hese days it's very hard to qualify for a mortgage even if you have a decent credit score.
Blame it on the housing market crash since 2008 and the millions of foreclosures that have put countless houses in the possession of banks.
Lending practices were lax before the housing market went south. Frequently, ineligible people were qualified for mortgages they couldn't afford.
Unfortunately, mortgage lending rules have been tightened and moved to the other extreme even for eligible buyers.
After finding your dream house, the biggest hurdle to home-ownership in New Jersey is getting a mortgage.
Edison and Iselin in Central Jersey are home to several mortgage service providers.
Mortgage providers will first do a credit check and based on your credit score qualify you for a specific amount to buy a house.
Talk to at least four or five mortgage providers on the phone, before applying for a mortgage. Ask your realtor for suggestions on mortgage providers but follow your own instincts.
Based on your comfort level after the phone calls, schedule a meeting with at least two mortgage providers before picking one of them.
Don't forget to ask the mortgage provider if they work with the New Jersey program for First Time Home Buyers. The program offers below-market, fixed interest to first time home buyers.
* Residential and Commercial Mortgages
* Jumbo Mortgages
* Adjustable & Fixed Rate Mortgages
* Purchases, Rate/Term and Cash-Out Refinancing
* First-Time Home Buyers - Low Down Payment Programs
* Vacation/2nd Home and Investment Property Programs
* Special Mortgages for Self-Employed and Foreign Nationals
|Address 1||100 S Wood Ave # 123|
Opps. Its empty!!