Getting Started
Start a Green File
A Green File is your organized record of all financial documents related to your home purchase. In NYC, lenders move quickly, and having everything ready can make the difference between securing a property and missing out. Include:
- Bank statements and investment accounts
- Credit cards and auto loans
- Recent pay stubs
- Two years of tax returns
Keep copies and digital backups NYC lenders will often request multiple documents at different stages, and speed is key.
Check Your Credit Rating
Your credit score impacts the interest rate you qualify for and the type of mortgage you can secure. In general:
- 620+ is considered good
- 680+ is considered premium and may qualify you for lower rates
Check your score with the major credit reporting agencies:
- Equifax: www.equifax.com | 800.685.1111
- Experian: www.experian.com | 800.392.1122
- TransUnion: www.transunion.com | 800.888.4213
Ask your lender for personalized advice on improving your score, and treat your credit like gold—especially in a competitive market like NYC.
Savings & Debt
Buying in New York comes with unique costs beyond the down payment: closing fees, title insurance, escrow, property taxes, common charges or maintenance, and inspections. Plan ahead by:
- Saving for all upfront costs
- Paying down high-interest debt and revolving credit cards
Even small adjustments to debt can significantly impact the price range you qualify for in NYC.
Toe the Line
Stability matters. Now is not the time to make major financial changes, switch careers, or take on big-ticket purchases. Lenders want consistent income, clean credit, and minimal financial disruption.
For example:
- A $500/month debt payment like a new car or credit card could reduce your home affordability by roughly $83,000 on a 30-year mortgage at 6% interest.
If you’re considering a large purchase or financial change, check with your lender first they can advise how it will affect your loan and your position in a competitive NYC market.