You have just accomplished Step 1 in becoming a first time home buyer by checking out this page. 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 spoken with a qualified mortgage lender?” So many times, potential homebuyers tell 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. As an example; my youngest son at the age of 23 had a great job with steady income and decided he wanted to purchase his first home. However, he always had paid for everything with cash or by using his debit card. He therefore had a very limited credit history and as a result, did NOT qualify for a mortgage! The lender I recommended suggested 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. Lenders can also direct you towards an accredited credit repair service if needed.
Where do you find a Good Mortgage Lender??
You can start with your current bank or credit union.as these are people that know you. The only issue is that banking institutions typically have limited loan offerings. A mortgage broker, like your bank, will also work in your best interest. They however, will shop around to find you the best loan to fit your specific needs and qualifications. Good news is that mortgage brokers only have to pull your credit score once to check multiple choices. This “soft” pull rarely, if ever, affects your credit rating. I work personally with several good, local mortgage brokers that have done very 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 act 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 charge 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 buyer 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 will write the offer with you plus keep you involved throughout any negotiations. Once a signed contract is in place, a copy goes to the lender to complete the loan process. I’m also right by your side during 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, 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 over the phone or meet you in person somewhere. If you feel comfortable with having me represent you, I will get started on your road to home ownership! Again, MY PERSONAL SERVICES TO YOU AS YOUR BUYER’S AGENT DON’T COST YOU A DIME !! CALL / TEXT me at 919-795-5447 or use the contact form below.
P.S. Ask me about assisting you with your normal out of pocket closing costs!!!
Protecting Your Privacy
Please note, I understand the importance of protecting your contact information. I hate spam mail and robo type calls as much as you do. I therefore never share nor sell your private contact information with anyone. By giving me your phone number and/or email address, you are simply giving me permission to contact you directly. Thank You, Ernie