The Digest | New Jersey Magazine
Issue link: https://magazines.vuenj.com/i/1464285
A pr i l Nicole Blount Broker-Associate| Berkshire Hathaway, HomeServices NJ Properties 659 Mountain Blvd, Watchung, NJ 07069 | M: 718-309-5861 | O: 908-753-4450 E-Fax: 866-212-2006 | april.blount@bhhsnj.com | bhhsnj.com/april.blount 1. Clear Outstanding Debts. The mortgage lender is not going to want to see you in debt. They'll feel like repayment may be risky. With less debt, your combined debt to income ratio will be lower allowing you to qualify and borrow more money for the mortgage which equates to a nicer home. 2. Polish Up Your Credit Score! The higher the scores between the both of you, you'll be able to take advantage of securing the best interest rates which in the long run will save you a substantial amount of money. 3. Save Up Your Nest Egg. Make sure there's a cushion for unexpected expenses because those are definitely going to come up. As new homeowners, you're going to be learning about the home and all of the maintenance that comes along with it so it's important to have a fund set aside if anything pops up! 4. Discuss A Budget & Stick To It! It's important to stay on track with each other. Review existing bills and financial obligations against your joint income. This way you can determine what you would be comfortable with paying monthly for a mortgage. 5. Apply For A Pre-Qualification Letter Through A Mortgage Company. It will help you plan ahead if there are things that need to be taken care of with credit, income and assets before you hit the ground running. 6. Set A List Of Your Wants & Compromise. It's important to know what you're looking for. Divide it into "negotiable" and "non-negotiable". This way you are not rushing in blind and the process will be smoother. It will provide more clarity and your agent will also know how to navigate your search so it's not all over the place. 7. Find The Right Agent. Call Me! I offer my clients a free buyer counseling session to prep and set expectations for the process while encouraging them to ask lots of questions. Transparency and understanding things are super important. We discuss ways to protect your interest, the mortgage process, review contracts, different scenarios and so much more. A plan and timeline is set to help you reach your end goal of getting your dream home for your family! Homebuying Tips for Newlyweds with April Blount