Whether you’ve just started to consider buying a home in Ridgewood or you're already exploring housing options, you’ve come to the right place to learn more about the Ridgewood home buying process. While each state requires slightly different steps to buying a home and each transaction, no matter what state, is different, they are all very similar. As real estate experts that specialize in the purchase and sale of Ridgewood houses, it would be our great pleasure to share our knowledge of the buying process with you. Of course, it is always best to consult a Realtor® about the specific steps required for your particular transaction.
The most important step to beginning the home buying process in Ridgewood, New Jersey is to examine your finances. This includes considering your income and the total of your other debt payments such as credit card debt, car payments or student loans. You’ll also want to think about how much money you will have for a down payment. Prior to starting your home search, you’ll also want to check the status of your credit report and fix any errors that may appear, as this score will be used to determine whether or not you are approved for a loan. Your credit score can also affect the interest rate you will get. To ensure you’re on the right path, consult with a mortgage lender about how much you can realistically afford.
If you haven’t already done so, you’ll want to find a Realtor® to work with. A qualified and experienced Realtor® like our team at Tarvin Realtors can provide detailed knowledge on market trends, property conditions, and many other aspects of the buying process. They will also provide you with comparable homes, can track sale prices in the neighborhood you desire, and much, much more. Just as you would with any professional, be sure to interview several Realtors® to ensure you’re selecting one that you can trust and count on.
Next, you’ll want to shop for a mortgage for your Ridgewood home. Check with your Realtor® for suggestions and a list of mortgage lenders in the area. It is always advised that you speak with several lenders so you can compare costs and interest rates and to be able to negotiate a better deal. Here are some of the questions you should ask any potential mortgage lender about the loans they can offer.
- What is the interest rate and how long is that rate available?
- Is the rate fixed or adjustable?
- What is the length of the loan?
- What fees are associated with the loan and what do they include?
- What are the down payment requirements?
- Do you have any special programs available that I qualify for?
- Is private mortgage insurance required on this loan?
- Can you provide me with a Good Faith Estimate that itemizes the fees and costs associated with the loan?
Once you have your finances in order and have selected a Realtor® and a mortgage lender, it’s time to search for homes in Ridgewood. Your Realtor® can assist you in learning about neighborhoods, home prices, taxes, local amenities and attractions, etc. You’ll want to explore which home features you feel are a necessity and which are optional. You’ll also want to consider foreclosure and banked owned properties and if you have the time to explore these types of properties, as their transactions can take much longer than a traditional sale. Once you’ve found a home you’re interested in, you and your Realtor® can come up with an appropriate offer.
Once your offer has been accepted, you’ll want to perform a thorough home inspection. Again, your Realtor® should be able to provide you with a list of home inspectors that work in the area. You’ll also want to take the necessary steps to select a closing attorney that will facilitate the closing of the transaction. Once everything has been finalized and you’re ready to close, be sure to review the Settlement Statement - or HUD-1 form - with your Realtor® and mortgage lender to ensure everything is as it should be.
Once you’ve completed these steps - Congratulations! You’ve achieved the American dream of owning a home.
When you’re ready to explore the Ridgewood homes currently available to you or to discuss the Ridgewood home buying process with one of our knowledgeable real estate professionals, please do not hesitate to contact us at Tarvin Realtors today. We are standing by to assist you and look forward to helping you become a Ridgewood homeowner. Connect today to get started!