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Get a free copy of your credit report from all 3 major credit bureaus and make sure there are no errors that need to be corrected BEFORE you apply for a mortgage.
NJ is the sixth most expensive place to rent in the US behind only Hawaii, California, New York, Massachusetts and Washington, D.C.
Before you sign the closing documents for a mortgage, compare the settlement statement with the Good Faith Estimate to make sure there are no errors--these errors coincidentally favor the lender in most cases. Caveat Emptor :-)
Housing Inventory Continues to Fall [View Article]: Housing inventory is low in many real estate markets across the US now due to a number of factors: 1) many homeowners who bought or refinanced at the height of the real estate market are still upside down on their mortgages which prevents them from selling without doing a short sale 2) there is still substantial “shadow inventory” from unresolved pre-foreclosures particularly in states like New Jersey that adjudicate foreclosures in the court system 3) Many builders are reluctant to start new construction projects because of fear of tepid demand
