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Preparing to Buy

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 in order to secure financing. The typical green file should contain the following documents:

  • 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 will have an impact on your financing options, the type of property you can buy and at what price. It is recommended that you first check your credit rating with an experienced lending institution to determine what you can afford. The lender will pull your credit ratings from the three credit bureaus; Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial investment real estate fields.

Be Careful With Your Finances.

You want to approach your property purchase from a position of financial stability so now would not be a good time to make any sudden career changes or large purchases.