First-Time Home Buyers
Ready to Buy Your First Home?
This is the moment you have been waiting for. You have stuck to a strict budget, searched for dream homes in your spare time, and filled your Pinterest board with ideas of how you will design your new dream home. But now that you are finally ready to invest in your own home, you may have a few questions. Don’t fret! That is a normal feeling, and our team is here to help. We can assist you through the process of getting a mortgage, finding your first dream home, and making an offer. Soon, you will be on your way to owning a home in the greater Raleigh area!
To get started, you should familiarize yourself with what a mortgage is. The majority of buyers need a mortgage in order to afford a home. The good news about mortgages is that there are a wide variety of options to choose from. They differ based on each lender and what each buyer brings to the table. It is important to understand what you are looking for in a mortgage. You should also do your research to ensure you are getting the best deal available to you.
Types of Mortgages
There are four basic types of mortgages used by buyers in search of a home.
What Does a Mortgage Include?
There are four key elements that go into a mortgage payment. You may see this called the “PITI”. “PITI” stands for principal, interest, taxes, and insurance. These are four very important things to be aware of when purchasing a home.
Understanding Your Options When Going Loan Shopping
When shopping for a loan, it is imperative that you do your research before you make a decision. This means meeting with at least two different lenders (or more!) to ensure that you are getting the best rate possible. Before choosing a loan or a lender, make sure that you understand the two separate types of interest rates that are offered by mortgage lenders.
Find an Agent You Can Trust
While you don’t necessarily have to work with an agent, it is extremely recommended unless you are an experienced buyer or lawyer. It is immensely helpful to have someone walk you through the process to make sure you understand everything and don’t get taken advantage of, especially if you are a first-time buyer! The person you choose to be your agent should be someone you trust. Ideally, they should be an expert in real estate around the area in which you are searching for a home.
Once you have found your dream home, it is time to discuss making an offer with your agent. It’s important to work with an agent to help you determine an affordable offering price. Once you have done so, then consult with the agent to ensure that your offer is still competitive enough for the seller to accept and not immediately dismiss.
What Will I Pay Upfront?
Review Your Contract
Before you sign on the dotted line, it is extremely important that you read over the contract with your agent or lawyer to ensure there are contingencies. In other words, if something were to fall through with your mortgage, then you are not obligated to buy the home.
Still Have Questions About Buying Your First Home in the Triangle?
That’s alright! This is a huge step in the next chapter of your life, and we are here to be of assistance. Don’t hesitate to contact us today with any questions you might have! Want to research more about the home buying process? We have tons of resources to help you out