New Jersey Mortgage 101

Obtaining an NJ mortgage is a big commitment and you need an experienced professional guiding you through the process, answering your questions so that you’ll know with confidence that you made the right choice. We have taken the time to prepare a few items of information to better prepare you for the mortgage process.

In order for you to obtain a NJ mortgage, you should have a basic understanding of the mortgage process from start to finish. Please look at the following 4 steps:

1. Ensure that your documentation and finances are in order.

A good first step would be to review your credit report. The credit report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised at their report’s contents because errors in reporting are common. Now is the time to clean them up.

Have questions about your credit? We can help you understand the effects of your past credit while showing you how to strengthen your present and future. Our network of mortgage wholesalers enables us to find you a lender who is most understanding of your situation.

2. Get pre-approved to determine how much you can borrow.

Once you get qualified you will have a good idea of how much you can afford. A pre-qualification gives you a no obligation quick and easy idea of what you can borrow. It is a helpful and painless first step. Pre-approval verifies your income, credit and debts. This involves more time and expense but is very useful when making an offer on a property. Sellers will obviously consider an offer more seriously that is pre-approved over one that is of unknown backing.

3. Work with us to find the best mortgage for you.

Your loan officer will help you find the mortgage that fits you best. There are a lot of factors to be considered. How long do you plan to keep the loan? Would a fixed or adjustable rate mortgage be best for you? How many points should you pay? What other costs are involved? When should lock in your rate? Based on your needs and situation, your loan officer will show you which mortgage products work best for you. During the whole process, we are there for you to answer your questions with our years of experience.

We will review your loan application and supporting materials with you to make sure that your loan package is correct and as strong as possible. Then we will shop your loan application package to several lenders to find you the best deal possible.

4. Close your loan and settle

As your closing date nears, your mortgage broker and real estate agent should check its progress on a daily basis, because staying on top of things means you’ll know immediately if there’s a problem that must be dealt with.

For your closing you should bring all of your documentation that you’ve used during the whole mortgage shopping process. At the closing itself, everyone involved in your transaction will be present (buyer, seller, closing agents and attorneys). You will sign the necessary legal documents, pay your closing costs and escrow items (if applicable) and receive your closing documents.

Now you receive your key, move in and celebrate!

Remember, you should never hesitate to ask questions. Ask what ever you need to so that you understand the entire process.