Buying a home can be confusing, especially for the first time! Where do I go to get financed? How do I search? Is there any help available? And about a million other questions are probably running through your mind! A great resource for first time buyers in NC is the North Carolina Housing Finance Agency. Visit their website here.
You'll also want to speak with a mortgage professional. Visit our Mortgage Information tab here for more helpful tips and recommendations.
Important questions to consider before you buy a home.
Exactly how much home can I afford?
By getting pre-approved before you make an offer, you will be certain of the amount of the loan you will qualify for.
A good lender can provide you with full credit approval before you start your search, which will allow you to shop like a cash buyer. In today's competitive market, sellers won't even consider an offer without an accompanying pre-approval letter so getting one in advance means you'll be ready to act fast when you find the right home.
There are so many loan options...How will I know which one is best for me?
When you are pre-approved, you will have access to a multitude of loan programs. Your lender will determine what programs you qualify for, and narrow it down to the one that is right for your long term goals.
What will my payments be?
The amount of your monthly payment will depend on several factors including the specific loan program you choose, your interest rate and total amount you borrow.
What is credit scoring and how does it work?
Credit scoring is an evaluation system used by lenders to help them determine whether or not they should lend you money. This system grades you based on a number of factors, the 5 most important are:
Payment history - how you have handled credit accounts in the past.
Credit utilization - a ratio of your credit balances to your credit limits.
Inquires - recorded when a potential creditor requests your credit report as a part of their credit granting process.
Derogatory information - late or missed payments, collection accounts and charge offs, short sales and foreclosures are all examples of information that can negatively impact your credit score.
Credit make up/mix - the different kinds of accounts that make up your overall credit profile. A more diverse credit profile can mean a higher score.
How much does it cost to be pre-approved?
Absolutely nothing! You have nothing to lose and everything to gain. Lenders provide free consultations to learn about your specific situation and how best to proceed based on your individual needs.
We would like to help make your home buying experience enjoyable. * Fill out the contact field below and one of our knowledgeable agents will contact you!