Owning a home of their own is still the number one priority for many people. Fortunately, now is a great time to buy your first Ringwood, NJ home. Not only is it a buyer’s market and mortgage rates are at historic lows, but, the First Time Home Buyer Tax Credit will give you up to $8,000 credit at closing. These three items can save you a significant amount of money.

Make sure this important decision is the right one for you and your wallet. Consider these important points before buying.
  • Get Information: Most Ringwood, NJ financial institutions offer free seminars for first time home buyers. Visit www.hud.gov for helpful tips and a list of sites that have free information available. for helpful tips and a list of agencies that have free information available.
  • Know What You Can Afford: Analyze your monthly budget. A good rule of thumb is that your mortgage should be 8% of your expenses or less to be safe financially. Remember to add in home owners insurance and property taxes.
  • Talk to a Lender: Start talking to a bank or mortgage lender and get the ball rolling. The process of being approved by a lender is a longer process these days and you want to make sure that you get approved before the First Time Home Buyer Tax Credit expires on November 30.
  • Find a Real Estate Professional: Finding the right real estate agent to work with can make your deal run that much more smoothly. A knowledgeable Ringwood, NJ real estate agent will help find you a home that works for you. A good real estate professional can also help you find a good lender if you have had a hard time during that step.
  • Know What You Are Committing to: During a real estate deal you are signing a lot of papers. Know what you are signing. If your real estate agent is having a hard time explaining things to you, you may want to hire a real estate lawyer.

 

When it comes to buying your first home you want to make sure your are buying something you can afford, something located in a Ringwood neighborhood that you want to live in and, most of all, a place that you want to call home. Take all of the information and advice you can get, filter and decipher it and make the best decision for you.

 

 

 

Click here for more information on the soon to expire First Time Home Buyer tax credit

Click here to view Orly's

Ringwood NJ Real Estate and Wanaque NJ Homes for Sale

Click here to Search homes for sale in Ringwood, Wanaque, West Milford and the surrounding area.