2018.03.01 14:00 | Sean Carter
Are you in the market for a new home? If you have gone to more open houses you can count and scan the MLS listings every day, you know how extensive the process can be. When you turn the television on, is HGTV the channel that comes on? If the answer is yes, you have house fever. When you find the perfect house after that long search, there is no better feeling.
However, once you find the home of your dreams, you now have to worry about paying for it. Unless you're paying cash, you're going to have to apply for a mortgage. This means finding a bank that will finance your loan. If you are trying to buy a home in South Jersey, you will need to find the best banks in South Jersey to ensure you are taken care of and can close on time.
So what does finding the best bank for you include? Well, the first thing is you'll need to get your house in order. You should order a free credit report to make sure there are no glaring errors or issues that would affect your ability to get a loan. Identity theft is an issue everyone should be concerned about so you should get the report.
After that, you should consider what kind of mortgage would be best for you. Are you looking for a conventional mortgage? Are you looking for a FHA loan or a USDA LOAN so you can put less down? These are all things to consider as some banks may offer specific mortgage products that others don't. Once you decide on a type of mortgage and have found banks that offer it, it's time to start looking around for the best rates. Get pre-approved for a mortgage and compare the rates of South Jersey banks around you.
You might be tempted to choose the same bank you bank with for your South Jersey mortgage. In some cases, this is fine as that bank may be able to offer you a better rate and other perks. However, this might not always be the case so you should speak with multiple lenders to determine which one can offer you the best deal. And always remember to read the fine print so you know what you're applying for.