094b819153e1b159d2a36326412b5c94.jpg

Peapack-Glastone Bank Offers Tips Every Homebuyer Should Know

Rosanne Schwab
Homeownership has long been the American dream. A home provides more than shelter for your family; it is also one of your most valuable treasures. The month of June was celebrated as National Homeownership Month, a time for Americans to reflect on how homeownership has enhanced their lives and contributed to the communities they call home.
With housing prices and mortgage interest rates at record lows, now is the time to explore buying a home. With the help of experienced mortgage officers at Peapack-Gladstone Bank, you can find just the right mortgage product available to fit your needs. 
Purchasing a home is the single largest investment that most people will make in their lifetime, so it is important to take an honest look at your budget first to make sure you are fully prepared. There are many obstacles to getting a mortgage, including high credit score standards and closer reviews of applications.   Peapack-Gladstone Bank offers the following tips to help consumers prepare for buying a home.
Review your finances. A thorough analysis of your financial situation is central to the decision to buy. Calculate all of your monthly expenses, in addition to your potential mortgage payment, homeowner’s insurance, taxes and condo fees. Factor in other obligations like car payments, credit card balances and living expenses. Budget for home maintenance costs as well. Aim to keep the mortgage payment and all other obligations below 40 percent of your monthly income and stay within your budget when considering homes. 
Check your credit score. Your credit history is an important factor when applying for a loan.   Your credit score reflects how well you manage your debt and is calculated using data from your credit report. If your score is too low, you may not be approved for a loan at that time. There are a number of steps you can take to improve your credit score, including paying your bills on time, only opening lines of credit you need, and keeping your credit card balances half of your available credit.  
Organize your finances before you go to the bank. Getting a loan requires a few different documentations including, but not limited to, pay stubs, tax returns and financial statements that are less than 60 days old. Provide copies of additional monthly payments such as car loans, credit cards and student loans. You should also bring any additional information you think will help your banker positively evaluate your financial situation. 
Factor in closing costs. Once you have found a home within your budget and agreed on a purchase price, there will be costs associated with closing the sale. These costs can vary and will depend on the purchase price and whether a real estate attorney or title/escrow company will be involved in the transaction. 
Stop by your local Peapack-Gladstone Bank branch or call (908) 234-0700 and ask to speak with a local bank representative to discuss all of your mortgage options. For additional information or to apply, visit www.pgbank.com. With Peapack-Gladstone Bank, your dream of home ownership can become a reality!
 
About Peapack-Gladstone Bank
Established in 1921, Peapack-Gladstone Bank is a $1.58 billion asset, wholly owned community bank that offers a full range of quality banking products and services to businesses and residents of Essex, Somerset, Hunterdon, Middlesex, Morris and Union counties in New Jersey, through 23 full-service branches, an online branch and a wealth management division, PGB Trust & Investments.  In addition to its personal and business banking product line, Peapack-Gladstone Bank offers consumer and commercial lending products and services like auto and home equity loans and lines of credit, residential mortgages, commercial mortgages, term loans, lines of credit and construction loans.  For additional information about Peapack-Gladstone Bank or to open an account online, visit www.pgbank.com or call 908-234-0700.  Member FDIC. Equal Housing Lender.