Buying a Home in NJ

Congratulations! You’ve decided to buy a home. Buying a home is an exciting but often overwhelming experience, especially if is your first time. At Coccia Real Estate Group, LLC we can help you through the home buying process and assure that you find the right home at the right price. Buyers

Every homebuyer has a number of concerns, all of which Coccia Real Estate Group, LLC can help you with:

Setting a Time Frame for Home Purchase

There are a lot of variables in the home-buying process, which means the time it takes to find and buy your new home varies too. A typical home search process may take two to four months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process. It usually takes 30-45 days to secure a mortgage.

Real Estate Lending Process

Perhaps one of the most intimidating aspects of when you buy a home is the mortgage approval process. There are many ways you can prepare early to make this a smoother process. Start by making sure your budget is under control. Make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances. Start gathering documents you may need, such as W-2 forms, income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several offers from different lending institutions will allow you to compare loans and get the best deal. Don’t worry – Your Coccia Real Estate Group agent will be there to help you every step of the way.

Determining How Expensive a Home You Can Afford

A general guideline to consider is that most buyers apply for a mortgage that is a third of their gross monthly income. For example, someone earning $80,000 a year might purchase a home with a mortgage of $2,200 per month. Existing debt is also considered in the mortgage process, and total debt payments (car payments, credit cards, student loans, etc.) should not exceed 40 percent of your gross monthly income.

Buy a Home That Meets Your Needs and Wants

Before you start looking at properties, make a list of “must-have” features along with optional features you’d like to have. “Must-have” features may include the number of bedrooms and bathrooms you’ll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc.), lot size and special needs (handicapped access, etc.). Optional features may include the architectural styling, bay windows, landscaping, etc. Having a clear idea of what you want in a home will help your REALTOR® find the perfect property for you.

Educating yourself about the home-buying process is key to getting a home you love and can afford. As your real estate company, Coccia Real Estate Group, LLC is here to answer any questions you might have and guide you through this process.