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. Unless you are paying cash, you will need it to secure financing for your property. The typical green file should contain:
- Financial statements
- Bank accounts
- Investments
- Credit cards
- 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.
If you intend to secure financing for your purchase your credit score will have a huge impact on what type of property you are approved to purchase. It is first recommended to check your credit rating with an experienced lending institution so that we can determine how much of a loan you can be approved for. The lender will research your credit ratings with the three credit reporting agencies Equifax, Experian and Trans Union. We are happy to recommend experienced, knowledgeable and creative lenders in residential, construction, and investment real estate in our market.
Be Careful With Your Finances.
When buying a property it is not a good time to make sudden career changes, make large purchases, move large amounts of cash around or apply for new credit. You want to approach your property purchase from a position of financial stability.