Mortgage Company in NJ using their Ps
Posted by Site Admin onYou Need to Do These 4 Things Before Buying a Home
Are you in need of some assistance in buying a home? Here at Jersey Mortgage Company we know purchasing a home is not always a walk in the park. Not to worry, we are here to help! We have found some tips for home buyers currently in the market. Make purchasing your home a positive experience by being prepared and avoiding common buyer mistakes. Learn your 6 P's! Contact your New Jersey Mortgage Company today for more details.
Source: Fox Business
Many of us who’ve grown up in or around military households are familiar with the six P's. It’s a military mantra created to encourage preparation in tasks big and small. The six P's are: Prior - Proper - Planning - Prevents - Poor - Performance.
Failing to plan for small daily tasks is one thing, but failing to plan for one of the biggest purchases in your life can lead to severe repercussions. It’s arguably the worst thing you could do before buying a home. You owe it to yourself and your family to prepare in advance for the home buying process. Here are four tips that can help.
1. Educate Yourself
It’s imperative for first-time buyers to become familiar with the homebuying process. If this isn’t your first rodeo, it’s still a good idea. The lending and real estate markets have significantly changed from even just a few years ago. Here are four questions you should look into:
- What type of mortgage product best suits your needs: conventional, FHA, USDA or VA?
- Should you obtain a fixed-rate or adjustable-rate mortgage (ARM)?
- What’s the real estate market like in your area? Are homes selling quickly with multiple offers on the first day, or are they languishing on the market?
- What’s the maximum mortgage payment you can make comfortably?
This is also a good time to check your credit reports (you can get free annual copies) and credit scores to see what your credit situation is, and come up with a plan to improve it if you need to. You can see two of your credit scores for free every month on Credit.com. You can avoid a large number of surprises by determining the answer to these questions prior to starting your new home search.
2. Select a Lender & Real Estate Agent
You’ll be working with your loan officer and real estate agent throughout the entire homebuying process. You will spend multiple hours with them face-to-face and on the phone. Search through unbiased mortgage reviews and talk with several agents and lenders to find the ones that will provide you the best customer service and quality experience. When interviewing lenders, keep these questions in mind:
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