Buyer Resources

Raleigh First Time Home Buyers

It truly is a great time to be a first time home buyer in Raleigh, low interest rates and great pricing makes this truly the time to buy your first Triangle home.

Important Steps For Raleigh First Time Home Buyers

Buying your first Raleigh home is one of the most important decisions you can make. It does not have to be a complex process. I will walk with you every step of the way to make the process smooth and successful. Here are a few quick tips provided by Coldwell Banker Howard Perry and Walston:

Step #1—Ask Your Lender About Available Mortgage Programs: An experienced mortgage company should be able to work with you one-on-one to determine exactly which mortgage programs will meet your individual needs and what you can qualify for based on your personal information. Applicants with higher credit ratings and/or higher levels of financial reserves generally receive more competitive mortgage rates. There are hundreds of available mortgage programs and there is usually one to meet the needs of almost any Raleigh home buyer. (For more information on this and other mortgage programs, contact me and I will put you in touch with a preferred lender.)

Step #2—Research the Terms of the Mortgage: Different mortgage lenders have varying price structures that can affect the amount that you pay for your home. An annual percentage rate (APR) includes the actual interest rate on the loan, as well as certain fees and costs associated with the loan. Because a customer may be paying points and other closing costs, the APR disclosed may appear to be higher than the actual interest rate quoted for the loan. Not all lenders calculate APR identically; however, it does give customers a relatively fair method of comparing price on their potential loans.

Step #3—Get a Pre-Qualified Loan Commitment: Even before the house hunting begins, Raleigh home buyers need to determine how much they can afford. Mortgage companies or other lending institutions provide pre-qualified loan commitments. Raleigh home sellers often will not take an offer seriously unless the prospective buyer has some assurance of creditworthiness from a mortgage company. A pre-approval means more because a full credit report is ordered on the customer so that a true loan decision can be made the same day a customer applies. Shopping for a home with a pre-approved mortgage enables a customer to negotiate as a cash buyer and submit an offer on a Raleigh home with confidence that the mortgage will be issued and the sale will be completed.

Step #4—Do Your "Home-work": Be sure to review this site to check for Property listings, neighborhood information, current mortgage information and home ownership services. The right amount of research will help you to better understand the Raleigh marketplace and Raleigh homes available in your price range when you're ready to work with me.

Step #5—Make a Checklist: To help make the home buying process a little easier, Raleigh home buyers should create a checklist of the important features they want in a home. Location and the number of bedrooms and bathrooms are usually important. Other important questions to answer: What will the commute to work be like? Are there shopping centers, parks, and schools located near the home?

Step #6—Let Jenn Nowalk Work For You As Your Buyer's Agent: As your buyers agent I will represent your best interests and help identify Raleigh homes that are for sale and in the right price range. I will work for you to identify properties, write contracts, negotiate the asking price, arrange inspections, and move to closing the purchase.

Step #7—Make an Offer: Once you find the right house an offer needs to be made. Contact me to make an offer. Make sure that your offer is contingent on two items: 1) You're able to obtain adequate financing (if you haven't done so already), and 2) you can pull out if the property doesn't pass the home inspection, and the owner can't come to terms about how to fix the problem. Be prepared for counter-offers from other buyers and some negotiation with the seller. Make an earnest money deposit, which is a check that is given to indicate that you're serious about buying the house. The check will be deposited and will apply toward the sales price if the deal goes through; if not, you get it back. You should also set a time limit that the offer will expire. If an offer is accepted, it goes to the contract phase.

Step #8—Hire A Home Inspector: Making an offer contingent on an inspection by a registered Raleigh home inspector can save thousands of dollars by avoiding unseen problems. Inspectors will check the house for any structural damage. In the contract with the seller, it should state any necessary repairs that must be made before closing on the house. Prior to closing, walk through the house and check that such repairs have been completed. I will help you hire a trusted inspector. Contact me with questions.

Step #9—Buy Homeowners Insurance: Lenders require homeowners insurance to protect the new Raleigh home buyer's interests as well as their own. There are many providers I can recommend.

Step #10—The Closing: This is where the Raleigh seller and buyer sign settlement-closing documents to transfer the ownership of the Triangle home and all transactions are finalized. Congratulations, you achieved the American dream and you are now a Raleigh homeowner!

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