Buyers Road Map-Preparation
Before you start shopping for your dream home, it's a good idea to make some preparations
• Build your 'Green File'
A green file contains all your important financial documents. You'll need it to secure financing for your home. The typical green file should contain:
- Financial statements
- Bank accounts
- Investments
- Credit card
- Auto loans
- Recent pay stubs
- Tax returns for two years
2.2 Check your credit rating
Your credit score will have a huge impact on what type of home you can buy, and at what price. Anything above 620 is considered good. A premium interest rate may mean a lower interest rate on your mortgage. Check your credit rating with a credit reporting agency such as:
Equifax , Experian or Trans Union.
2.3 Be Careful With Your Finances
Now is not a good time to make sudden career changes or large purchases. You want to approach home buying from a position of financial stability.
>Next Step: Choosing A Real Estate Agent
