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Home Buying Process

Purchasing a home is likely the biggest financial decision you will ever make! Whether this is your first home or you are experienced buyer, this decision is a big one! You'll need to figure out your why. Are you tired of paying rent? Have you outgrown your current home? Are you looking for an investment property? There are a million reasons why you might be contemplating a move. Jill will assist you in ALL phases of the transaction. She'll discuss your wishes and needs, strategize and create a specific a plan that works for you.

Check Your Credit Report & Score

Before getting a mortgage you should check your credit. You're allowed to receive one free copy of your credit report per year. You can do this by visiting Annualcreditreport.com. Scores range from approximately 300 to 850; generally, the higher your score, the better loan you'll qualify for. 

Figure out How Much You Can Afford

You can calculate how much you can afford with the loan calculator on the bottom of this page. You'll also need to factor in the money you'll need for a down payment, closing costs, taxes and insurance fees. There are many loan types that a mortgage lending will discuss with you. There are some loans available with little to no down payment. An experienced lender can help you understand all your loan options, closing costs and other fees.

You'll need to get Pre-Approved

Getting a pre-approval will give you an idea of how big a loan you qualify for and how much your payment would be each month. The lender will pull your credit and get more information. When you're ready to make an offer, it will make the sale go much quicker and will put the seller more at ease. Your offer may look more appealing than other offers since your financing is already approved.

Look for the Right Home

Make a list of the things you'll need to have in the house. Ask yourself how many bedrooms and bathrooms you'll need and get an idea of how much space you desire. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and pets to play in?

Once you've made a list of your must-have's, don't forget to think about the kind of neighborhood you want, types of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Take into account your safety concerns as well as how good the rate of home appreciation is in the area.

Make an Offer on the Home

Now that you've found the home you want, you have to make an offer. You can also get a list from your real estate agent to find out how much comparable have sold for. Once you've made your offer, don't think it's final. The seller may make a counter-offer to which you can also counter-offer. But you don't want to go back and forth too much. Somewhere, you have to meet in the middle. Once you've agreed on a price, you'll make an earnest, which is money that goes in escrow to give the seller a sign of good faith.

Get the Right Mortgage for Your Situation

There are many different types of mortgage programs out there, but as a first-time home buyer, you should be aware of the three basics: adjustable rate, fixed rate and interest-only.

Adjustable rate mortgages (ARMs) are short-term mortgages that offer an interest rate that is fixed for a short period of time, usually between one to seven years. After that, the interest rate can adjust every year up or down, depending on the market. These are good for people who don't plan on living in their home very long and/or are looking for a lower interest rate and payment.

Fixed-rate mortgages are more traditional and offer a fixed interest rate (and thus a fixed monthly payment) for a longer period of time, usually 15 or 30 years, though they're available in 20 or 25 year terms. These are good for people who like a predictable payment and plan on living in their home for a long time.

Both fixed and adjustable rate mortgages can have an interest-only payment. What this means is that for a certain amount of time during the loan term, you're allowed to pay only enough to cover the interest portion of your payment. You can still pay principal when you wish, but don't have to if your budget is tight. There is a myth that with interest-only mortgages, you don't build equity. This is not necessarily true, since you can build equity through home appreciation. The benefit to interest-only mortgages is that you increase your cash flow by not paying principal.

Remember to ask your mortgage lender or mortgage banker lots of questions about which mortgage is right for you and your situation.

Close on Your Home

Make sure you get a home inspection before you close. It will be well-worth the money spent since it ensures the property's structural soundness and good condition.

Setting the closing date that is convenient to both parties may be tricky, but can certainly be done. Remember that you may have to wait until your rental agreement runs out and the seller may have to wait until they close on their new house.

Be sure you talk to your mortgage banker to understand all the costs that will be involved with the closing so there are no surprises. Closing costs will likely include (but are not limited to) your down payment, title fees, appraisal fees, attorney fees, inspection fees, and points you may have bought to buy down your interest rate.

Move In!

You've got your mortgage, closed the deal and now it's time to move in! Whether you use a mover or not is up to you, depending on your financial situation and how much stuff you have to move; perhaps also, whether you have a lot of friends willing to help you move. Either way, you're done with the home buying process! Just start unpacking and start enjoying your first home! Buying a home for the first time doesn't have to be a hassle if you're prepared and you know what to do and when to do it. Choose an experienced home loan lender and a friendly, knowledgeable real estate agent-they are the key to helping you have a smooth home buying experience!

Newest Wake County Homes for Sale

4805 Kure Court, Raleigh image
4805 Kure Court, Raleigh $375,000

Stunning Custom Home on nearly 1/2 acre w/spacious yard! Attention to detail w/floating shelving, painted hearth & millwork. Enjoy the rocking chair front porch, updated ...

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  • 3 Beds
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1721 Tiffany Bay Court Unit #201, Raleigh image
1721 Tiffany Bay Court Unit #201, Raleigh $245,000

You do not want to miss this light, bright & beautifully updated, totally move in ready 1 bedroom & with a den condo! Fantastic location! Updated kitchen, plantation sh...

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128 Ryder Cup Circle, Raleigh image
128 Ryder Cup Circle, Raleigh $365,000

Beautiful, two story home located in a golf course and pool/tennis community. Open concept first floor with plantation shutter adorned windows, living room flows into the...

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  • 3 Beds
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100 N Friars Chase Lane, Fuquay Varina image
100 N Friars Chase Lane, Fuquay Varina $405,000

Cute one story home has easy maintenance with vinyl exterior. Home boasts 1,286 sq ft and includes 3 bedrooms, 2 bathrooms, 1-car garage, fenced yard, and patio. Open con...

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6313 Daybreak Drive, Wake Forest image
6313 Daybreak Drive, Wake Forest $300,000

Fabulous ranch living with NO HOA! Screened porch bar area & large deck. Kitchen features LOTS of windows, pantry, large dining area & lots of cabinets! Owners Suite fea...

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  • 3 Beds
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6309 Johnsdale Road, Raleigh image
6309 Johnsdale Road, Raleigh $350,000

This home is in the perfect North Raleigh location on three quarters of an acre. Less than a mile to many restaurants. Newer roof (2021) and all white brick exterior. Eas...

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  • 4 Beds
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  • 2459010 MLS
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4325 Stony Falls Way Unit #Lot 230, Knightdale image
4325 Stony Falls Way Unit #Lot 230, Knightdale $467,628

Consider the home search over! The perfect Palmer feat. 3 BR, 2 ½ BA w/ loft. Step into the inviting home entry & into your new beautiful dining room which leads into mai...

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  • 3 Beds
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  • 2458999 MLS
  • ACTIVE Status
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5758 Pool Side Drive, Raleigh image
5758 Pool Side Drive, Raleigh $275,000

Heart of N. Raleigh walkable to greenway & Shelly Lake! Just a short hop to shopping / dining at Crabtree and Midtown. Highly sought after 2 BR 1.5 Bath townhome has open...

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  • 2 Beds
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106 Penland Court, Cary image
106 Penland Court, Cary $535,000

LOCATION LOCATION LOCATION! Directly across the street from the community pool of Park Village located on a cul-de-sac is this charming 3 bedroom, 2.5 bath home. Make t...

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  • 3 Beds
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  • ACTIVE Status
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4309 Hopson Drive, Raleigh image
4309 Hopson Drive, Raleigh $349,900 ▼

What a pleasure to see a home from 1972 so REMARKABLY well maintained. The beautiful landscaping is exceptional, the product of a dedicated and talented gardener. 3 bedr...

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  • 3 Beds
  • 2 Baths
  • 2458994 MLS
  • ACTIVE Status
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Listings provided courtesy of Triangle MLS, Inc. of NC, Internet Data Exchange Database. Information deemed reliable but not guaranteed. © 2022 Triangle MLS, Inc. of North Carolina. Data last updated .

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