As a First-time Homebuyer the process of searching for a home can be a scary process.
It is our job as Realtors to help Buyers through the process so that it can be a learning and happy experience. I believe that one of my jobs as a Realtor is to make the process an understandable one and to get rid of the scariness.
Below are some points that will assist you in knowing where to start:
(1) Find out what you qualify for? This can be done by your local bank or mortgage company. The cost for pre-qualification should be Free. You will be asked questions such as what your profession is, how long you have been doing that type of work, what your earnings for last year were, how much should you be on scale to make this year, whether you have car payments, personal or student loans, credit card payments, child support, or other wage garnishments and any judgements you may know of. Please remember that in many cases child support and other non-traditional income may be used as income to qualify for a mortgage.
The bank or mortgage company will ask for your permission to run your credit report and based on the information you provided them with and the information from your credit report they will tell you how much of a mortgage you can be pre-qualified for. Just because you are pre-qualified for a certain amount, you must decide what monthly payment you are comfortable with.
(2) What do I look for in trying to find the perfect house? When looking for the perfect home, think about what you need for your current family. This includes: number of bedrooms needed, fenced yard if you have a pet, a formal dining room, offstreet parking, proximity to schools, neighborhood amenities such as parks, sports for children, etc. Remember that this may not be your dream home, but it is a start in someday achieving your dream home. Also remember that in most cases you will live at this home between 5-7 years and then move up to something larger.
(3) How do I know which Realtor to choose? A Realtor is a member of the National Association of Realtors that conducts business based on a strict Code of Ethics. Not all real estate agents are Realtors, be sure to ask your agent if they are a member of the NAR.
Do not choose a Realtor based on a property that they have listed for sale. Choose a Realtor based on their knowledge of the area, your ability to communicate with the Realtor, someone that answers your questions, and your comfort level with the Realtor. All Realtors in the State of New Jersey have the ability to show each others listings. Therefore I can show and sell any property that is listed in the State of New Jersey no matter which Realtors has the listing. I also have access to all the homes that are listing in the Multiple Listing System.
I hope this assists you in the start of where to begin your home search look for more postings, or feel free to ask your questions here, or for private service feel free to contact me via e-mail at mdeal@jersey.net, or on my cell at 609-841-0311.
Happy Hunting!