For competitive reasons when bidding on a property, we recommend you work out your financing options first -  before you start to look at property.

In New Jersey, your offer on a property must be in writing and with proof of your financing.

 

 

To assist you, we typically:

  • Discuss:
    • the differences between a financial pre-qualification and a more formal pre-approval.
    • why you should get a mortgage pre-approval - before you look at homes. It:
      • Gives you a loan amount for which you are qualified. (For an estimate how much you can afford to spend:  Affordability Calculator.)
      • Helps you better understand how much cash you may need available to purchase (closing costs, repairs, etc.).
      • Makes you aware if the credit bureaus have erroneous or outdated information about you.
      • Gives potential lenders the opportunity to advise you on the types of financing options available to you.
      • Gives you comfort in knowing that your loan approval will not be an obstacle in the purchasing of your new home.
      • Helps you eliminate from consideration homes that are not in your price range.
      • Shows Sellers you are serious, and gives you a distinct advantage in negotiations. It’s the next best thing to offering ALL CASH.
      • In the case of multiple offers on a desired property, your offer will stand out because your loan has already been pre-approved.
      • Cuts the time needed to prepare for Closing by proving you can move more quickly than other Buyers.
    • things to be aware of before talking with any lender (home mortgage payment affordability, condo maintenance or home owner association fees, down payment closing cash requirements, and property taxes).
    • finding and working with mortgage lenders who are licensed in New Jersey, the typical steps involved, and the information you need to collect to make your mortgage application run smoothly.
  • Clarify how we coordinate with your lender and the responsibilities of:
    • you - the home buyer,
    • your mortgage broker or lender,
    • and us - your Exclusive Buyer Agent.
  • and, finally, monitor the progress of your mortgage application, coordinate your property appraisal, and your final mortgage commitment.

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