Home Buying 101


                                                  Steps to Take Before You Buy 


Step 1: Get Pre-Approved

Not to be confused with  pre-qualifying, a pre-approval is a full loan approval whereas prequalifying is simply an opinion letter. It is best that you take this step before looking at homes. Finding out what you qualify for will help you look in the right price range. You would be disappointed if you found a home you liked and then found out you couldn't qualify for it. By the same token you may be able to look at more expensive homes than you originally thought possible. Getting pre-approved will help you in the following ways:

A Pre-approval from Princeton Capital can:

  • Determine How Much Home You Can Afford Princeton Capital can determine your purchasing power, which gives you a guideline as to how much home you can afford – before you start looking. We will show you a variety of different types of financing (Fixed Rate, Adjustable, Interest Only, and 100% Financing), and will determine how much you qualify for with each of those types. Based on your desired payment level and type of financing with which you feel comfortable, we can determine your purchasing power.
  • Calculate What Your Down Payment Will Be and Provide Financing Options
    You need to choose a home based on how much money you have available. Based on the funds you have available, we can design a loan that will work for your individual needs.
  • Estimate What Your Monthly Payment Will Be
    Before picking a price range for buying your home, you should make sure that you can handle your total monthly payment: Principal, Interest, Taxes, Insurance (Mortgage Insurance and HOA dues, if necessary).
  • Turn You Into a Cash Buyer
    In today's market, buyers are not the only parties concerned with financing, sellers are equally concerned. In cases where there are multiple offers for homes, the buyers must put themselves in the best possible position to have their offers accepted. Getting pre-approved also puts the buyer into a better negotiating position. Why? The seller knows the buyer is ready, willing, and able to buy, and the financing is not in question. Buyers who are not pre-approved will have less chance of obtaining an accepted offer on the house they wish to buy, and are therefore at a disadvantage.


Step 2: Hire a Real Estate Professional

Congratulations! You are one step closer to owning your own home. Choosing a professional real estate agent is a very wise decision worth making. In using the services of a real estate professional to guide you through the challenging home buying process, you can be assured that you will receive the best service with much less hassle and anxiety.



Your Real Estate Professional will:

  • Help you Determine your Wants and Needs This will help them find in order to find the perfect match between the home that best meets your requirements and budget.
  • Keep your Personal Tastes and Lifestyle in Mind Taking your style into account will help them pinpoint which properties to visit.
  • Find the Properties for Sale in your Preferred Area Through the multiple listing service and their own resources, realtors can find all properties in your preferred areas. Newspaper ads and "For Sale" signs are not always a true reflection of all properties on the market. Your real estate agent always knows what's available at any given time, including properties, which will be on the market soon.
  • Allow you to Make your own Decision A professional agent works for you and respects your opinion. He or she will not try to force you into a decision you don't feel comfortable with.
  • Protect your Rights  Real estate laws have become increasingly complicated and your real estate agent is there to assist and protect you in every way.
  • Negotiate for you Once you've found the home you want to buy, your real estate agent will write up your offer and present it to the seller. This gives you the best opportunity to have your contract accepted.



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