Prepare Finances Before Buying Your First Home

Thinking about buying your first house?  To make the preapproval process seamless, assemble these financial documents:

1. Your credit report. Obtain a copy as early as possible and scour it for accuracy. Pull your credit report six to 12 months before you seek preapproval so you have time to rectify any unexpected issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com or call 877-322-8228. It works well to order your report every four months from a different credit bureau.

2. W-2 forms. Make copies from the past two years.

3. Paystubs. Copy your two most recent ones.

4. Financial account statements. Collect statements (including retirement accounts) from the past few months.

5. Lines of credit. If you have opened any in the past six months, you’ll need copies of those statements as well, since they might not show up on your credit report.

6. Information on vehicles you own. Include make, model, and resale value.

7. Credit card account information. Include numbers and types of cards, balances and minimum payments.

8. Auto-loan account information. Include account numbers and statements.

9. Other loan account information. Think student loans and personal loans.

10. Gifts. If you’re fortunate enough to have any money for your down payment gifted to you, identify how much and where it will come from. Be prepared to document that it’s a gift and not a loan.

Once you have all your documents and personal financial information assembled, you’re ready to get preapproved at Hopewell Federal Credit Union. Stop in or apply online today.

Copyright 2011 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
 

Hopewell Federal currently has two homes for sale.  Click on these links to learn more.

 4615 Linville Rd, Newark, Ohio

 

 

 

8277 Linville Rd, Newark, Ohio


 

 

 
 
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