Posted by: cfigueira | November 6, 2014

Tips to avoid the first time buying mistakes / New Jersey Home Purchase

Assess your requirements: Firstly, you need to determine your needs and wants. Consider all important aspects such as your need to purchase a home in the current market, the neighborhood, proximity to schools, entertainment, logistics etc. Once you prioritize your needs, look out for the most suitable areas and real estate properties that fulfill all of your requirements.

Calculate your costs to make a purchase within your budget: The down payment is a concern for most of the homebuyers who think of buying a home. You need to be aware of the taxes involved, property insurance and closing costs to ensure that the total calculated cost doesn’t exceed your budget.

Call Keypoint Mortgage and explore mortgage options: By choosing a professional loan officer, you can make the home buying process hassle free. A loan officer can suggest to you various flexible loan programs with lower down payment and a lesser interest rate.

Be financially ready: Before you decide to buy a home, you need to be financially stable and secure. You can also figure out your current credit score by getting your credit report. A lender can also educate you about various other eligibility factors to increase the possibility of loan approval.

Start gathering documents: Apart from calculating costs, you need to keep the essential documents ready to submit during loan processing. Documents range from income tax records, bill payments, employer verification, bank and asset statements, etc. After submitting these documents, an underwriter will evaluate each parameter to determine your eligibility to receive a loan.

Look out for first time home buyer programs: You need to look out for various factors like pricing trends, mortgage rates, depending upon your preferred location. For instance, as a first time home buyer in a state like Texas, you can look out for different grants and programs that can assist you in financing. FHA and USDA loan programs are widely popular among home buyers who look for smaller down payment and low interest rates.

Find the right real estate agents: You need to find a reputed and trustworthy realtor who can assist you in first time home buying. You can ask for recommendations from friends/relatives to look out for agents who specialize in the kind of property you wish to buy.

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