As first-time home buyers, you are often faced with lots of different information thrown at you all at once. Taking the steps to purchase your first home can be one of life’s biggest accomplishments, so don’t let the process intimidate or frustrate you.
Buying a home in North Carolina should be exciting, fun, and stress-free –– especially if you have me by your side!
I have taken the time to break down the process of buying a home in North Carolina into digestible pieces. Continue reading this guide to buying a home in NC to learn helpful tips and things to expect along the way.
Buying a home in North Carolina is exciting, especially as a first-time homebuyer. I’ve compiled several things to keep in mind when buying a home for the first time. Hopefully, these tips will help ease your mind about the home buying process.
One important step you can take when buying a home in NC is to start saving early for a down payment. Down payments are usually around 3-6% of the total purchase price of the home. If you want to avoid paying private mortgage insurance, a 20% down payment will be needed. This is a large sum of money you will put down upfront, so it’s essential to start preparing for this investment as early as possible.
Many first-time home buyers in NC are tempted to skip the preapproval process. Before you start house hunting, get preapproved for a mortgage loan. That way, you know exactly what you can realistically afford. A preapproval letter from a lender will tell you the exact amount you are approved for based on your specific financial standing.
When buying a home in NC, you will need to maintain good credit. This means you should not open new credit card accounts prior to closing on your home and need to keep up to date on any existing payments. Pay your bills on time and in full if you are able. This will show lenders that you are going to be able to pay your mortgage and help with final approval for a loan.
There are many different types of options available for mortgage loans. The type of loan you choose when first-time home buying, will determine your down payment amount and the type of house you can purchase. Here are some common types of mortgage loans.
As you can see, there are differences between the most common types of mortgage loans. I can introduce you to several local professional lenders or loan counselors to make the best decision for you.
When first-time home buying in NC, it’s helpful to make two lists before house hunting. One should be a list of non-negotiables or must-have home features. Maybe you’re expanding your family and need an extra room for a nursery — this is considered a non-negotiable. Other features — like a front porch, a large backyard, a bonus room — are considered nice-to-haves but won’t completely disqualify a home if they are absent.
Being a first-time homebuyer in NC can be intimidating. There seems to be so much that goes into buying a home in Raleigh, Durham, Cary, Wake Forest, Chapel Hill, or elsewhere. Working with an active, full-time professional real estate agent offers you the local market insight you need, and lifts stress and responsibilities off of your shoulders. Who you hire matters! I can help you through the home buying process and make finding your dream home smooth and rewarding.
Please browse my website, create and save property searches, request showings, and take advantage of all the resources I’ve already shored up for you. I look forward to helping you purchase your first home! Schedule a free consultation today.
Learn about the home buying process and how you can find the perfect place.
Find out which home loan is right for you and why getting pre-approved can help in your home search.