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How to get a mortgage in NJ (Checklist)

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.

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