PREPARING TO BUY
Before you start shopping for your property, it is a good idea to get pre-qualified with a lender. As a trusted real estate resource, I work with the best lenders in the Bay Area that I have personally vetted. While rates are important, communication, customer service, and industry knowledge should not be overlooked. Fortunately, I already did the hard work of filtering the best lenders out for you!
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 (if any)
- Recent pay stubs
- RSU information (if any)
- Tax returns for two years
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information.
Check Your Credit Rating.
Your credit score has a significant impact on what type of property you can buy, and at what price. As part of the pre-qualification, credit ratings from the three credit reporting agencies Equifax, Trans Union, and Experian will be pulled.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases/money transfers. If you have questions or are about to make these changes, please consult with your lender. You should be open and allow them to be your best friend during this process. You want to approach your property purchase from a position of financial stability.