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Making the Decision to Buy
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
Why Do You Want To Buy?
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Has Your Income Grown?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
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Preparing To Buy Your Home
Before you begin shopping for a property, it’s important to set yourself up for success with a few key financial steps.
Organize Your Financial Documents (Build Your Green File)
Your “green file” is a collection of essential financial records that lenders will review during the mortgage approval process. Having these items ready will streamline your journey:
- Recent pay stubs
- Bank statements
- Tax returns (past two years)
- Investment account summaries
- Credit card and auto loan information
- 401(k), life insurance, stocks, and mutual fund details
- Lease agreements (for any income-producing properties)
Know Your Credit Standing
Your credit score plays a major role in determining your loan eligibility and the interest rate you’ll receive. It’s wise to review your credit report early through a trusted lender, who can provide insights from all three major bureaus—Equifax, Experian, and TransUnion. I’m happy to connect you with experienced lending professionals who specialize in residential, construction, and investment financing.
Avoid Major Financial Changes
Lenders value stability. Now is not the time to switch careers, open new lines of credit, or make large purchases. Maintaining consistent income and spending habits will put you in the best position to qualify for a favorable loan.