Your Triangle Home Buying Questions, Answered
Ready to buy your first home? Congratulations! Even if this isn't your first home purchase, this is still a very exciting time marked by new opportunity, change, and growth. We couldn't be happier for you as you embark on this new real estate journey. In fact, why not get started by reading answers to the questions we hear most often from new buyers!
The Questions We Hear Most Often
1. How do I get started?
The best way to begin your home search is with a plan. Try to set a budget right away to save yourself time in the long run. We recommend meeting with a lender to get pre-approved for a mortgage! During this process, the lender will review all of your finances to determine how much the bank is willing to lend you. Boom: your budget just set itself. Use our complimentary mortgage calculator to play around with your monthly payments!
2. What should I look for in a home?
That depends on you! Think long and hard about your lifestyle, and the kind of lifestyle you wish you had. Are there any special amenities or custom features that would make you happy? Does your dream home have to be in the right school district, or close to a major metropolitan area? Come up with a list of things you can't live without in your home to begin. Having a good idea of what you're looking for will save you time as you explore homes for sale in the Triangle.
3. Should I use a Realtor?
You don't have to. But in all honesty? Yes. A Realtor will save you time, money, and more than a few headaches as you navigate the waters of buying a home. Your Realtor will also be able to negotiate on your behalf when it comes time to put an offer on a home. They will handle all your paperwork, schedule home inspections, and do everything they can to make your life easier as you work on buying your dream home.
4. How do I go about getting a loan?
Mortgage loans are usually available through private banks, credit unions, private mortgage companies, and government lenders. Mortgage loans are typically available through banks, credit unions, private mortgage companies, and government state lenders. Consider asking your Realtor for recommendations. We have more than a few lenders in the area we can recommend.
5. Can I still buy a house if I have bad credit?
That depends. You may be able to qualify for a federal mortgage program or local home buying assistance program. The Federal Housing Administration (FHA) often helps home buyers by offering them insured loans. This way, if you default as a buyer the lender still gets their money (this protects the bank.) Insured loans encourage lenders to work with more buyers regardless of their credit or available down payment. Many state and local governments offer additional programs for buyers who meet various criteria or are buying within individual communities.
6. What do I pay up front?
First you'll have to put down some earnest money: this works like a security deposit in that it proves to the seller that you are serious about buying their home. When/if your offer is accepted, your earnest money is applied towards your down payment and other closing costs. Speaking of which, the down payment is a percentage of the total cost of your home. As you close on your new home, you'll have to pay closing costs. These are generally low for buyers and cover the fees associated with paperwork and lender charges.
7. Are there any other costs?
Other costs can include utilities, HOA or condo fees, and property taxes - which are typically included in your mortgage payment. If you're curious about the fees associated with a particular home, condo, or neighborhood, give us a call today.
Any Other Questions?
We've got your back. Rely on us for our expertise when it comes to buying a home in the Triangle.
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