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 it to secure financing for your property. The typical green file should contain:
- Bank statements
- Investments statements
- Credit cards
- Auto loans
- Recent pay stubs
- Tax returns for two years
- Copies of leases and expenses for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information.
Check Your Credit Rating.
Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that your lender can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union.
Anne Rossley partners with the top lenders in Chicago who make this process EASY! Reach out to her today to get their contact information, as these experienced and knowledgeable lenders will consult with you over the phone to get you started on the path to home ownership!
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.
