What are some good tips for first time home buyers in NJ?
December 22nd, 2009 by admin
I am so tired of renting…I want to own something. I want to paint and change the color of the carpet. I want a NICE kitchen. I dont want to have to ask permission to change any of these things!
I have been looking around at houses. I have not spoken with a Real Estate agent yet or mortgage lender. I have tried doing some research online about NJ first time home buyers…but what are some good tips I should know? Also, what are somethings to know that a Real Estate Agent or mortgage lender might “leave out”?
Thanks!
I would like to move to Pa…however there are reasons I must stay in NJ (step child and work) so moving out of NJ is not an option!
Plus if I had it my way, I would just move south…everything is cheaper down there!
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Try Pa. NJ will only get more expensive. More school taxes to pay for more freebies. If you don’t live in Union, Hudson, or Essex counties you will always pay more for your taxes than these counties do. If you do live there, you’ll be crowded all the time. Untyil propert tax reform is undertaken in a serious way (not by mortgaging the Turnpike, Jonny!), NJ will be a sinkhole. Houses are too expensice except if you want to live in a cottage in Hunterdon Cty. Good luck (find a fixer-upper or one in foreclosure – there should be plenty to pick from soon).
You definitely need to speak to a real estate agent, preferably a Realtor.
They protect your interest in the purchase and are knowledgeable in the area that you live.
Mortgage lenders may or may not have things they will not tell you, however, they are required to disclose information to you such as cost of the loan, interest rate, APR, points, yield, ect.
These are shown on the Good Faith Estimate, HUD 1, and Truth in Lending Statement.
Non professional lenders will try to delay sending you or disclosing costs. Choose you that will give you the info up front before appraisal costs or application fees are paid.
I would strongly suggest you pick up the book ” The Automatic Millionaire Homeowner” by David Bach.