How do I get started?
You're in the right place! Reading up on the home buying process is a great way to start, especially for first time home buyers. Aside from that, you probably also want to start reviewing your finances to see how much you might be able to spend on a home or where you might be able to cut back on expenses.
Try playing around with our mortgage calculator to see what your monthly payments might look like at different home prices.
What do I look for in a home?
This is entirely dependant on your unique wants and needs; however, we definitely recommend taking some time to establish a list of specific NEEDS versus WANTS—in other words, features you cannot live without versus the features it'd be nice to have. You probably aren't going to find the perfect home, so it's nice to know where you can be a little flexible, and what's an absolute dealbreaker.
Try browsing homes for sale in various communities around the Triangle or Wayne County to see what features are common at your ideal pricepoint.
Should I use a real estate agent?
YES. If you do nothing else, find a good agent. Why? For one, because it won't cost you anything. That's right; as a buyer, you don't pay any agent commission fees. So it's a FREE service and you get more than a few perks out of the deal. Your agent can help you pinpoint your ideal neighborhood. Establish a price point. Differentiate between WANTS and NEEDS. Advise whether a home is a good investment or fits your requirements. Negotiate for the best price and terms. Guide you through the paperwork and legalese. And so much more.
Still not sold? Take a look at what our team has to offer you as a buyer.
How do I get a loan?
You've got a number of options for finding a loan. Banks, credit unions, and private lenders are all common sources. Get some recommendations from your real estate agent or local friends and family. Call up the agencies you normally bank with. And definitely check local businesses, too, as they may be able to offer special local programs or financing options.
Start by calling around. Most lenders would be happy to give you an overview of your specific options with zero obligation.
What if I have bad credit or no down payment?
You've still got options! There are numerous federal, state, and local goverment programs through organizations like the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD), and the US Department of Agriculture that are designed to make home buying accessible to buyers of all walks of life. They may offer lower credit requirements, lower interest rates, and even down payment assistance or low down payment options.
Active and veteran military service members may also qualify for the VA Loan, which is designed speficially to aid military personelle in the homebuying process.
What will I pay upfront to buy a home?
There are a few upfront costs associated with buying a home. The biggest is typically the down payment, which can range anywhere from 3% to 20% of the total cost of your home, depending on the type of loan you're using. A portion of this down payment will be paid when you make your initial offer as earnest money. This is usually a pretty low amount (say $1,000 or so) and is deducted from your final down payment.
Other closing costs associated with homebuying include various fees and service charges, like title fees, appraisal fees, the home inspection, lender and attorney charges, and more. You can expect these to add to a few thousand dollars to your final costs.
What other costs are there to owning a home?
Well, in addition to your loan repayment (the principal), you'll have a few other charges bundled into that monthly payment to your mortgage lender. The first is interest, which is a percentage of the total cost of your home. Next, there's homeowners insurance and property taxes, both of which are paid to your lender, who then pays your insurance broker and your Town respectively.
Other regular costs include things like utilities and various maintenance and upkeep. Depending on your neighborhood, you might have additional HOA fees for things like common area maintenance or landscaping. Not sure? Check with your agent.
Ready to Buy Your Home in the Triangle or Wayne County?
If you're thinking of buying a home in the Triangle or Wayne County, then it's time to contact Stonedale Realty Group. We're here to help make the process as seamless and stress-free as can be!