Buy A Home

It is the desire of many to own their dream house. If you share the same desire and are wondering how to inch closer to your goal, discussed below are some top New Year’s resolutions that will help you maintain a good financial portfolio to buy a home.

Maintain a Positive Credit Score

Many at times, lenders look at the credit history of applicants before giving out any loans. They do so to ensure that the borrower is less of a risk, is reliable and has a good reputation of paying off debts and credit cards on time. If you do not have a credit, getting a home loan can be more time-consuming and challenging but still possible. In this case, the lender can look at your monthly payments history such as utility bills, phone bills, student loan and rent, to ascertain your eligibility.

Moreover, it is essential to regularly check your credit score. A low credit score puts off potential lenders and heightens the interest rate posed on one’s loan thus leading to high expenses. Checking your credit score also helps you prevent fraudulent activity which could hinder the loan application process. You can check your credit score through various financial websites which offer credit score monitoring or get a full credit report yearly.

Avoid Changing Jobs

Many people are unaware that job hoping is can work against you when applying for a mortgage. This is simply because the lenders like to forecast the income of the borrower during the stipulated time. In most cases, the lender prefers a borrower with steady paychecks from a salaried job to the commissioned and hourly jobs.

If you have decided to get a career change, this does not necessarily mean that you are disqualified from acquiring a mortgage. It simply means you will be required to provide extra documentation to show the stability of your income.

Avoid Extravagant Purchases

Before you buy a home, avoid making large purchases like cars and going on vacations as this could lead to accumulation of large amounts of debt. The same applies to applicants who have been preapproved as well since lenders normally consider one’s debt-to-income ratio when deciding on the amount they are willing to lend. Keeping your debts low will make the home-purchasing process easier and increase your chances of getting a good mortgage plan.

Limit Your Monthly Subscription Services

Most people prefer monthly subscription services because of the convenience. However, these services could cause your credit report to be pulled midcycle due to high credit utilization even if you are diligent in paying off credit cards monthly. So, if you have truly decided to buy a house this year, keep your monthly subscription services at a minimum.

Final Step

If you think you are ready to purchase your dream home in New Jersey, contact NJLux today to get started today. We are happy to show you the most exquisite and affordable real estate properties the state has to offer.

Joshua M. Baris Bergen County Realtor

Welcome to NJLux your premiere resource for New Jersey Luxury Real Estate focusing on NJ Luxury Listings and Bergen County Luxury Homes For Sale. Joshua Baris Founder and Owner of NJLux utilizes cutting edge technologies, strategic on-line marketing techniques, key word optimization and social media platforms to Sell New Jersey Luxury Properties.

These marketing techniques continuously rank Joshua in the Top 1% of Licensed New Jersey Real Estate Agents and he was recently honored in THE THOUSAND – Real Trends & The Wall Street Journal as one of the Top 1000 Real Estate Professionals in the United States.

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