While it might be tempting, don't rush out and start searching for that perfect Maplewood home just yet. Why? If you're serious about buying a home here in Maplewood or any other area for that matter, it is recommended you learn a little about financing a home first. This is especially true for first-time home buyers. Unfortunately, too often new home buyers begin searching for homes for sale only to find out they qualify for less home. This creates unwarranted disappointment on your part.
The Importance of a Mortgage Pre-approval
With the mortgage market being what it is today, it is best to speak with a professional who can advise you on you most current options. Contact us and we would be happy to assist you in finding a mortgage representative.
Mortgage Qualification Requirements
While mortgage qualification requirements can often change, generally speaking, the amount you may qualify to borrow is dependent upon several factors including:
- Your gross annual income - has your income been steady
- Your employment history - job stability
- Your credit history - no late payments in your history
- Your current savings - assets and savings account(s)
- Your debt - compared to your gross income
- The amount of money you have available for a down payment, closing cost and earnest monies
Types of Mortgages
There are a multitude of mortgage products available for Maplewood, NJ home buyers. For a snapshot of the most popular types of mortgages, read this article by clicking here.