Financial Ratios for Loans Prospective buyers preparing to purchase a home in Bay Head or surrounding areas sometimes focus solely on whether they can fit the payment into their monthly budget and scrape up enough cash to cover a small down payment and closing costs. But even when there seems to be enough available cash in the budget to meet a monthly mortgage payment of that oceanfront dream home, there can also be a serious debt-to-income issue capable of killing the joy of owning a home. 

To understand how this relates to your specific home buying situation, speak with your lender and/or a financial advisor.

Understanding Debt-to-Income

Basically defined as the portion of the monthly household income that is assigned to meeting debt payments, most financial gurus…

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For those who have ever closed on a mortgage before, you know that on top of all the complicated ins and outs of selecting a mortgage, there is a ton of paperwork to bring in, look at, and sign. This guide can help buyers with what kinds of documents are needed and which disclosures will be received during the process.

Documents to Gather

Prospective buyers in the Bay Head area may hear from friends and family members that it takes forever to get approved for a mortgage. The timing lies almost entirely in the underwriting process, where the lender has to verify the information written in the application. If all necessary documents are gathered beforehand and provided with the application, it will take less time.


The means of…

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Home Wish List When thinking of buying a home in Bay Head or surrounding areas, most people probably have a long list of wants for that house. The reality, however, is that it can be unrealistic to look for a home with literally everything on the wish list.

Even if a buyer can afford every desired feature, such as oceanfront, luxury, with a pool, etc..., the simple fact is it’s rare to find a home that fits that long list of requirements. As such, buyers should prioritize expectations, isolating a handful of needs from a much larger collection of wants.

Identifying Wants

The categorization process can be painful. Consider these approaches if you're having trouble:

  • Require justification for it: Having four members in the household is certainly a good…

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