When you first start thinking about buying a home, you may be a little overwhelmed. There are a few things you will want to know before you make the final decision to buy. Our real estate agents are always available to guide you through the process. We know all the steps that are involved in buying your first new home.
Know the Loan You Can Commit To – There are several different kinds of loans to choose from when purchasing a home. Know what kind of loan will work best for you and what paperwork you will need to provide in order to apply. For example, if you want a loan from the Veteran's Administration, you will need to provide proof that you are a veteran.
Get Pre-approved First – Before you look at your first house, you will want to go to your lender and get pre-approved. They will go over your finances and determine how much of a loan you will qualify for. Once you are pre-approved, you can look at Bergen County homes for sale within your price range and know you will be able to receive the financing required to buy them.
Keep an Eye on Your Credit – Keep an eye on your credit history. Know your credit scores and how they affect your purchasing power. Look for ways you can improve your credit. Pay down your debts and eliminate your high-interest credit cards. Raising your credit scores by just a few points will improve your odds of getting the loan you want.
Save Up for a Down Payment – Start saving for a down payment as soon as you begin to think about buying a home. The more money you have saved towards a down payment, the better off you will be when trying to negotiate your deal. Try to have at least 25% in the bank before you put in a bid.
Consider the Closing Costs – Closing costs will take up a good chunk of cash. Make sure you are prepared for the added expenses associated with the closing costs. Your real estate agent will help you determine how much your potential closing costs will be on a specific purchase.
Know the Difference Between Needs and Negotiables – Know what you need in a home and what you are willing to compromise on. Not every home will have everything you want, but it will have the potential to be improved on. It's important to know exactly what a home is capable of.
Work With a Reputable Real Estate Agent – Having the right real estate agent at your side will allow you to find the home that is best for you. A good agent will listen to your requests and make sure the homes they find for you meet your needs and fit within your budget.
Hire an Inspector – You will need an inspector to go over your property and make sure everything is in good working order. This ensures that your home is ready for you to live in when the deal closes.
Know Your Budget – Know your budget and what you can afford. This ensures you will always be able to make your payments without struggling to support your family. Too much money spent on paying for a home can put you in dire financial straits.
When it's time to buy your first home, contact our office. We can help you go over what will be needed and make sure you have all of your financials in order. The process will go smoothly, and you will be closing on your new home before you know it.