Historic Downtown, New Jersey
381 Monmouth Street
Jersey City, NJ 07302

First Time Home Buyer? What to Know Before You Begin February 28, 2018

Historic Downtown, Jersey City
First Time Home Buyer? What to Know Before You Begin, Jersey City, New Jersey

It’s common for first-time buyers to get excited about the process and prospect of owning a house. But, before you start looking at homes for sale, there are several preparations you’d be wise to make in advance. To help you have a smooth and pleasant purchasing experience, here are a few aspects you should consider before you begin.

3 Areas to Consider Before Browsing Homes for Sale

1. Priorities

Before jumping into the home-shopping fray, make a list of your preferences and priorities. Do you need to be near your job for a quick commute, or do you require space for a home office? Think about whether you want a low-maintenance condo or need a house with a yard for the kids. Consider how long you plan to live there. Real estate agents recommend staying at least five to seven years to reap substantial financial benefits.

2. Finances

homes for saleGet your finances in order by organizing your proof of income, tax returns for the previous two years, bank statements, and ongoing expenses. Request credit reports and your FICO score from all three reporting agencies, Experian™, Equifax®, and TransUnion®, and check for errors or omissions. Talk to your banker or credit union about getting pre-approved for a mortgage, so you have a good idea of how much you can borrow.

3. Budget

Know your budget and financial comfort zone, and plan to leave a cushion for unexpected changes. You may qualify for a 30-year fixed rate mortgage with as little as a 3.5% down payment under the New Jersey Housing and Mortgage Finance Agency (NJHMFA) first-time homebuyers’ program, and save money.


Ready to look at homes for sale? The experienced team at EXIT Realty Urban Living, a premier real estate agency, serves first-time homebuyers and sellers throughout Hudson County and northern New Jersey. Whether you’re interested in homes for sale in Jersey City, Union City, or North Bergen, their dedicated agents are ready to help you reap the financial benefits of homeownership. Call (201) 380-4200 today to speak with one of their agents, and browse their current listings online.