How to Make Your
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This report helps you:
Decide if you are ready to take on the task of building.
Determine how much you should borrow.
Establish a price range of your finished home.
Get prepared to pre-qualify and obtain construction and permanent mortgage loans.
To help you get started, print and fill out the following worksheets for your Your Financial Report:
Personal Financial Report (also referred as Personal Financial Statement)
Income Statement: Lists a household's income to expense ratio.(money coming in Vs cost of living)
Balance Sheet Statement: Lists a household's assets and liabilities to determine the net worth (assets minus liabilities).
Both worksheets can be used for multiple purposes to help:
Organize and analyze your finances
Determine an affordable house payment, to
Insert into your Financial Presentation to be given to your lender, and to
Assists your lender in calculating how much money they will allow you to borrow.
Let's pause for...
...A couple of Time Saver Tips:
If are using an accounting program on your computer, and it is up to date with all your personal accounting records, you should be able to obtain data for your worksheets quickly.
Computers are great time savers by keeping all your records and information easily obtainable at the click of a button.
Organize copies, not originals, of your income and bill statements, W-2's, tax forms, 6 months of pay stubs, etc. to show proof of income and bills. Place them alphabetically in clear page protectors in order so that they can be found and viewed easily.
After you have all the appropriate figures filled in on both worksheets, there is another question needs to be asked...
...to
help you determine where you stand financially with your
Personal Credit Report.
Go on to Step 3:
Personal Credit Report
Steps:
1
Financial Analysis
2
Personal Financial Report
3
Personal Credit Report
4
How Much Can I Borrow?
5
Debt Reduction Plan
6
Protect Your Wealth
7
Shop for a Home Loan
10
Choose Your 1st Mortgage Home Loan
11
Your Financial Presentation for Home Loan
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