Have you spent years renting homes or apartments and have grown tired of paying all that rent money to someone else? If so, then it might be your time to consider purchasing a home, and keeping that cash for yourself. However, you do need to ensure that you are prepared on more than one level before jumping into the Triangle Real Estate market. There are many financial considerations to make note of before you start looking for a home in our area. But, if you can arrange your finances into a sensible plan and secure a mortgage then this can ultimately be the most rewarding purchase you have ever made or will make.
Finance plays a huge role in the decision to purchase your first home. This is to be expected, if you are purchasing your first home you will not likely have a few hundred thousand dollars sitting around so you will have to find a mortgage.
You should really make sure that you are prepared for the application process for a mortgage as it will involve a thorough investigation of your past credit history. If there are any problems with your credit then you should take care of them before you apply for the mortgage.
Sometimes credit problems are a simple case of oversight, some things have been taken care of and not recorded as such, and sometimes there can be some debts that you will need to see to. Consider signing up for Credit Sesame or Credit Karma to check your basic scores before you start applying for a mortgage. Both of these programs give you a general idea of what your credit history says, and reviewing the information will not hurt your score.
If there's a problem on your credit report, you can address it, and then apply for a loan that fits your needs. Once your credit is in good shape (try for a score over 650, but know that at 700 and above you get much better interest rates), you will need to find a mortgage broker or a bank to get a preapproval letter.
Ask your Triangle Trusted Realtor for some names of local mortgage brokers. Try to stick with someone who is local because they will be more likely to go above and beyond to make sure things are well. That personal relationship and close proximity will work in your favor.
There is no stronger tool in the home buying process than having all your financing in line before you start shopping. This is a great attraction for sellers as they want their homes to sell quickly and without incident or trouble, a buyer with ready-to-go financing will hold greater favor with almost any seller. If you are mindful of these things then when the time comes to make your offer, the whole affair will go much more smoothly and you will be able to dedicate your time to what is important - how to decorate your new home.