and may possibly help get you a lower interest rate.

Below you will find the contact information for the three major credit reporting agencies to help you determine your credit rating. Ask your lender how to improve your credit score if you need to. Going forward, treat your credit like gold. Also remember that everyone is allowed to receive one free credit file disclosure, commonly called a credit report, once every 12 months from each of the credit reporting agencies listed below.

Get Pre-Approved By A Lender
There are two key benefits to getting pre-approved. First, you will know how much house you can afford. Second, when you find a Salt Lake City Property you want to buy, your offer will be better positioned than someone less prepared and does not have a pre-approval letter. Your lender may want to know some of the following information:

Toe The Line
Now is not a good time to change careers, move your money around, or buy big ticket items. Lenders like stability. So if you are considering any major changes, it is best to meet with a lender and ask them how to proceed before you make any changes!