NJ First-Time Home Buyers


Home Buying Tips

Buying a home isn't rocket science. However, somehow, someway, we all still hear horror stories of missed closings, different rates at the settlement table, or points to pay that were never agreed upon. Worse off, in some situations home buyers are put in such a bad situation that they never actually get to buy the house. Their overjoy turns to utter sorrow.

This list could have 100+ tips. Here are just a few things that you can do to help your home buying event run smooth.

Home Buying TipsDon't shop for interest rate.  Shop for a lender that knows what they are doing.

You want a great, competitive rate, that goes without saying. And this is still important. But proper structuring of a loan can not only get you into a home, but the long term benefits of "better advice" versus "better price" will save you thousands. It will also create a far safer post settlement scenario. After all, who wants to settle on a home with no money left in the bank? When financing is not well structured, a home goes from a dream to a stressful nightmare.

Although you have a family member/co-worker/friend-of-a-friend that is a real estate agent ...

... they may not be the best agent for you. Believe it or not, these people don't always know what they are doing, worse off they are not always out for your best interest, both because they don't know what they are doing and because their very sporadic real estate paychecks are so overdue they would do anything to get another paycheck, even if that means acting not in your best interest. Working with family and friends can be great, but don't assume that just because they know you that they are good at what they do or that they are going to put your needs first.

Work with a lender that has in-depth knowledge regarding credit scores and credit restoration.

Consider these example situations that could arise when a home buyer's credit is "less than perfect"

  1. Your credit could be low - and good advice could help your credit score to be high enough for a mortgage approval.
  2. Your credit could be low - and bad advice could cause you to not qualify for a mortgage at all.
  3. Your credit could be good - and good advice could raise your score and help you get a lower rate.
  4. Your credit could be good - and bad advice could lower your score and even disqualify you for an approval.

There are real estate professionals that shoot from the hip advice that is inaccurate. It is hard enough in this market to qualify for a loan. Be very careful about working on your credit and the advice you take-in. Don't be afraid to do some research yourself. A bad move could keep you from buying a home for months or even years.

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Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Comment balloon 4 commentsStephen Kappre • June 12 2009 08:54AM


Good advice as usual Steve.

Posted by Paul Howard, Paul Howard Realty, 856-488-8444 (Paul Howard, Broker, Paul Howard Realty 856-488-8444) over 8 years ago

Steve - Those are 3 great tips for sure !  Those are more than tips, but "musts" I would say.  Great post !  ~ Chris

Posted by Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate (Realtor / Owner - RE/MAX Access) over 8 years ago

Boy, Steve, no truer words were ever written.  What many buyers don't understand is that in the final analysis, the lender they chose because they thought had a lower rate will cost them more money.  It is better to go with a lender with will work for your best interest.  I have one client who came in with their own lender (they fond them online and told me that they chose them because of the rates they were advertising).  I ended up having to bring stuff to the mortgage processor's attention that would save the buyer in fees (which the processor cared less about).  Things like existing appraisals that are less then 6 months old (this specific one was only 6 weeks old), previously completed title searches, etc.

If my calculations are right, the lender my buyer found was going to cost them over $2500 in extra, unnecessary fees.


Posted by Terry Iwaniw, Realtor - S NJ (Avalar Atlantic Properties) over 8 years ago

Terry - Sadly I'd have to say that doesn't surprise me that much. Buyers are put into a difficult spot because all they ever hear about is rate. Thats why they need great people to educate them and see the whole picture.

Posted by Stephen Kappre, Helping You Home (KW Hometown) over 8 years ago

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