Nathaniel Fried
This includes having access to all asset, debt, and income information. A borrower should understand exactly what is their income, what are their monthly debts and outstanding balances, and exactly how much money they have in their checking, savings, investment, and retirement accounts. Accumulating all the supporting documentation for this is incredibly helpful as well: 2 years tax returns, 1-month paystubs, 3 months of account statements.
The more detailed of an understanding that a borrower has about their financial picture, the easier the conversation will be with the lender.
Part of preparation will include knowing their credit history, as well. A lender will want to know and if the borrower has already gone to www.freecreditreport.com (or some such free site), they’ll be that more able to assist. Credit Karma or some other site is insufficient: they don’t pull as much information as do the credit bureaus themselves.
Contributor: Michael Hausam from hausamgroup.com
