Financial Organization for your home loan
In order to make the home loan process easy for you and
your lender, you should be financially organized. At the beginning of the
year, most people are inclined to have that in order for tax filing purposes.
However, it is a great practice to maintain year-round. Especially if you’re
ready to begin your home search long after you’ve filed your taxes in the
earlier months of the year.
Maintain all your financial records - including your tax records - in one
place. You may want to buy a box and keep your separate information in
different labeled folders (tax information together, for example, and bills in
another folder) for easy referencing. But, don't just keep a file of your
bills. Track your progress with them.
* Place a note directly on the bills (on the remaining stub of the
bill or on the copy of the bill) indicating the days you paid them.
* Keep a log of how much you owe, where you owe money and when you
make payments on those debts.
Seeing all your financial life in one place makes it easier for you to see
where your credit and your financial life still needs work. Whatever system
you use, you will find it much easier to manage your finances - and your
credit - if you don’t have to hunt for random pieces of paper.
Some of the information you may want to keep in your financial file includes:
* Bills
* Tax receipts and forms
* Articles and pamphlets about debt
* Your credit reports and scores (It’s a good idea to order a copy of your
report before you meet with your lender as well)
* A list of contacts that affect your financial life (such as your bank and
credit agencies, for example)
* Your written emergency plan, detailing what you should do in case of a
sudden loss of job or other problem
* Banking information
* Financial forms
* Investment information
* Deeds to your assets (such as your house)
* Agreements you have signed for loans and other financial services
* Insurance forms
* A list of your financial goals
This organized filing process will help you and your lender work together
smoothly so you can get the loan for your new home.
The
Marcus Rice Team
Remax
Leading Edge
1360 Main Chapel Way
Gambrills, MD 21054
Call
Marcus at 301-910-6502
Fax 240-334-4797
www.marcusrice.com
by email: marcusrice1@msn.com
or visit:
www.homesellersbailout.com
Disclaimer: All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive. Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding tax implications of a sale.
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