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
- Credit cards
- Auto loans
- Recent pay stubs
- Copies of leases for investment properties
- Investment statements, life insurance, stocks, bonds, and mutual account information.
Check Your Credit Rating.
Consult with a mortgage broker, bank or financial advisor who will help determine your credit worthiness and or budget as you start your search for your new home. This will have a huge impact on what type of property you can buy, and at what price. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, commercial and investment real estate fields.
Be Careful With Your Finances.
You will need to ensure you have a 10% good faith deposit so spend wisely. Additionally, 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.