First time NJ home buyer loans allow buyers to get into a house more easily. However, just because you’re a first time home buyer doesn’t mean you should use a first time home buyer loan.

What is a First Time Home Buyer Loan? A person’s first home purchase is a big deal. It takes time, energy, and money. A good NJ Licensed Realtor will help make sure you spend your time and energy focused in the right places. To help with the money hurdle, many people use first time home buyer loans. These programs vary depending on where they’re offered, but the general idea is this: first time home buyer loans give financial assistance to qualified borrowers. Such loans are effective in various ways.
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New Jersey news headlines of the past year have made one reality abundantly clear: New Jersey homebuyers need to give as much serious thought to their mortgage options as to their NJ home’s location and amenities. So what do NJ homebuyers need to know about securing a mortgage that is financially right for them?

Weichert Financial Services recently issued a press release with a few basic guidelines to help homebuyers make a sound decision on selecting a mortgage:

• Don’t judge a mortgage by interest rate alone. Instead, make sure its terms and conditions are in line with future plans and financial resources. Fixed-rated mortgages offer tremendous peace-of-mind for buyers who intend to stay in their home for the foreseeable future. The loan term is flexible, allowing borrowers to lower monthly payments with a 30-year, fixed-rate mortgage, or save on interest and own the home sooner if a shorter term is chosen. Adjustable-rate mortgages (ARMs) offer more affordable monthly payments and lower interest rates at the start for homebuyers who want to move or trade up in a relatively short period of time.
• Ask questions and more questions. There is no such thing as a dumb question when dealing with something as important as selecting a mortgage. In fact, Weichert’s “It Pays to Ask!” campaign was developed to encourage buyers to ask their Gold Services Manager questions about mortgage terms and the overall real estate process. Additionally, Weichert’s Home Buyers Seminars give customers the opportunity to learn more about the available mortgage options to purchase a home.
• Most importantly, work with a reliable lender. Buyers should never feel as though they are being talked into a particular loan. Choosing a lender that is reliable is the best assurance that the promised mortgage money will be there at closing. With mortgage guidelines changing every day, it is important to select a lender that is on top of changes and able to provide a wide variety of options.

  To learn more about Weichert Financial Services and Gold Services to help secure your dream of owning New Jersey real estate, feel free to call or email me any time.

10 Truths and Myths about Your Credit Score

There are several very important truths about your credit score:

Truth #1: Your credit score is the single most important factor determining whether you’ll get approved for a mortgage, car loan, refinance loan, or credit cards.

Truth #2: Your credit score affects your APR.  If it’s low, you’ll pay very high interest rates, up to 23%.

Truth #3: Your credit score may affect how much you pay for car insurance, since insurance companies usually run a credit check before selling you insurance. (more…)

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. (more…)