If you plan to buy a home soon, you will need to know “where you are going.” For a most enjoyable home buying experience, first build a road map to your purchase, a list of priorities that will lead you to your objective!
The first priority is your time frame. While cash transactions can exchange in a matter of days, if financing is desired, you should allow some extra time for the loan process. Thirty to 45 days is the norm. If it is an emergency such as a 1031 exchange deadline, call today! I can come up with the quick answers! Keep in mind that it may take 30-90 days (or more) to locate the right home, secure financing, and complete the home buying process.
The next priority is to create a detailed description of the property you hope to find. Developing a Property Search Criteria to help you distinguish between “need to have” features and “nice to have” features will save you lots of time and stress. Be specific. Include architectural style, number of bedrooms and baths, location, lot size, and other special requirements. Number your preferences in order of greatest importance to you. There is nothing I take more seriously than helping people find a new home they love. During the home search, I will:
- Discuss the benefits and drawbacks of each home you are shown.
- Keep you informed on a regular basis.
- Check the MLS database and with other Brokers regularly for new listings.
- Prepare a list of your unique needs and wants.
- Keep you up to date on changing financial conditions that may affect the housing market.
- Be available to answer your questions or offer assistance regarding your home purchase.
- Discuss which types of financing are best for you relative to properties that may be of interest to you.
- Determine what you will qualify for.
- Educate you on the Mortgage Process and what types of programs are available to you.
Obtaining a pre-approved mortgage is a great way to begin your home buying process. With mortgage approval, you are in a better position to negotiate with Sellers. You will also be able to close on a property more quickly than other Buyers could. A secured mortgage approval shows the Seller how serious you are about his property, and it will make the Seller more comfortable working with you. In a “Seller’s Market,” or where the number of properties on the market is limited, a pre-approved mortgage is essential.
Many Buyers apply for a loan and obtain approval before they find the property they want to buy. Why? Pre-approval will help you in the following ways:
- Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you make.
- You won’t waste time considering homes you cannot afford.
- A Seller may choose to make concessions if he knows that your financing is secured. You are considered a cash Buyer, and this may make your offer more competitive.
- You can select the best loan package without the pressure of time.
What Can You Afford?
There are many factors that can help you decide how much you can afford to pay for a new home. To better serve my clients, I can help you decide your price range, show different loan options side by side, and much more. You will be well educated before ever speaking to a Lender! Click here for more information.
Buying your first home can be an exciting yet very stressful time. Having gone through this process myself, I understand what you are going through, and I am here to make it as easy on you as possible. Here are a few tips on how to begin, and some great University and Lake Norman communities that are perfect for first time Buyers. If you have any questions, please don’t hesitate to contact me!
What can you afford? Before you start looking for a home, you need to have some idea of what you can afford. As a general guide, you can purchase a home with a value of two to three times your annual household income, depending on your savings and debts. However, you may be able to take advantage of special loan programs for first time Buyers to purchase a home with a higher value. I can refer you to a professional and qualified Lender to help you find the perfect loan program for you.
Familiarize yourself with the area and decide where you’d like to live. I can provide you a FREE personalized package with community information, school information, and more.
Make a list of your wants and needs. Taking an aerial view look at exactly what you need and then comparing it to all of the extras you want will make the decision process go a lot more smoothly and will also keep you on track.
Choose your community. Below is information on some of the area’s best communities for first time Buyers. Please let me know if you’d like more information on these or other communities in the Raleigh area.