Financing

Start A Green File

A Green File should contain all of your important financial documents. Regardless of the loan type, lenders will need information about you. Make copies of financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ tax returns.

Check Your Credit Rating

Credit scores range between 400 and 800. 620 + is considered "good". 680 + is considered "premium" and may possibly help get you a lower interest rate.

Below you will find the contact information for the 3 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.

Equifax	http://www.equifax.com	(800) 685-1111
Experian	http://www.experian.com	(800) 392-1122
Trans Union	http://www.transunion.com	(800) 888-4213

Savings & Debt

If you are buying real estate, try to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections. Furthermore, try to pay down existing revolving and high interest rate debt like credit cards.

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 pays to meet with a lender and ask them how to proceed before you make any changes! If you are tempted to buy a big ticket item, consider the following:

A $500 a month debt payment (like a credit card or auto loan) could lower the amount of home you can afford by about $83,000! *

* Based on a 30 year mortgage at 6% interest.

All auctions are sold without financial contingencies. Often, non-qualifying financing will be available through local banks. Make sure to check each auction to see if these terms are being offered. You are welcome to obtain your own financing through any lender of your choice. Remember, if you are the successful bidder, you will be required to put down a non-refundable deposit and sign a sales contract the day of the sale. This deposit is a flat fee and is determined before the auction. Make sure to check each auction’s Terms and Conditions for detailed information.

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Mortgage 101 by Mark Williams, Auctioneer
With over 175 informative documents and interactive tools, Mortgage 101 can help you find the answers to your mortgage questions. View current interest rates, sign up for a monthly newsletter, use interactive calculators and more.