7 Steps to Home Ownership in Millburn-Short Hills NJ!

By now, you've heard of all the great reasons for buying a Millburn-Short Hills, NJ home. Mortgage interest rates are low and home prices are reasonable, while rents continue to increase. Home ownership with a fixed-rate mortgage is your best defense against rising housing costs!

Yet for too many would-be home buyers, buying a home seems overwhelming. It's a big decision and it involves being financially prepared. I want you to know that home ownership in Millburn-Short Hills and  Summit, NJ is attainable, and I've put together these 7 steps to help you!  

1. Choose the type of home you want. Condo? Single-family home? If you enjoy the convenience of apartment living, but want the benefits of ownership and the tax breaks, you might prefer a condo. Think long-term about your family needs and the room you'll require.

2. Know where you want to be. This is a combination of lifestyle and necessity. Is being close to your child's school important? Do you need a shorter commute? Do you spend more free time shopping, dining out, or at the park?

3. Prioritize. Narrow down the "want" list to what you truly need - and be willing to consider fewer amenities, if necessary, in order to find an affordable home in your preferred location.

4. Prepare your credit. Pull a free copy of your credit history from AnnualCreditReport.com. Get your credit score from MyFico.com. Contact the reporting agencies about any errors or discrepancies.

5. Prepare your down payment. You may be able to qualify for an FHA mortgage with as little as 5% down! If you have nothing put aside yet, start a practical budget that includes regular contributions to savings.

6. Talk to a mortgage lender about your financing options, and fine-tune your home ownership plans.

7. Work with me!  As a real estate professional with over 18 years of experience, I can help you succeed with your home ownership goals!

Contact me today, and let me help you with your home buying goals!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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Get a mortgage now for your Millburn-Short Hills home!

As your Millburn-Short Hills real estate agent, it is my job to help you find the perfect home--one that is located somewhere you prefer, falls within your price range, and meets your needs aesthetically and in terms of space.  Finding that perfect home isn't enough, however.  You also need to plan for how you're going to pay for it!  (Though I do encourage you to search Millburn-Short Hills homes in the meantime to get started looking for that perfect home.)

Many of my clients--both new and existing homeowners alike--have questions about mortgages.  Will I qualify?  What's a good rate?  Isn't renting financially safer right now? Etc., etc.  I am excited to tell you that earlier this month CNNMoney announced that mortgage rates are near all-time lows, making this the perfect time to buy a home.  Fifteen-year mortgages haven't had this low of interest rates in over sixty years, and thirty-year mortgages are close behind.  At the time the article was written, fifteen-year fixed mortgage interest rates averaged 3.13% and thirty-year fixed mortgage rates averaged 3.14%.

Still on the fence?  Now's not a time to hesitate.  A report that just came out this week says that it is actually cheaper to buy a house than it is to rent.  Not only is owning a home a good investment that will pay off later, it will also save you money right now!  So, you've decided you want to take advantage of low mortgage rates, save money, and buy a Millburn-Short Hills, NJ home.  What next?

Order your credit report and clean up any credit issues you have.  Check local lenders and find who has the best rates.  If your credit is an issue, look into getting an FHA loan.  Lastly, don't forget to contact me to help you find exactly what you're looking for in Millburn Township!

Elaine Pruzon
Coldwell Banker Residential Brokerage
Visit My Website
See My Listings
Become My Fan on Facebook
Follow Me on Twitter
Add Me to Your Circle
Contact Me