Tips for Buyers

Preapproval: It is always important to obtain a solid pre-qualification by a professional mortgage planner. This can help you understand what to expect in terms of payment and affordability, and will also show that you are a serious buyer.

Looking for Your Home (Online, MLS, Open Houses): At PRIME Real Estate Group, your experienced sales partner will set you up to receive automatic notifications of the new homes that fit your specifications as soon as they hit the market. We can also supply you with a market report upon request, which will outline current interest rates and sales volume specific to your price range.

Credit & Financing: Knowing your credit score is essential in determining what rate you will have on your mortgage. In your report, you will see 3 scores from Experian, Equifax, and Transunion. These 3 scores can have a positive, or negative effect on your mortgage rate.

We recommend that our clients check their credit at least once for accuracy. It is important to understand the 4 ways credit scores can be negatively affected.

1.    Late payments on your report.
2.    Applying for too much credit in a short period of time.
3.    Closing out any unused credit cards.
4.    Any high balances due on credit cards.

Making an Offer to Purchase: Our experienced sales partners will guide you through every step of this process. Depending on your offer, you may complete an offer to purchase, or go straight into contract.

Attorney Review: In the state of New Jersey, contracts are signed by both parties (buyer and seller), before they are considered to be fully executed. Contracts must be delivered to both the buyer and seller, and then their representation before attorney review can begin. This is typically a 3-day period for you to review the contract and make any necessary changes. Once you are comfortable with the contract, attorney review will conclude and your contract will be binding.
 
Home Inspections: This is an extremely important step in the home buying process. You want to be sure your investment is solid. The cost for a home inspection should be between $300 - $400 for a condominium, and $600- $800 for a multi-family home.

Closing: Closing costs include attorney fees, home inspection, tax escrow, maintenance capital contribution, title insurance, appraisal fees, lender application fees, and recording fees.

Moving in: Start organizing and packing as soon as you receive your mortgage commitment. When your packing is spread out over time, the process will be much easier than if you were to wait last minute and pack in just a couple of days.