In 2010, 50% of all U.S. homes sales involved first-time buyers. That figure dropped to 35% in 2016.
The market for property buyers in New Jersey, Pennsylvania, Virginia, Maryland, Delaware, New York, and Florida is very competitive. That’s why we want to share 5 secrets that will help you buy the right home for the ideal price:
1. Check Your Credit Score Now
As a rule of thumb, a credit score of at least 740 will result in the best interest rates. While there are options available for a lower credit score, it’s best to have a minimum score of 620 before you apply.
Checking your credit score now will alert you to any issues or discrepancies you need to resolve. It’ll also let you know if need to act to raise your score.
2. Understand the Pros and Cons of HOAs
Community upkeep, security and community areas are all examples of benefits that home owner associations (HOAs) can provide. Just be aware that not all HOAs are equal.
In some situations, the costs or restrictions of a HOA can outweigh what it provides. Before you commit to buying a home in this type of community, be sure to review every page of the agreement carefully.
3. Not All Loans for Property Buyers Require 20% Down
A common misconception is all mortgages require a 20% down payment. This belief prevents many people who are otherwise financially ready from looking for a home to buy.
The reality for property buyers is there are many mortgage products that require you to put far less down. It’s even possible to get certain types of mortgages without any down payment.
4. Take a Closer Look During an Inspection
Water damage, faulty electrical wiring, and inadequate attic ventilation are all examples of issues that can come up during an inspection.
Property buyers can protect themselves by digging deeper into potentially troubling issues that come up. This will ensure you know the full extent of any problems.
It’s also important to make certain that any renovations were done correctly.
5. Be Strategic with Your Offer
Every home buyer wants to get a great deal. While negotiating is part of this process, low-balling isn’t always the way to go. Being too aggressive with an initial bid can easily result in a rejection.
It can also cause you to miss out because of a better offer by another buyer. Instead of automatically going low, consider other creative ways to make your offer attractive while still getting a great deal.
Get the Best Mortgage Lender and Rate
Financing is a common source of stress for all types of property buyers. The good news is you don’t have to deal with this issue on your own.
At 7th Level Mortgage, we help buyers in New Jersey, Pennsylvania, Virginia, Maryland, Delaware, New York, and Florida to find the best home loan. After determining your loan eligibility, we’ll assist you in finding the best lender and rate.
To learn more about all the ways we can help you with this process, give us a call at 856-322-0233. You can also fill out an initial loan application directly through our website.
7th Level Mortgage is a leading one-stop mortgage company providing deeply informed, custom-tailored assistance with every phase of each mortgage transaction. If you are searching for a home loan in New Jersey, Pennsylvania, Virginia, Delaware, Maryland, New York, or Florida, please contact us today so that we can determine the best Mortgage Lender to place your loan with and get you the best possible rate and program.