Looking to Buy a Home in Manahawkin? Don't Let Fear Stop You!
A considerable number of potential buyers shy away from jumping into the Manahawkin real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of allbuyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.
Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:
- Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO® Score of all closed loans in September was 724, according to Ellie Mae.
- Start gathering all your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
- Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.
- Consult with your lender – he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.
- Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change), and demonstrates to home sellers that you are serious about buying!
If you’re looking for a mortgage consultant – here are some that may be of help.
- Joshua Giddings, AnnieMac Home Mortgage jgiddings@annie-mac.com O: (866) 855-8522 Ext 1149C: (856) 287-2532
- Robert Rauf, Homebridge Mortgage, rauf@homebridge.com O: (732) 557-6920 Ext. 102, C: (732) 740-0175, F: (732) 612-1260
- Dana Teeple, American Financial Network, Direct: 732-684-3001, Fax:732-612-1348
- Brad Hoyt. Ocean First Bank O: 1 (888) 623-2633 ext 5500 C: (732) 581-6208
Bottom Line
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
As always, thank you for your time and feel free to get in touch if you have any questions about buying, selling or investing in real estate in Manahawkin. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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