Geraldine (Gerry) Angel
Associate Real Estate Broker
Keller Williams NY Realty
120 Bloomingdale Road Suite 101
White Plains, New York 10605
(914) 437-6185
www.WestchesterKW.com




Buyers Roadmap

    
Deciding to Buy Preparation Choose a Real Estate Agent Time to Go Shopping Excrow Inspection and Appraisal Moving In

Preparation
Before you start shopping for your  property, it is a good idea to make some preparations.

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.

Obtain A Loan Pre-Approval. 
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.  

Obtaining a Loan Pre-Approval from a trusted lender goes a long way in today's real estate market.  A solid loan pre-approval verifies that you are capable of purchasing a home and it defines your ideal price range.  This reassures the seller that you are a serious buyer who is financially and emotionally prepared to buy.

There are Three Types of Loan Pre-Approvals.  A Pre-Qualification is the most basic pre-approval.  It's a written qualification based on a quick overview of your financial status and history.  Because a formal credit check is not usually done many real estate agents will require the second kind of pre-approval, the Loan Approval. 

The Loan Approval is a written approval for a specified loan amount.  The lender does a formal credit check to arrive at this pre-approval and it is based on the actual purchase price you are offering for the home.  This is the preferred Pre-Approval.

The final pre-approval is the Loan  Commitment.  This written commitment is a promise from the lender to loan you money.  A thorough credit check as well as complete financial analysis of your income and debt is performed.  Once this commitment is provided you're on your way to owning a home.     

I have trusted lenders who have completed many successful transactions for my past clients and would be happy to help guide you through the process so please ask for recommendations if you don't already have a mortgage consultant.

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.



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