GRI, CRS, REALTOR® NJ Licensed Broker/Salesperson Certified Luxury Home Marketing Specialist RE/MAX of Sparta, REALTORS® 200 Woodport Road Sparta, NJ 07871 Office: (973) 726-5700 X311 Cell: (973) 222-3777
You have many options as a homebuyer today when it comes to financing your purchase. While most folks still put down 20% (or more) and finance the remaining 80% (or less) with a conventional fixed rate loan amortized over 30 years, many alternatives are available. There are adjustible rate loans, "80-10-10" programs (effectively allowing you to borrow 90% without paying Private Mortgage Insurance), and 100% financing (for high net worth individuals). And, there are private and government programs that allow credit worthy borrowers to contribute as little as 3% of the purchase price from thier own funds when buying a home. Whatever type of loan you select, and regardless of the lender who underwrites it for you, the one thing that you will need prior to looking at homes, is a "Credit Approval", or "Mortgage Pre-Approval"from a reputable lender. This will save you time when you go to contract and, more importantly, signal sellers that you are a serious buyer. The links below are designed to allow you to get some sense of your buying power. Please contact me if you would like to be referred to local lenders.
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