Make Buying a Home a Smooth Transaction
When starting the home-buying process, there are several things to consider. It can be overwhelming and confusing to some buyers as to what they should do, especially first time home buyers in Morris County.
Below are some some important tips to follow before you begin to help ensure a smooth transaction.
- Avoid making any major purchases – at least not on credit. If even you are pre-approved, do not make any large credit purchases or take out any loans before you close on your new home. For example:
- Autos, boats or other vehicles
- Student loans
- Refinanced property
- Personal loans
2. Don’t wait to get your approval from your mortgage lender – the more up front work you do before you are ready to sign, the better. This includes making sure your credit is in good shape, with no mistakes or surprises on your credit report.
3. Don’t change jobs – unless you absolutely have to or you are making a major step UP the career ladder. A steady and stable employment history is another important piece to getting approved and getting a good rate on your mortgage.
4. Don’t skip the home inspection or rely on the seller’s inspector. Your best bet is to get an objective third party home inspection (your agent should be able to recommend one) and make sure that any repairs or problems are not on your contract.
6. Finally, as tempting as it is don’t buy a home you can’t afford! Sounds like common sense but foreclosures are at an all time high for this reason. Be sure to take into account the property taxes, utility bills, HOA expenses, insurance and maintenance. The price of your home is much more than the mortgage payment!
So be prepared, get pre-approved, avoid these home buying mistakes so that buying your dream home doesn’t turn into a nightmare!