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. Congratulations on your decision to buy a new
home! There are many important things to consider throughout the process,
especially if you are a first-time homebuyer. Following is some information to
assist you along the way. Pre-Qualification vs. Pre-ApprovalPre-Qualification and Pre-Approval are two different things. During the Pre-Qualification process, your credit, income and assets are analyzed to determine what mortgage amount and purchase price you qualify for. Then, you are issued a Homebuyer's Pre-Qualification Certificate which can be brought with you during the house-hunting process to show your realtor - and the seller - that you are qualified to purchase a home for a specified amount. With a Pre-Approval, we process your loan with a property to be determined. When you are pre-approved, the seller knows you can close the transaction because you will already have your home financing in place. In some cases, for example, during a bidding war, being pre-approved can make the difference between buying and not buying a home.
Please review our Mortgage Application Organizer to see
what items may be needed in order to prepare for a purchase mortgage. Using A RealtorOnce you are
Pre-Qualified or Pre-Approved and are ready to look for your dream home, why not
use the services of a Realtor to make the process easier? In New Jersey, most
Realtors do not charge a fee to assist you - the Buyer - in finding a home. Tell your Realtor what
type of home, the purchase price range, and what area you want to live, and let
them help you with your search. They can research available homes, make
appointments for viewings, and assist you in negotiating the price and
submitting your bid.
Should you need a Realtor reference in your area, please call or send us an
email. Home InspectionsWhen buying a home, it is highly recommended that you get property, roof, mold and termite inspections. These reports will give you a better picture of what you are buying. Inspection reports are great negotiating tools when it comes to asking the seller to make repairs. If a professional home inspector states that certain repairs need to be made, the seller is more likely to agree to making them. If the seller agrees to make repairs, have your inspector verify the completed work prior to close of escrow. Do not assume that everything will be done as promised. Homeowner's InsuranceDo not wait until you are ready to close to begin shopping for homeowner's insurance. Start looking as soon as your offer has been accepted. Many buyers wait until the last minute to get insurance and find they have no time left to shop around for the best rates. Source: Federal Trade Commission
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♦ Understanding Your Credit ♦ Loan Options ♦ Pre-Qualify for a Loan ♦ About Us ♦ Mortgage Application Organizer ♦ Links
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Valerie Messina,
Licensed Mortgage Banker