Tips for Buyers

Steps to Buying a Home

Pre Approval

It is always important to obtain a solid pre-qualification by a professional mortgage planner. This can help you understand what to expect in terms of payment and affordability. You will also be considered a serious buyer by your real-estate professional. With the recent credit crisis and changes in lending standards, it is more essential than ever to have an accurate assessment of your credit situation and qualification.

Looking for Your Home (Online, MLS, Open Houses)

It is important for you and your sales associate to be proactive. Sales people in the real estate business work on commission only, so it is suggested that you work with one only. It is important to find an associate that you can count on. At Halliburton Homes, you will not only be working with one sales associate.  You will have management support when making an offer, guidance through our professional resources, and the ability to improve your home through Finishes on First.

Your sales associate will set you up to receive an automatic notification of all new homes that fit your specifications as soon as they hit the market. A market report can be provided to you, including current interest rates and sales volume specific to your price range, upon request.

Credit & Financing

Your credit score is the number one item that affects what rate you will have on your mortgage. There are 3 scores received in a report. Experian, Equifax, and Trans Union are the 3 reporting agencies used. Lenders will use the middle of the 3 scores which can have a positive or negative affect on your rate.

Everyone should have their credit checked at least once a year to make sure it is accurate.

It is important for buyers to understand that there are 4 ways credit scores can be negatively affected.

1. Are there any late payments on your report? This has the strongest impact on your score.
2. Applying for too much credit in a short period of time (ie. applying for several different credit cards in the same month)
3. Closing out any credit cards that you do not use. Many people think this can help your score but it will actually hurt it by shrinking your credit history. Even if you do not use the cards, keep them open.
4. Any high balances due on credit cards.

Making an Offer to Purchase

Our sales associates will guide you through every step of this process. Depending on your offer, you may complete an offer to purchase or go straight into contract.

Attorney Review

In the state of New Jersey, contracts are signed by both parties (Buyer & Seller) before they are considered to be fully executed. They must be delivered to both the buyer & seller and their representation before attorney review can begin. This is typically a three day review period for you to review the contract and make any necessary changes. Once you are comfortable with the contract, attorney review will conclude and your contract will be binding.

Home Inspections

This is an extremely important step in the home buying process. You want to be sure your investment is solid. The cost for a home inspection should cost between $300 - $400 for a condominium and $600- $800 for a multi-family home.

Closing

One of the most common questions is, “What are my closing costs?” Attorney fees, home inspection, tax escrow, maintenance capital contribution, title insurance, appraisal fees, lender application fees, and recording fees are what make up this number.

Moving in

Sometimes moving can be overwhelming. The reality is we accumulate a lot of "stuff" over time. Our best advice is to start organizing and packing as soon as you receive your mortgage commitment. This process, spread out over time, will make your move much easier as opposed to tackling it in a couple of days.

Customizing your new home

We offer customized service for any potential needs you may have in your new home including painting and repair, closet design, flooring, and window treatments. We encourage you to schedule a visit with Liza Rogala at our Home Improvement Showroom, located at 254 1st Street in Hoboken,  to look over sample materials. Your Halliburton Homes Sales Associate can accompany Liza or any representative from our Home Improvement Division to give you estimates in advance to closing. This will give you time to make the decision to have work done, schedule it, and have it completed before you move into your new home.