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Smart Financial Steps: How to Prepare for Borrowing Again

Learn how to prepare for borrowing by checking your credit score and gathering key financial records. Understand the importance of assessing your income, expenses, and discretionary funds, and gain insights on the process from credit reporting agencies. Take proactive steps to organize your financial documents effectively.

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Smart Financial Steps: How to Prepare for Borrowing Again

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  1. Understanding How to Prepare for Borrowing Again

  2. Checking Your Credit Score

  3. Credit Reporting Agencies www.annualcreditreport.com • Equifax www.equifax.com(800) 685-1111 • Experian www.experian.com(888) EXPERIAN (397-3742) • TransUnion www.transunion.com(800) 916-8800

  4. Preparing a Spending Plan • Determine your net monthly household income • Calculate your monthly expenses • Calculate your discretionary income

  5. Gathering Your Financial Records • Income tax returns and other income information • Bank statements • Payoff of existing mortgage • Copy of recorded deed to your home

  6. Gathering Your Financial Records • Homeowners insurance policy • Most recent property tax bill • Copy and description of home improvement plans if you are making renovations

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