Qualifying for a home mortgage in New Jersey requires several key steps. Here is an easy checklist to follow to keep you on the right track.
Snapshot Your Financial Picture
Understand where your money comes from and goes. Lay out your monthly bills and your other expenses.
Outline Your Budget
Decide how much of your income will be going to your mortgage loan. Be realistic in what you can afford, which helps you know the amount and length of loan that’s right for you.
Check Your Credit Report
Your credit scores have a huge bearing on getting approved for a loan. Pull your credit report online and go over it line by line. If you find errors, dispute them immediately. Keep your credit report clean by strictly paying your bills on time.
Secure A Down Payment
Look at your savings and determine the amount you can pay down on your new home. Don’t plan on using every dime of your stash, as it’s important to keep at least a small amount of cash for emergencies. If you don’t have much saved, tighten up on expenses and fatten your down payment. If you’re getting money as a gift from parents, make sure to secure a “gift letter” so the lender will know you won’t be required to pay it back.
Find A Helpful Lender
A lending professional you can trust is a priceless tool during your mortgage journey. Find a lender who can pull your credit and explain your mortgage options.
Buying a home and living in NJ means taking action on your behalf. Let this checklist be your guide so you will make the best decisions for your purchase.
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
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