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Bedrooms: 3
Bathrooms: 2
Building Size: 2658 Square Feet
Lot Size: 5 Acres
Property Type: Single Family
Property Status: For Sale
Sprawling 2600 Sq Ft Ranch Style Home ready for a new owner!!! This home...
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Lot Size: 4.78 Acres
Property Type: Campsite
Property Status: Sold
Attention ALL Hunters and Campers!!! This heavily wooded tract is located...
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Bedrooms: 5
Bathrooms: 2
Building Size: 1300 Square Feet
Lot Size: 9 Acres
Property Type: Cabin
Property Status: Sold
9± acres and cabin located in Lincoln County. This is a premier retreat...
Before you start shopping for your property, it is a good idea to make some preparations.
Build Your Green File.
A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:
Check Your Credit Rating.
Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.
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.
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 | https://www.equifax.com | (800) 685-1111 |
| Experian | https://www.experian.com | (800) 392-1122 |
| Trans Union | https://www.transunion.com | (800) 888-4213 |
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.
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.
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