Before you start shopping for your property, it is a good idea to make some preparations.
Build Your Green File.
A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:
- Financial statements
- Bank accounts
- Investments
- Credit cards
- Auto loans
- Recent pay stubs
- Tax returns for two years
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information.
Check Your Credit Rating.
Your credit score significantly influences the type of property you can purchase and the price range available to you. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will review your credit ratings from the three major credit reporting agencies: Equifax, Experian, and TransUnion. We are happy to provide recommendations for experienced and knowledgeable lenders specializing in residential, construction, commercial, and investment real estate.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.
