You have just accomplished Step 1 in becoming a first time home buyer. The fact that you are reading this page means you’ve made the correct first step by ‘doing your research’. See how easy this can be? Let me continue to point you in the right direction to owning your first home by following two more easy steps.
STEP 2: QUALIFICATION
The first question I ask any buyer contacting me for the first time is “Have you talked with a qualified mortgage lender?” So many times, potential buyers have told me what they can afford a month as a mortgage payment based upon their own calculations or an “online” mortgage calculator. Just because you feel you can afford a certain payment per month does not mean you will qualify for that amount. You may even qualify for more if needed! Also…online calculators typically fail to take into account personal situations. Mortgage qualification also includes property taxes, home insurance, HOA fees if applicable and current mortgage rates which actually change quite frequently. Your credit score, current income and other personal factors all determine what type of loan you are best suited for. If you don’t qualify right off, don’t despair. A good mortgage lender will point you on the road to recovery. One common problem among first time home buyers is “NOT” having enough, if any, established credit. For example; my youngest son at the age of 23 had a good job with steady income and decided he wanted to purchase his first home. However, he always paid for everything with cash or by using his debit card and therefore had a limited credit history. He did NOT qualify for a mortgage! The lender I set him up with recommended he obtain a very specific credit card, use it for several months and make his payments on time. Following her direction, within 3-4 months, he qualified just fine and was able to purchase his first home. Your lender can also direct you towards an accredited credit repair service if needed.
Where do you find a Good Mortgage Lender??
Start with your current bank or credit union. These are people that know you and watch out for your best interest. The only issue is that these institutions typically have limited loan offerings. A mortgage broker, like your bank, will also work in your best interest. They will shop around to find you the best loan to fit your specific needs and qualifications. This could even include your personal bank! Good news is that mortgage brokers only have to pull your credit score once to check multiple choices. This pull rarely, if ever, affects your credit rating. I know several good, local mortgage brokers that have done real well by my buyers over the past years, especially first time home buyers. Call me or use the contact form below for recommendations of names and contact information in the Triangle area.
STEP 3: Establish yourself with a licensed Realtor (hopefully me) who can serve as your “Buyers Agent“. Buyer agents are compensated from the commission offered by the seller. In fact, the services of a buyer’s agent shouldn’t cost you a dime! Some realty companies however, are now charging upfront fees to buyers for providing the service of one of their agents. This supposedly compensates them for their time in case you walk away. This is something you want to ask when interviewing a buyers agent. I can assure you that I never charge any fees! I also pride myself in educating every first time home buyer so they fully understand every step along the way. This makes you feel more comfortable and eliminates a lot of stress. Purchasing a home should be fun and memorable, not a chore! I enjoy getting to know my buyers so I understand what their needs are and what is important to them. Do you like to cook, indicating the importance of the kitchen? Do you have pets which may require a fenced back yard? What kind of commute time will you accept to work ? How close do you wish to be nearby family? Whatever is important to you as the buyer is important to me! When we find that perfect home, as your buyer’s agent, I write the offer with you and keep you onboard throughout the negotiations. Once a contract is in place, a copy goes to the lender to complete the loan process. From there we move on to the home inspections and negotiations over repairs if needed. Choosing a closing attorney is also important. As your buyer’s agent, I will make suggestions of the best attorneys to you plus provide required information to them. Finally, as your buyers agent, I like to attend the closing and can be of assistance if needed.
To any potential first time home buyer reading this, please feel free to contact me personally for a FREE, NO HASSLE, NO OBLIGATION chat. I can talk to you on the phone or meet you in person somewhere. If you feel comfortable with having me represent you, I can get started on your road to home ownership! Again, MY PERSONAL SERVICES TO YOU AS YOUR BUYER’S AGENT DOESN’T COST YOU ANYTHING !! Call or text me at 919-795-5447 or complete the contact form below.
P.S. Ask me about how I can assist you with your closing costs!!!
Protecting Your Privacy
Please note, I understand the importance of protecting your contact information. I hate spam mail as much as you do. I therefore never share nor sell your private contact information with a third party. By giving me your phone number and email address, you are simply giving me permission to contact you directly. Thank You, Ernie