HOME BUYER ADVISOR
Information you need to find the best home and the best loan
FOCUS YOUR FINANCIAL PICTURE
As soon as you have made the decision that you want to buy a house in Wisconsin, one of your first steps should be to make certain that you have a clear picture of your financial situation. At a minimum, you will most likely want to do the following:
• Run a Credit Report to make certain that there are no discrepancies in your credit history.
• Get everyone who will be involved in spending involved in developing a budget. Some of the items and info you will need to develop your budget are:
o All current monthly loan payments. All other monthly expenses (such as child care, dues, etc.).
o Records of variable expenses (such as utilities, food and car repair) from the last 12 months. This will give you an estimate of your monthly expenditures.
o Records of annual or semi-annual expenses (such as insurance and taxes).
o An estimate of what your new mortgage payment will be.
o Records of other non-fixed expenses (for example, medical expenditures) for the last year.
o Records or an estimate of personal expenses (entertainment, travel, etc.).
• Do an analysis of how a house purchase will affect your budget. Be sure to factor in not only mortgage payments (including insurance and taxes) but also funds for items such as repairs and maintenance.
• Begin to gather items such as: last 3 years’ Income Tax returns, current copies of pay stubs, records of any past derogatory credit history that has since been paid off, and records of any supplemental income you have. If you are self employed, you will need all business records and tax returns for the last 3 years. Having these items close at hand will save an enormous amount of time when your mortgage paperwork is being taken care of.
• If it is possible to do so without adversely affecting your down-payment situation, pay off minor debts. The less debt you have the easier your mortgage "sailing" will be.
• Do not incur any new debt. Since mortgages are based on debt to income ratios (the amount you pay out monthly versus the amount you bring in) a newly acquired debt could be enough to throw the ratios off and make the mortgage unobtainable.
If you would like more information on organizing your finances, please give me a call.
Oh, By the Way…whenever you come across people who are thinking about buying, selling or refinancing a home and would appreciate the same level of service I provide to you, please forward their name and telephone number to me. I will gladly follow up and offer them the high-quality service you currently receive!
Ron Meyer
GSF Mortgage Corporation
920-788-9608
920-213-0428 cell
rmeyer@gsf-mortgage.com
http://www.getapprovedfast.com/
© 2007 GSF/HBRC
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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