| Build your 'Green File' Organizing and compiling all your pertinent financial documents into a 'green file' (think 'green' for money) is an absolute must for any potential borrower. Your green file is a resume or profile that will give lenders an idea of what kind of debtor you might be.
Consider your Credit Rating. Another means by which lenders gauge your trustworthiness as a borrower is through your credit rating. Credit ratings tracks your credit history , which includes such crucial information as the number of your open loans and the punctuality of your payments.
Prioritize your costs. Down payments, closing costs and additional expenses (such as surveys and inspections) should be at the top of your list. On the other hand, be sure to pay down on your current revolving and high-interest rate debts, such as credit cards, because this will influence your credit rating and interest rate.
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