Start
a
Green
File:
A
Green
File
should
contain
all
of
your
important
financial
documents.
Start
by
making
copies
of
all
your
financial
statements;
bank
accounts,
investments,
credit
cards,
auto
loans,
recent
pay
stubs
and
two
years’
tax
returns.
If
you
haven’t
already,
start
saving
a
down
payment
and
extra
funds
for
incidental
home
buying
and
closing
costs
(i.e.,
inspections,
appraisals,
title
insurance,
etc).
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
interest
rate.
Below
you
will
find
the
contact
information
for
the
three
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
gold.
Get
Pre-Approved
By A
Lender:
There
are
two
key
benefits
to
getting
pre-approved.
First,
you
will
know
how
much
house
you
can
afford.
Second,
when
you
find
a
property
you
want
to
buy,
your
offer
will
be
better
positioned
than
someone
less
prepared.
Your
lender
may
want
to
know
some
of
the
following
information:
 Job and career status |
|
Income |
|
Monthly debt payments |
|
Cash available |
|
Total assets and debts |
Toe
The
Line:
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
the
following:
|
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). |
