Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.
To help you out and make your property buying easier, we created a guide you can follow. Click on each icon to find out the process of each step in your buying journey.
Now you’ve figured out your reason for buying and would want to go forward in investing in real estate, it’s time for you to prepare the things you’ll need to be able to purchase a property.
1. 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
* Tax returns for two years
* Copies of leases for investment properties
* 401K statements, life insurance, stocks, bonds, and mutual account information.
2. 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 we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
3. 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.