Preparing to Buy
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
- Investments
- Credit cards
- Auto loans
- Recent pay stubs
- 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 will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.Be Careful With Your Finances
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.Typically you’ll need an earnest money deposit, down payment, closing costs, and prepaid items (insurance/taxes). The exact amount depends on your loan type and price point.
Get pre-approved (not just pre-qualified). A pre-approval shows your true buying power and makes your offer stronger.
Pre-qualification is a quick estimate. Pre-approval involves document review and lender underwriting steps, so it’s much more reliable.
Most purchases close in about 30–45 days, depending on financing, appraisal, title, and inspection timelines.
Yes—if your debt-to-income ratio and reserves qualify. This is common for buyers who want to rent out their current property.
A general inspection is standard. Depending on the home, consider roof, HVAC, plumbing, electrical, termite, and (in condos) reviewing building financials and documents.
Options include renegotiating price, increasing your down payment, disputing the appraisal, or switching loan programs—depending on your contract and lender.
Closing costs include lender fees, title fees, escrow, recording, and prepaid items. Buyers often pay most of their own costs.
Sometimes. It depends on how long you plan to keep the home and your cash available at closing.
Only if you’re within a contract contingency (inspection, financing, appraisal, etc.) or per your contract terms — otherwise you may risk losing your deposit.