If you choose to explore financing with a lender, the following information can help ensure your initial consultation is productive and efficient.
If the meeting is by phone, plan to be in a stationary location (not driving) in a quiet environment. If multiple people will be participating, a speakerphone may be used, but background noise should be minimized. If participants are in separate locations, lenders can typically arrange a conference call.
Have a notepad and pen available to take notes during the conversation.
It is helpful to have key financial information readily accessible, including income, assets, and general credit details, as lenders will often request this during an initial discussion.
Additional helpful information to prepare in advance may include: estimated purchase price, potential offer amount, current loan balances (if refinancing), a rough estimate of renovation costs, and property tax amounts.
Reviewing the “Renovation Steps” section beforehand can also be beneficial, as it may help generate questions to ask for the consultation. Writing down questions in advance is encouraged to make the most of the conversation.