Home Loan Worksohp

Buying your first home is a great experience. It is a rewarding experience and a big reason why we at Newark Land Bank (NLB) are excited to be on this journey with you.                            

However, it is very important that you, as a buyer, are strategic in the loan process and every other process along the way to ensure that there aren’t any hiccups along the journey. This is why we have compiled information that will be of benefit for you in this process. Your success in the buying process means a project of this caliber can continue. Your success is our success, so we strive to ensure that home buyers are in a position to stay in their homes without any issues.    

One thing to consider in the loan process is hiring an attorney. Buying a house is a big deal and  comes with a great responsibility for the home buyer. Having an expert in that field on your team is essential to your success.    

Specifically, a real estate attorney will be well versed in not only the buying process, but they will protect your interests in the transaction with the lender and the seller. Attorneys can look over contracts and make sure you are getting the deal you deserve. They will be able to go over in-depth the terms of the contract with you and help you decide if it fits your needs as the buyer for the foreseeable future.    

The contract is the most important document in the home buying process. Therefore, the attorney can help ensure you get what you deserve at the closing table should issues arise at the time of closing.    

Not all people will invest in an attorney, but here at NLB, we want to make sure that you know, while not necessary, it is very useful in the home buying process to secure an attorney.    

Another important factor in the home loan process is getting a pre-approval prior to buying a home. Many banks will evaluate your credit score and income. Banks want to see what they can comfortably lend to you prior to you going out and looking at properties. Most real estate agents request that you have a pre-approval as it helps them to narrow down the search to homes that fit within your budget. It gives them wiggle room to negotiate a final cost that fits within your budget.    

Banks are very proactive in reinvesting within communities. They play a pivotal part in what we do here at NLB. Banks like CitiBank offer first time buyer programs that help buyers with low down payments and down payment assistance to make buying a home more affordable to those on the lower end of the buying market. Some banks even offer assistance with closing costs that require less than the standard 20% down to qualify you for the loan.    

Other institutions like Columbia Bank offer grants for first time home buyers. They work with non-traditional credit means, such as evidence of timely rental, phone and car insurance payments to help show you are able to make payments.    

Here at NLB, our main goal is to make sure that you can stay in your home for the lifetime of the loan. We work with companies like NACA that offer programs for buyers that help with closing costs, have hardship programs in place for the things we cannot control, and work with lenders to ensure that your mortgage is more affordable.    

At NLB, we don’t want the loan process to overwhelm you. Your home buying experience should be one that is both rewarding and satisfying. For more information about these programs and companies, please check out the replay of the first Home Loan Workshop.

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