Step 1 of Home buying in Cary

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Mortgage and Lending with Equity Resources, NMLS 60596 NMLS 60596

I happen to live in Cary, NC.  I’ve been here since I was in 6th grade, so it’s been a couple of years.  Cary has been called “The Land of $400k Houses.”  I guess that’s because there are a couple of Golf Courses, and there’s some pretty big houses around Regency and Preston and the other side of 55.  But to say all of the houses in Cary NC are great big homes?  There are Affordable Homes in Cary, NC – you just need to know the steps to home buying in Cary!

TONS of affordable housing, in fact I looked at a contract for a $275,000 house in the heart of Cary yesterday.  A Nice house with over 1700 square feet, with a yard!  Plus, there are still ways to purchase an affordable home with less than perfect credit – and the State of North Carolina is offering Grants for First Time Home Buyers (more accurately referred to as Down Payment Assistance) to help with Closing Costs and Down Payments!

 

The Steps to Home Buying in Cary

Remember these words, “First the LOAN, then the HOME.” In today’s faced paced market, “ball parking” your price range with a Real Estate Agent, or going through a calculator online to see what payments will be, is okay, but you MAXIMIZE your buying power by being PRE-APPROVED with a Mortgage Loan Consultant FIRST.

We’ve been in the mortgage business for over 20 years – and the only thing most people know to ask is – “What’s the Rate?”  While that’s a great question, it’s kinda’ like going into a shoe store and asking if they have any shoes in a size 9.  Just shopping the mortgage rate is not necessarily going to get you the best price.

Not Every Bank Offers ALL North Carolina First Time Home Buyer Programs: Our Bank offers the MCC Mortgage Tax Credit Program, We offer ALL of the Affordable Down Payment Programs, and we can help you through the Grant Program that will help you buy the house of your dreams!  Additionally, we offer mortgage loans for folks who don’t have perfect credit, in fact we can close mortgage loans for those with middle credit scores below 620!

 

Understand the Rate Lock and the Extension Fees Charged if you miss your closing date.  Your mortgage loan is being locked in for a specific period of time – after that date, there are fees and fines assessed.  Understanding what those fees are, and who has to pay them – can save you THOUSANDS of dollars.

Once you decide WHO you want to work with, the pre-approval process is a simple one, and will provide you with the options that meet your payment comfort zone. The process generally involved calling us and talking on the phone for 30 to 45 minutes.  After that conversation, we decide when we should meet in person.

Don’t have a ton of cash?  You have several options … you can use a mortgage program in Cary that only requires a 3.5% down payment, you can get the Seller to help with closing costs, you can rob your 401K account,  we can help cover some of your closing costs, and you can get a Gift or a Grant from NCHFA.

We will send you Good Faith Estimate of your closing costs, and give you a pre-qualified letter at that time. THEN you are better equipped to meet with a Realtor and find the most house for your money.  Because multiple offers come in on the same home (especially if you are looking at Foreclosed Property!), a PRE-APPROVED buyer has a better chance of being the new homeowner!

 

You're Qualified, Now You Want to Buy A House in Cary NC?

Relax!  Breathe!  You CAN DO THIS!!

To buy an affordable house, with the best terms… you will need a team of dedicated “assistants” (if you will) in the form of your agent and lender – as we will need to work as a team to negotiate the best terms for you.  IT CAN BE DONE, and we work with some of the top, award-winning agents in this area!

We’ve see First Time Home Buyers who want to buy a house, but are frustrated, because they have made offers and are not getting the bid to buy the house! You have to be armed with the most current information on the market and be realistic.

The Real Estate market in Raleigh has changed.  We are not like some other parts of the Country… there are fewer houses on the market in several price ranges, and Sellers are not going to just “dump” their house in Cary!  We are seeing multiple offers made, especially with Homes under $300,000.

It’s not ALWAYS the Price that causes the Seller to accept another offer.

Hesitation also kills deals – If the house you love in Cary is in good condition, and is priced “right” then there will be more buyers looking at it.  So don’t make the mistakes we’ve seen others make in Writing Contracts in Cary.

 

After your Contract is accepted, there are somethings you want to avoid when Home Buying in Cary:

  • Don’t procrastinate in getting all of your paperwork to your loan officer. You have due diligence dates in your contract, and you want to give us plenty of time to go over all of the details of your loan. You will need to send us your pay stubs for at least one month, a W-2, and at least one bank statement.
  • Don’t quit your job. If you are offered a better job, that’s awesome – but if it’s at all possible, don’t change jobs BEFORE you close on your home! Within 72 hours of closing, someone is going to call your employer, and re-verify that you still work there.  (Changing Jobs before you buy a house – FAQs)
  • Stop using your credit cards – only use debit cards until you close (if possible). Your mortgage application is a “snapshot” so to speak of your financial picture. The goal is to be sure that the snapshot taken at loan application matches the one that will be taken again right before closing.

 

If you are considering a purchase in Raleigh or buying a home in Cary, and have questions about Home Buying in Cary – call Steve and Eleanor Thorne 919-649-5058  Connect With Us on Facebook  

 

Originally Posted at NCFHAExpert.com

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Steve and Eleanor Thorne

Mortgage Loan Johnston County
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