Buying a condo is exciting, whether it’s your first or your fifth. But it can be a stressful time if you are not prepared. Learning what mistakes to avoid when buying a home can help take the stress out of the process and help you focus on what matters most during this time. It is surprising how many buyers have not done sufficient research prior to going out to look at condos.
One of the first things you need to know before going house hunting is your buying power, that is, how much you can afford. While there are many ways for you to determine what you can afford, it is best you sit down with a professional, that is, a qualified mortgage consultant. Sellers are only interested in offers that come from pre-qualified buyers, as they know that the sale will most likely go through when the buyer has written documentation verifying their ability to close the loan.
In meeting with a mortgage consultant, these are some of the questions you will be required to answer: What is your annual salary? How much do you spend? Do you receive any yearly bonuses? What debts do you have outstanding? What is your credit score? How much of your annual salary is overtime? Can you pay off any debts before buying a home? Do you have cash for a down-payment and closing costs? Do you have expenses that will deplete your savings? Do you have any “gift” money?
Thinking of buying a Jersey City condo? Start doing your homework, and call me, Janice Hall, at (201) 232-8577 to help you through the rest of the process.
