New Jersey Mortgage Company Offers 10 Tips for Home Buying

Before putting an offer down for the house of your dreams, you should consider some important tricks of the trade. This top 10 list presents guidelines to follow when purchasing a home. From seeking professional help, to performing your own extensive research, purchasing a house may be one of the most important decisions of your life. Here at Jersey Mortgage Company we promise to be there every step of the way to offer a stress-free process. Contact your New Jersey Mortgage Company today for more details.

Source: CNN Money

  1. Don't buy if you can't stay put. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market.
  2. Start by shoring up your credit. Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible.
  3. Aim for a home you can really afford. Use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
  4. If you can't put down the usual 20 percent, you may still qualify for a loan.
  5. Buy in a district with good schools. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
  6. Get professional help. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
  7. Choose carefully between points and rate. 
  8. Before house hunting, get pre-approved. Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house.
  9. Do your homework before bidding. So before making it, consider sales of similar homes in the last three months. 
  10. Hire a home inspector. His or her job will be to point out potential problems that could require costly repairs down the road.

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