Mortgage Loan Approval Tips For Millburn-Short Hills Homebuyers

Are you gearing up to buy a Millburn-Short Hills home? Smart move! Mortgage rates rose again this week, almost reaching 4 percent. This is still relatively low, but they aren’t going back down anytime soon. The sooner you buy, the less money you’ll spend!

As your Millburn-Short Hills real estate agent, I want you to receive the best mortgage rate you can. Did you know that the rate you receive depends on your credit, debt and other factors? The better off your financial situation is, the more likely a lender will give you a loan and a lower interest rate.

So as a Millburn-Short Hills homebuyer, what can you do to ensure that mortgage lenders are happy to help you? Here are some financial areas to work on:

• Credit score. The higher the score, the better, and if it’s below 700, you might have a hard time getting approved for a loan. To improve your score, the best thing you can do is start paying off debt and paying bills on time. It takes three to six months to improve the score, so find out what your credit score is and get to work as soon as possible!
• Debt. This directly affects your credit score and what lenders think of you. The more debt you have, the less likely they’ll be to give you more of it through a mortgage loan. Start paying off credit cards, loans, your car and anything else you can lower. If you’re close to paying off the debt, you’ll have better luck with lenders.
• Income. Lenders will check to see that you have a secure job with steady income. Have old tax returns ready to bring in, along with W-2 forms, pay stubs, bank statements and whatever else they may ask for. If you’re thinking about changing jobs, you might want to wait until after you purchase a home.
• Down payment. The more money you have to put down on a Millburn-Short Hills home, the better. That means the lender doesn’t have to lend you as much. If you don’t have much saved right now, start making lifestyle changes that will allow you to save every penny you can from now until when you’re ready to buy.

It’s important to remember that even if you have some debt or a small down payment amount, there are still options. Contact me, your Millburn-Short Hills real estate agent! I’d be happy to answer any questions that I can, or turn you to someone who can. When you’re ready to buy, contact me!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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First-Time Home Buyers Declare Good Schools a Priority

New Jersey home sellers are always interested in how to get top dollar for their homes. While there are a number of ways you can accomplish this, there is one element of your home you cannot change: the location. Just how important is it? The answer may rest in buyer survey results shared by Doorsteps.

The analysis of first-time home buyer surveys revealed what these buyers were most likely, and least likely, to compromise on when it came to buying a home. They are surprisingly willing to compromise on things like the size of the home they want, and the price they will pay.

But when they do not want to compromise, one issue seemed to outweigh the rest of the concerns: good schools. First-time home buyers ranked closeness to schools and school quality as their least negotiable items.

This is good news for Millburn-Short Hills home sellers, as Millburn High School placed 69th in the nation according to Newsweek's 2013 school quality evaluations.  Millburn High also placed among the 2013 gold-ranked high schools identified by US News & World Report. The school is well-respected for the academic proficiencies of its students as well as the caliber of its faculty.

While not all home buyers have school-age children, good schools are always an important consideration as they affect the desirability of a neighborhood, and therefore affect the resale value of a home. Millburn High School's excellent reputation helps draw first-time buyers as well as repeat home buyers to our area.

Back to the surveys, it should be noted that first-time home buyers also value living in proximity to family and friends, though schools are the primary concern. Home sellers cannot control every hot button a home buyer may have, but as long as buyers are getting their priorities met in regards to schools and location, other details may be open to compromise! This is where the art of negotiation comes in, and I will certainly help you!

As your experienced real estate professional, I'm happy to help home buyers and home sellers in the  Millburn-Short Hills, Livingston, and Summit area! Contact me for the latest market information and for expert real estate guidance!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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