How to Buy a Home in New Jersey
Many people each year decide to move to New Jersey, and we’re not surprised. The state offers many fantastic places to visit and has a multitude of job opportunities. Below, we’ll share information regarding the process of buying a home in New Jersey so you can make your move!
1. Evaluate Your Finances
When you decide to move to New Jersey, the first thing to do is to check your current financial situation. You will need a healthy debt-to-income ratio to qualify for a mortgage. Pay down debts to boost your credit rating, and try to get a raise at work to increase your income before heading to the bank.
2. Obtain a Mortgage Pre-Approval
The reason why it’s so important to obtain pre-approval on a mortgage is that it makes you a qualified buyer. The seller of the property will most likely receive many offers. However, if you have a mortgage pre-approval, the seller knows that you’re a serious buyer, thereby paying more attention to your offer since they know you have money. Lastly, if you find a real estate agent in New Jersey, they won’t work with you unless you have a pre-approval from a bank.
3. Hire a Real Estate Agent
Find a realtor who has your best interests in mind and most importantly, LISTENS! Unfortunately, a lot of realtors just care about the commission, not if the home is a fit for you. Interview a couple of realtors, because you’ll know in your heart when you have met the right one. Our New Jersey realtors tell our buyers when to NOT to buy a home if we don’t think it’s a good move. We do this because we care about the buyers, and want to help them find a good fit, and most importantly, a good investment.
4. Negotiate and Fill Out Appropriate Paperwork
Once you find a house you like, it’s now time to make an offer and negotiate the price. A great tip to save money on the buy is to inspect the property and negotiate for defects. This will ensure you will pay the least amount of money possible for the property while making sure it’s in the best condition.
It’s always important to have an attorney involved. Once under contract, your attorney will review it, along with the seller’s attorney. That is called attorney review. Once that concludes you have the appraisal from the bank to wait on and a mortgage commitment.
5. The closing process
A week before closing, your attorney will review the HUD. The HUD is a document which details all the money that will be paid at closing. Closing is usually a flurry of emails and phone calls. We like to think of it as organized chaos. Before you know it, you’ll be at the closing table, signing documents, getting keys, and taking pictures to capture the memories!
After the closing, when all the documents are signed, the house is officially yours.
Although buying a home in New Jersey seems quite complicated to many people, we believe that after reading our article, you should now have more confidence and we hope you will find and purchase a home of your dreams. If you need a realtor to help you with the process, contact us and we’ll get started right away to help you find your dream home!