Financing Roadmap :: Salt Lake City Real Estate

Step 1 :: Getting Started

Whether you are financing a Salt Lake City real estate purchase, refinancing your existing loan, or obtaining a real estate equity line of credit, the following tips will help get you started.

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.

Savings and Debt
If you are buying Salt Lake City real estate, try to accumulate funds towards your down payment, closing costs (appraisal, earnest money, title insurance, etc…) and expenses such as inspections.

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!