Now that you have analyzed your financial situation, received prior loan approval, and determined your needs/desires for your first house, you will want to secure a mortgage for your Greenville NC home.
As with any major purchase, you will want to shop around for the best deal. Contact several lenders (bank, savings and loan, credit union, private mortgage company, or a state or federal government lender.) Before doing that, however, you need to familiarize yourself with mortgage types, terminology, and options. Your Realtor will be helpful in this mission, as will the internet. Click here for help in determining which type of mortgage is best for you. This site will help you with options, terminology, calculators, and much, much more.
Another good source of information for first-time home buyers of a Greenville NC home is HUD, an agency which oversees FHA loans. This type of loan is particularly useful if you have little money for a down payment (generally 3% is required), less than great credit, or large monthly bills. Because interest rates are higher and you must also pay loan insurance, however, be sure to research this type of loan carefully before committing to one.
When you have done all of your homework and are ready to actually apply for a mortgage, be sure that you have all the figures, information, and paperwork required by the lender. It’s an extensive list, but your loan application cannot be processed until your file is complete. State Farm has a handy online checklist for your convenience.
As always, to avoid mental stress, financial strain, and even real estate fraud/scams such as bait and switch or loan flipping while purchasing your Greenville NC home, be forearmed with accurate information and heed the sound advice of your Realtor.
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Whether you are considering buying a home, selling a home or both, Liz Freeman knows the Greenville, North Carolina area inside and out. Most of her team members were born and raised in Pitt County, NC which has provided them with strong ties to the area, allowing them to become a successful Greenville NC real estate team.
Liz Freeman and her team have distinguished themselves as leaders in the Greenville NC real estate market. Liz assists buyers looking for Greenville NC real estate for sale and aggressively markets Greenville NC homes for sale. Liz is also aCertified Distressed Property Expert (CDPE), avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure. For more information you can visit Liz Helps.com. You can reach Liz by filling out her online contact form or give her a call.
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