Why POF Letter Could Be Beneficial To Your Real Estate Investment

A real estate proof of funds letter or POF is a statement which shows that you are financially capable of making the payments stated in a given transaction. In most cases this is provided to you by your bank. However, there are many other ways that people can secure a POF statement. The following are the potential benefits of having a POF statement.

Speeds up the Process

If you are looking to purchase a property fast, then you should make sure you have a POF statement on hand. These statements can sometimes take days to transfer, so by having one in advance you can be sure to speed up the transaction. Your POF statement shows the other party that you are capable of making the payments on a new mortgage, and they may be more apt to deal with you if they know for certain that you are financially secure.

Easy To Order

It has never been easier to order a POF statement. You simply contact your bank and ask them to deliver the statement to you. If you have a poor credit rating, then you may want to consider contacting an alternative funding company. Many companies specialize in poor credit, and they can help you get back on the right track so that you can quality for prime financing options.

Legitimacy

A POF statement is fully legitimate when it comes from your bank or another reputable financial firm. This means you will have no problem in getting it verified by the other party. It is solid proof that you are able to make required payments on any type of loan, and it will ensure that you will be able to quickly and efficiently move forward with your real estate purchase.

Helps Poor Credit

Most POF statements are based solely on a cash account. This means that if you have a poor credit rating, you can team up with an online funds website. The third party credit firm will secure the POF for you in this instance, as they will ensure that timely payments are made to the seller in return for them supporting your claim for a quality POF. This can be a great way to get the financial representation that you need, and even those with bad credit ratings can get a POF with ease.