Dated: 05/13/2013

Views: 1219

Many buyers don't know how to get started when they think they are ready to buy a home.
With interest rates near the record low, you will be amazed how low your mortgage payment will be.
Most times it's lower then the rent you are paying now. Invest in your future, RIGHT NOW!
But the question is, "How do I get started?..."

1. The first step is to contact a lender. (your current bank or another reputable mortgage company that a friend might recommend)
Tell the representative that you are ready to buy a home and you need to get pre-approved.
A pre-approval is a review of your current financial situation, including a recent credit report with your scores, your income and your current debts.
A lender will review these items and determine what amount of a mortgage you will qualify for.
The mortgage representative will forward a "Pre-Approval" letter to you, showing what amount you qualify for. 
You will submit this letter along with an offer on a home.
You will be able to move forward and feel confident you are able to move forward in making an offer on a new home.
When making an offer on a home, a pre-approval letter is required. Then the seller knows you are serious and have made the necessary steps in being a well qualified buyer. 
2. Find a Realtor to help you. Talk to your friends, neighbors, or relatives and ask if they know of a good Realtor to help you in your search.
A referral is always the best because someone else knows the reputation and qualifications of that person.
If you can't get a referral, call the local Real Estate Company and ask for a Realtor to help you. 
You can meet and sit and talk for a while. If you don't fit with that person, you are free to find another that clicks with you. 
It's important for you to be happy with who you are working with. So find a Realtor you are comfortable with, someone that you are happy working with. 
A Realtor knows the process in a transaction and can help and guide you every step of the way, not leaving you to try and figure it out on your own.
Many Realtors have a guide sheet to help you know what to expect in the transaction, step by step. 
3. Decide upon a town or area. The worst thing for a buyer is to look "all over the place".
It's too overwhelming and can frustrate you. DO SOME HOMEWORK and decide upon a town or two, concentrate on that area.
If there is nothing that interests you in that town right now, then wait for new listings to become available and visit them as quickly as possible.
If your search criteria does not come up often enough, you may need to change the town you are looking in, for the neighboring town that has more choices of what you are looking for in a home. 
4. Don't give up. Buying a home, especially if there are MANY "have to have's" in your search criteria, can be very frustrating.
Try to be willing to give up an item or two, or more  if possible.
If you have 10 items on your list, what you are looking for may not be available for years.
You may need to cut the "have to have" list back to 5 or 6 items (or less) to find a home. 
You can have big expectations, but NOT unrealistic. Some buyers look for "that perfect home" that may not be in their budget.
A good Realtor will advise you that a home that truly fits all your needs, is right at your fingertips and you need to make the change in your thoughts from what "may" be out there. Make it easy on yourself and be REALISTIC.
The location of a home in a town, the amount of bedrooms and baths and overall room in the home are what you need to be focusing on. You just may not find that perfect house you are looking for, but you WILL find many that come very, very close...... you need to act fast and don't regret later that you should have bought it....
So, just make the move and get Pre-Approved. You never know if you qualify unless you ask!
You can buy a home RIGHT NOW with a credit score of 640 or better. Speak to a lender who can advise you properly on your current situation. 
There are mortgage programs available RIGHT NOW, you can buy a home with no money down and no closing costs.
Those loans are in specific areas a little more west and south in NJ, and you may be able to relocate to those towns and buy a home RIGHT NOW.....! 

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