Why Prepare to Buy in Spring?

The spring housing market, peaking from April to June – is renowned for its heightened activity. The allure of spring lies not just in its weather, but also in the potential for finding great deals on homes that didn’t sell or were not listed in winter. The spring market – fueled by both new listings and the eagerness of buyers who are shaking off the winter chill, creates a landscape filled with opportunity. First Financial is here with 5 essential tips for a successful springtime homebuying journey.

1. Gauge Market Conditions: The spring market’s vibrancy varies, influenced by whether it leans in favor of buyers or sellers, prevailing mortgage rates, and local real estate trends. Keeping a pulse on these conditions can significantly impact your buying strategy. Evaluate each condition closely before making any commitments.

2. Isolate Your ‘Must-Haves’ From Your ‘Wants’: In the bustling spring market, knowing what you’re looking for is crucial. This includes the type of home, desired neighborhood, and essential amenities. However, with heightened demand and high competition, it’s important to isolate what you truly need from the things you want. A well-defined list of must-haves will streamline your search and help you act decisively.

3. Mortgage Preapproval is Key: Securing mortgage preapproval before diving into the housing market not only sets realistic expectations – but also positions you as a serious buyer, enhancing your bargaining power. Preapproval will allow you to know how much home you can realistically afford, as well as lock you in at the best interest rate.

Here at First Financial, we’re here to help you throughout the mortgage process. Stressed about where to start? Schedule a video chat or phone call with one of our mortgage experts with no commitment required! Ready to get preapproved? Simply fill out our quick mortgage inquiry form and a member of our Loan Department will contact you. You can also choose to sign up for our mortgage rate text alerts, and we’ll send you a text whenever our mortgage rates change.⁺

Finally, when you close on a home with a First Financial mortgage – you’ll receive a $500 Home Depot gift card, your appraisal is on us ($580 value), along with a host of other benefits.* Not ready to apply just yet? Utilize our wide range of website mortgage calculators to help you plan for the future!

4. Leverage Expertise: Collaborating with a real estate agent who understands the nuances of the spring market can be invaluable. They can provide insights into fair pricing, negotiate on your behalf, and even unearth hidden gems in your desired locations. Having a real estate agent on your side will position you ahead of buyers heading the journey alone and take many stressors off your shoulders.

5. Have Your Documents Ready: If you’ve made an offer and are hoping to fast-track the process, make sure you have your paperwork ready to go. The process of compiling all the necessary documents can be longwinded, so be sure to get a jump on things and have all your ducks in a row. Some of the documents you’ll need include:

• Identification
• W2s
• Pay stubs
• Bank statements

Before making an offer, build a mortgage document checklist to keep track of what you’ll need to close the deal. Our homebuying guide is a great resource!

Embrace the Spring Market with Confidence

The spring housing market offers a unique blend of challenges and opportunities. With strategic preparation, you can navigate this bustling season effectively. Whether you’re gauging market conditions, calculating what you can afford, or securing mortgage preapproval – we’re here to help you achieve your homebuying goals.

Contact us today and embark on your journey to homeownership with confidence. Don’t miss out on more financial tips and advice, be sure to subscribe to our First Scoop blog.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. Qualified borrowers must meet eligibility requirements including, but not limited to, property location, loan amount, loan type, occupancy, property type, loan to value, debt to income ratios, FICO credit scores, refinance with cash out and other variables. NMLS CU ID: 685814. $500 Home Depot Gift Card will be issued at loan closing on any First Financial mortgage, while supplies last. Applicant to pay $580 appraisal fee up front at the time of appraisal. First Financial will credit the $580 appraisal fee back to the member at loan closing.

 ⁺The Text Message Signup box must be checked in order to receive text messages. Standard text messaging and data rates may apply.