Buying a home is one of the biggest and most important investments you’ll make in your lifetime.
If you’re thinking of purchasing a home in the Carolinas, it’s a great time to be a buyer.
Before you sign that purchase contract, check out these three important things to consider when purchasing a home in this beautiful part of the United States.
1. Select a Knowledgeable Broker
When you’re starting the process of purchasing a house, the mortgage you get is key to your success. You can ensure that you’ll get the best rates and terms with the help of a high-quality mortgage broker.
The job of a mortgage broker is to take your information and look for the best loan that will work for your needs. They have the background and experience to know exactly how to secure financing for your dream home.
Mortgage brokers are well-versed in the market throughout the Carolinas, and they can shop around for the right mortgage so you have time to focus on your house hunt. The broker should also work with you through the underwriting process.
In addition to helping you choose the right loan, the mortgage broker will help determine how much house you can afford. They’ll take your current income and debt and come up with a number called a debt-to-income ratio.
This ratio, also known as a DTI, helps your broker decide exactly what your maximum purchase price can be. They will issue a letter of pre-qualification that you can take to your realtor when you go house shopping.
A pre-qualification letter gives you more buying power since it shows the seller that you’re serious. These letters also tell the seller that you’ve already begun the financing process.
2. Research the Area When Purchasing a Home
From Raleigh, NC to Greenville, SC, you need to be sure you’ve thoroughly researched the area you want to live in. Take a look at listing services and narrow down your choices by location and neighborhood first.
The rule of any real estate transaction is almost always “location, location, location.” Visit a few cities or towns that you’re interested in to get a good feel for the local culture and area.
You should also drive by a few homes you’re interested in during the nighttime hours. This should give you a good idea of the safety of the neighborhood.
Drive by the home at all hours including the daytime. Practice your route so you can decide if this particular location will work for commuting to and from work and school.
If you are moving due to job relocation, you can hone in on the area by neighborhood rather than focusing on an entire region. Ask people in the neighborhood how they like living there. You’ll often get some of the best tips and advice from other homeowners who already know the surrounding area.
Check out online forums and other resources that might have more information about the area. You can discover more about popular attractions, school systems, and much more simply by reading as much as you can.
Your mortgage broker and realtor should also give you some great insight as to which areas are best and which ones should be avoided. They can provide you with comparable values to help make sure you’re getting the best price on the house you want.
3. Be Patient and Prepared
It can be tough to put emotions aside when purchasing a home. Remember that your first offer might not be accepted or someone else may snag the home before you.
Make a list of your must-haves and the things you don’t want, and stick to it. This list will help you be better prepared when your realtor shows you a few places.
Be prepared to negotiate with the seller if you’re in a hot market. They may not take your first offer, but that doesn’t mean they will reject your second.
Surround yourself with professionals who know the Carolina markets well. They can guide you through the process of both looking for a home and making offers.
Remember that patience is key when it comes to house hunting. Sure, you’re itching to move into your new place, but keep in mind that all real estate transactions are a complex process.
Take your time and never allow yourself to feel pressured by your real estate agent or the seller. Consider everything from the total cost to the home’s features and the neighborhood before you commit.
Finding the perfect home for you and your family takes time, but with the right mindset, it’s possible. Always do your due diligence to ensure that the home you’re interested in is in good condition and has no serious issues.
By being patient and informed, you can make the decision that will be best for your needs. Never be afraid to ask questions along the way. Your mortgage broker and realtor are there to help you select the home of your dreams.
Make Your Dreams Come True
With the help of professionals and an understanding of your finances, purchasing a home in the Carolinas is possible. Choose a mortgage broker who will assist you every step of the way.
Always research the neighborhood and location before putting in an offer. Know what you want and be willing to wait for it, and the perfect home will come along.
For more information about mortgages and first time home buying, contact us or make an appointment by giving us a call or visiting our website.