Home buyers go through a variety of emotions. Excitement when searching for a Basking Ridge home. Anxiety when waiting for your loan approval. Happiness when your offer is accepted. Restlessness while the paperwork is processed. Exultation when it’s all over and you’re handed the keys to your new home. To make this process a little easier, we’ve provided some handy tips for buying your first Basking Ridge home. Settle in, kids. This is a marathon, not a sprint. But, it’s well worth it.
Tips for Buying Your First Basking Ridge Home
Set Your Credit Score Right
The very first step to take when buying your first Basking Ridge home is to check your credit report for errors. Visit AnnualCreditReport.com to order your credit reports from TransUnion, Equifax, and Experian. Review each report for errors. Not all credit reporting is the same. Your creditors may only report your information to one or two of these agencies. That’s why the FICO scores can be so different. Report any erroneous information to both the company that is reporting the incorrect info as well as the agency with the incorrect info on it. You must provide proof of the error in order to have it removed. Keep in mind that the higher your credit score, the lower the interest rate you pay on your loan. That can mean a difference of thousands of dollars over the life of your loan.
Get Financing in Place
After your credit score is the best it can be, shop around for a mortgage. You’re going to want a pre-approval letter in hand when you submit your offer. This shows the seller that you really mean business. Talk to your lender about which loan fits your situation best: FHA, VA, conventional, etc. As a first-time buyer, you may also qualify for low down payment programs (3%). Just remember that the lower your down, the more you borrow. The more you borrow, the higher your monthly mortgage payment will be. If you can afford to put more money down, it might make better financial sense for you to do so. Again, discuss your options with your lender.
Create a Budget
Once you’ve been pre-approved, you’ll have a better idea of the top end of your budget. Be that as it may, just because you were approved for “X” amount of dollars doesn’t mean you have to spend that much. Look at your regular monthly expenses. Then, use our mortgage calculator app to figure out how much you can pay and still maintain the lifestyle you want. You shouldn’t have to compromise the way you live in order to have the Basking Ridge home you want.
Who’s Your Agent?
Now, find yourself the right Basking Ridge [email protected]. Ask trusted friends and family for references. Interview several agents before deciding on one. Check their references. Find out how long they’ve been working in the area. Let them know your expectations for availability and communication. Tell them exactly what you’re looking for in a Basking Ridge home. Then, set them loose to find it for you.
Keep Your Eyes Open
Having an agent searching for the perfect home for you is fantastic. But that doesn’t mean you can’t look around yourself. Feel free to look at homes for sale online. Also, visit as many open houses as you’re comfortable with. It helps to see an actual home in person rather than just through photographs. Also, after you visit a few open houses, you may realize that your wish list has changed. Maybe 1500 square feet isn’t enough room. Perhaps you actually want an in-law suite for when your mom gets older. Seeing what’s out there can help you narrow down what you really want in your new home.
Buying your first Basking Ridge home doesn’t have to be scary. Contact us when you’re ready to start looking. We’ll be happy to show you around!
Featured Basking Ridge Home for Sale
To learn more about this and other Basking Ridge homes for sale and rent, please visit our Featured Listings page here.