Start a Green File
A Green File should contain all of
your important financial documents.
Regardless of the loan type, lenders
will need information about you. Make
copies of financial statements; bank
accounts, investments, credit cards,
auto loans, recent pay stubs and two
years’ tax returns.
Check Your Credit Rating
Credit scores range between 400 and
800. 620 + is considered “good”.
680 + is considered “premium”
and may possibly help get you a lower
Below you will find the contact information
for the 3 major credit reporting agencies
to help you determine your credit
rating. Ask your lender how to improve
your credit score if you need to.
Going forward, treat your credit like
If you are buying real
estate, try to accumulate funds towards
your down payment, closing costs (appraisal,
miscellaneous fees, escrow, title
insurance, etc.) and expenses such
as inspections. Furthermore, try to
pay down existing revolving and high
interest rate debt like credit cards.
Now is not
a good time to change careers, move
your money around, or buy big ticket
items. Lenders like stability. So
if you are considering any major changes,
it pays to meet with a lender and
ask them how to proceed before you
make any changes! If you are tempted
to buy a big ticket item, consider
A $500 a month debt payment (like
a credit card or auto loan) could
lower the amount of home you can
afford by about $83,000! *
Based on a 30 year mortgage at 6% interest.