Getting Your Finances in Order
A crucial step in starting your search for a new home is having a clear idea of your financial situation. By getting a handle on your income, expenses and debts, you'll have a much better idea of what you can afford and how much you'll need to borrow.

For lenders to verify this information, though, they're going to need to look at your financial records. It is also important to remember that you should include records for each person who will be an owner of the house. So before you even visit the bank, make sure you'll be able to provide copies of these important documents:

  • Paycheck Stubs
    Remember that lenders are most interested in your average income. Not only will they want to see this month's paycheck, but also how much you've been making for the past two years. Steady employment is also more attractive to lenders, so if you've been hopping from job to job, be prepared to discuss the reasons why.

  • Bank Statements
    In order to qualify you for a loan, most lenders will also ask you for copies of your bank statements. Ideally, they'd like to see a steady history of savings--or at the very least, that you're not bouncing checks every month.

  • Tax Records
    It's always a good idea to save copies of your tax returns, especially if you're self-employed. If you own your own business, it's important to note that lenders generally consider your income as the amount you paid taxes on--not the gross income of the business.

  • Dividends & Investments
    Lenders will usually consider long-term investment dividends, as well as your investment portfolio, when evaluating your income.

  • Alimony/Child Support
    If you receive steady payments as part of a divorce settlement or for child support, you can also include this as part of your gross income. Just remember that lenders will want to see a copy of your divorce/court settlement verifying the amount of the payments.

  • Credit Report
    Virtually every lender will want to see a copy of your credit report as part of the loan application process. The report lists all of your long-term debts, as well as your payment history. In general, they will require you to pay for the credit report (approximately $50), but if you have a recent copy, they may accept that instead.

       

 

Prudential Olympia, REALTORS®
2630 Martin Way
Olympia, WA 98506
Email: info@prudentialolympiarealtors.com
Phone: 360-456-4486
Fax: 360-456-4980
Toll free: 800-956-4486
is a service mark of The Prudential Insurance Company of America.
2000-2001, An independently owned and operated member of The Prudential Real Estate Affiliates, Inc.
Equal Housing Opportunity. Equal Opportunity Employer
All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.
Site Map

home page
Prudential Olympia, REALTORS® home page

home search
search for homes on Northwest Multiple Listing Service (NWMLS) and Olympic Multiple Listing Service (OMLS)

new listings
our newest listings of homes and property

open houses
upcoming open houses hosted by Prudential Olympia, REALTORS® agents

virtual tours
view our virtual tours by Visual Tour - save time by seeing the home before arranging a showing

information for homebuyers
articles and information for buyers

mortgage calculator
determine how much you can afford to spend on your new home

information for homesellers
articles and information for sellers

free market analysis
request a free valuation of your home: how much is your home worth?

local neighborhood and school information
school, government, shopping, recreation, and other information for the Olympia-Lacey-Tumwater-South Sound-Thurston County area

our agents
A listing of Prudential Olympia, REALTORS® agents and contact information

career opportunities
learn about career options as a Realtor with Prudential Olympia, REALTORS®

contact us
how to contact Prudential Olympia, REALTORS® by phone, fax, email, or mail

how to find us
finding our office: directions and map