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First Time Home Buyer's Checklist



In a competitive market where homes can fly off the market in a week or less, it’s essential that buyers come to the table prepared. Here’s a list of steps every first-time homeowner should consider in their search.


STEP 1

MAKE SURE YOU’RE READY TO MAKE THE MOVE

• Do you have a stable job?

• Do you plan to live in the same location for at least the next 5-10 years?

• Are you prepared to accept the responsibilities of homeownership?



STEP 2

CREATE A WISH LIST

Rank what’s most important to you:

Location: Suburbs, city or country?

Size: How many bedrooms/bathrooms? A yard?

• School district

• Public transportation

• Commute distance/time

• Rental income opportunity



STEP 3

DETERMINE YOUR FINANCIAL STATUS

• Request your credit report from all three credit bureaus (Equifax, Experian and TransUnion). Correct any credit errors ASAP.

• Estimate your down payment. A 20% down payment is ideal to avoid paying private mortgage insurance.

• Calculate approximately 3-6 months worth of emergency funds for unexpected maintenance



STEP 4

COLLECT YOUR NECESSARY DOCUMENTS

• Gather proof of employment, including pay stubs and tax returns from past two years.

• Print bank and investment account statements from past 90 days.

• List your previous addresses of residence and current landlord’s contact information.



STEP 5

RESEARCH LENDERS AND MORTGAGE OPTIONS

• Gather quotes from lenders, comparing rates, fees and terms.

• Get pre-qualified for a loan to show sellers you’re serious.

• Obtain a pre-approval letter.


Speak with one of our preferred lenders!



NOTE: This requires a credit and background check, but it can strengthen your buying position.


To prepare for your home search, which is never too early, visit our Buyer's Agent page and get started!



*Source: Zillow Consumer Housing Trends Report

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John Kelly

Broker/REALTOR®

RE/MAX Connection

Mobile: (609) 790-6079

Office: (856) 681-4024

Email: johnkellyrealestate@comcast.net 

Justin Kelly

Broker-Salesperson/REALTOR®

RE/MAX Connection

Mobile: (609) 444-9704

Office: (856) 681-4025

Email: jkellyrealty@comcast.net

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Thinking about Buying or Selling? Real Estate Questions?

Each office is independently owned and operated. The JK Realty Group is a real estate team brokered with RE/MAX Connection, Realtors. 

* In New Jersey, commissions are negotiable. It is advised that purchasers contact a tax professional about the income tax consequences of a rebate. Rebate is a percentage of the buyer's agent commission. Rebate paid to purchaser shall be in the form of a credit or a check paid by the closing agent, and shall be made at the time of closing. Rebate only awarded if purchaser closes with John Kelly or Justin Kelly as their buyer's agent. Property must be valued at $125,000 or above. Not in combination with any other rebate or referral fee (to licensed buyers) already being given by the JK Realty Group. In accordance with subsection k of NJ Rev Stat § 45:15-17 (2014), NJ Rev Stat § 45:15-16a (2013), and NJ Rev Stat § 45:15-16b (2013).

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