How to buy your first home like a pro in Berkeley Township NJ

By
Mortgage and Lending with TD Bank 466521

How to buy your first home like a pro in Berkeley Township NJ.

How to buy your first home like a pro in Berkeley Township NJ. The residential real estate market is quickly getting back in focus. With the economy situation improving day by day, a lot of people consider this time to buyer their first home, to invest in real estate and earn big profits. While the prices are certainly looking on a brighter side, financing on the other hand is getting difficult come by. The rules are strict and the tight credit in the market is making it difficult or a lot of people to qualify for loans.

However, the good news is that you can make steady progress and avoid a lot of hitches if you plan and research for several financing options in advance. Here are a few tips that can help you get eligible for good financing prospects.

Down Payment Can Help you Out: 

A minimum of 20 percent down payment is not the standard anymore. New first-time homebuyer programs are available with as little as 3.5% down.  The cost of the mortgage insurance (MI) maybe paid by the bank depending on the borrower's credit score and location. Borrowers with lower credit scores may be better off with an FHA loan. The disadvantage with FHA loans is that the borrower cannot cancel the MI for an FHA loan. The only way to get out of it is by refinancing into a conventional loan.

Check Your Credentials:

Aside from the down payment, there are certain other factors that can contribute on your status as a strong borrower in the eyes of your lender. For example, having a decent credit score can help you get financing more quickly and this also increases your chances of getting a better interest rate. Aside from the credit rating, having a good job or decent savings on your account can also help you build a strong and consistent lending equation with your bank.

Broaden your Options:

Instead of looking at the big banks only, do adequate research and consider all the alternate options available. A neighborhood bank, for example, is a better choice than a reputed bank if you are low on down payment or are looking for more affordable rates. Ask your friends and family etc for good recommendations and you can land a decent and affordable loan without much hassle!

Consider Owner Financing:

Consider options like owner financing if you are looking for wider choices and more personal terms. However, make sure you have done enough planning and research before going on this route as they can make the seller of your house suspicious of your motives! 

Think Creatively!

Last but not the least; keep all sorts of options available when you are looking for a decent home loan. For example, you can also search for private lenders for great deals and often get your hands on better loans than what you may have anticipated before. 

Hope this helps.

How to buy your first home like a pro in Berkeley Township NJ by TonyBusanich a loan officer with TD Bank, a portfolio lender from Maine to Florida. You can trust TD Bank to deliver a superior mortgage experience. Whether you’re purchasing or refinancing, we provide straightforward, easy-to-understand products and advice, allowing you to make smart borrowing decisions that meet your needs today and tomorrow. My web site at www.tdbank.com/tonybusanich Please contact me at 732-306-2231 or by email at anthony.busanich@td.com .

Comments (6)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Knowing what the first steps are in purchasing a Berkeley Township home is the best advice!

Sep 25, 2020 08:27 AM
Tony Busanich

Thank you Larry & Sheila, many buyers don't understand how importance it is to get your financial information in order.

Sep 25, 2020 08:58 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share with prospective home buyers.

Take care and be safe.

Sep 25, 2020 08:30 AM
Tony Busanich

Thank you Roy, have a great weekend.

Sep 25, 2020 08:55 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for your comment on my recent post.

Have a very special weekend.

Sep 26, 2020 06:52 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Sunday afternoon, Tony.

Take care, be safe and have an outstanding week.

Oct 04, 2020 11:16 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tony, you share valuable information for potential buyers having a desire to buy in Berkeley Township.

Oct 13, 2020 05:45 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thank you Joan, hope you have a great week.

Oct 14, 2020 10:03 AM