Well-known in New Jersey real estate, Jamie Simon-Wainick recently signed on with Keller Williams in Wayne, NJ. In addition to presenting quality homes to buyers and sellers, Jamie Simon-Wainick knows the fine points of financing and purchasing.
Prospective owners should familiarize themselves with three dimensions of homebuying:
- Pre-approval from the lender. As opposed to pre-qualification, which is simply a quick financial snapshot, pre-approval is based on your income, credit history, and debt level. This information helps you understand how much house you can afford and encourages sellers to take your offer seriously.
- Mortgage considerations. Traditional wisdom has been to pay back your mortgage as soon as possible. Today however, most buyers have incurred substantial credit card balances and possibly student loan debt. Choosing a 30-year over a 15-year mortgage results in lower monthly payments; you can pay extra on the principal when you have more money.
Another smart move is to pay additional interest points at closing to get a lower repayment rate. This benefits families who stay in their home a long time.
- Learn before you bid. Before making your offer, uses websites like Zillow to find out prices for neighboring homes. If homes in the area have gone for less than the asking price, trim your offer accordingly.
