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Did you know that your financial profile is more unique to you than your own fingerprint?
It's influenced by your personal circumstances as well as your financial circumstances, and
even the type of property that you have in mind. It takes into account income, assets,
credit score, credit history. The types of credit you've had. How long you've had that
credit. Are there any derogatory remarks on your credit report? What is your employment
history? Are you about to retire? Are there any gaps in employment? Major changes in employment
in the last two years? Do you have any other financial obligations related to divorce or
child support, or other properties that you may own? The list goes on and on. And, that's
just about you. Then there's the property that you have in mind. How much will it appraise
for? What type of property is it? Single Family? Multi-family? Condominium? Beachfront property?
Is it a flip? Is it a foreclosure? What is the condition of the property? What is the
property tax for it? The homeowner's insurance for it? That list goes on and on as well.
Collectively, all of this information makes up your unique financial profile. It's not
just unique to you, it's unique to you at this point in time. Your financial profile
today is not going to be the same as your financial profile one week, one month or one
year into the future. That is why when you're listening to other people talk about their
financial experiences you have to be very careful. Because their experience is related
to their financial profile at that specific point in time. When you hear the horror stories
about financing often times if you were to dig very deeply you'd find that behind it
there may have been issues with their financial profile at that point in time. That is why
you must also speak with a loan officer so that they can go through all of your information,
determine what your personal and financial circumstances are, what type of property you're
interested in, and develop a financial profile for you. So that you can at least begin to
understand what you can do today or what you'll need to do as far as your profile goes in
order to obtain financing in the future. And that is what you need to understand about
your financial profile. Thank you for watching.