Some Useful Tips when Purchasing your New Home
Buying a home can be a real headache. We realize that you don't have much time to decide on all the little things that make a home a dream home. So let us help you and find you the home that's right for you and make your dream home real.
Decide To Buy.
Are you ready to buy a home? Ask yourself these questions:
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What are my personal reasons: growing family, want to move closer to work or school?
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How long do I plan to own this home?
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Do I have enough cash for a down payment, closing and moving costs?
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Can I afford to carry a monthly mortgage and still pay my bills?
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Do I need the tax break?
Get Organized.
It pays to get organized. Put your finances in order, get pre-approved for a loan, and you'll know what you can afford to buy.
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Credit data: Check your credit and correct any credit problems you may have before the lender gets your credit report.
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Loan documents: Gather financial information the lender will request: Copy of the purchase contract, last two tax returns, pay stubs for the last 30 days, etc.
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Real estate listings: Use Find A Home under the Buyers section to get New Jersey Real Estate Listing online.
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Inspection reports: An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, kitchen, bathroom, roof and interior.
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Insurance Information: Choose insurance wisely and cut your insurance costs.
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Get Pre-Approved: Gives you an estimate of how much you can borrow and puts you in a better position to buy.
Protect Yourself.
When you're ready to write up an order of purchase, make sure you include a few contingencies, or conditions, in the contract that will allow you to cancel the sale and get your money back if something goes wrong.
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A Financial Contingency: It cancels the sale if you are unable to get a loan after making a good-faith attempt to get one.
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An Inspection Contingency: It cancels the sale if an inspector uncovers serious problems or you can't reach an agreement with the seller to make needed repairs.
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A Title-Inspection Contingency: It puts the duty on the seller to provide clear title to the property in order for the sale to go through.
