Buying Your First Home?
Buying a home is one of the single largest investments you will make in your lifetime. As such, you need to consider several key issues when you are contemplating your purchase:
-Where do you want to live?
-How much can you borrow?
-How much should you borrow?
-Should you buy a new home or an existing home?
-What are your financing options?
-What types of programs are available that provide down payment and closing cost assistance?
-How much money out of pocket will I need to get into a home?
-Am I better off renting or buying?
All of these questions can be made easier if you have an experienced real estate agent guiding you through the process. At the Home Buyers Option we can help! We are...
Finding the right real estate professional is your first step to buying a home. The first thing to know is that all real estate agents are not created equally. While all agents are required to go to a real estate school and are required to pass a state and federal real estate test in order to obtain their real estate license, as with any industry there are good and not so good agents.
Here is a good example; Did you know that by North Carolina Law, all agents automatically represent the seller unless you sign a Buyers Agency Agreement that by law allows the agent to represent you and not the seller? All Home Buyers Option agents specialize as buyer's agents so that you can feel secure knowing that our agents work only for you and have only your interests at stake! You want and need a professional to help you through the maze of paperwork and to help you find the house that best suits your needs, wants and desires.
Beware! The new trend is for agents to charge the buyer to show them homes! Home Buyers Option agents are paid from the seller's side of the deal. When a house is put up for sale, the seller agrees to a percentage of the selling price to compensate agents for selling their home. We never charge a buyer to show them a home! As such our services to you are always...
Where do you want to live? This will be limited to what you can afford to buy, but it is a good place to begin. Become familiar with different neighborhoods. If you have children, you might want to consider a neighborhood close to schools and parks. Perhaps you like to go out to eat, or to the movies, or you enjoy being downtown close to shopping living in the vicinity of all these activities might be preferable. Living close to where you work or close to mass transit is another option to consider.
How much can you borrow and how much should you borrow? Your credit, your existing debt, your current employment status, and how much money you have to put down on a home determines how much you can borrow and what type of financing your qualify for. What is your monthly payment going to be? Does that include taxes and insurance? You might qualify for a larger amount of money than you need to, or should, borrow. The key is finding a lender who will be honest with you up front on what is best for you. Home Buyers Option agents keep up with all the latest programs and best lenders and can assist you in finding the best option for you!
If you know how much you want to borrow, you should have enough money saved to use as earnest money and as a down payment the amount of your down payment can help to determine the interest rate you may qualify for, so the higher down payment and your credit score, the lower the interest rate on the money you borrow. In today's market, FHA loans are the primary lending product available. Most lenders are comfortable with a down payment of 3.5% of the amount you want to borrow. The more you put down the better.
There are still 100% financing options available utilizing a USDA loan. But, this loan is not available in all areas. Home Buyers Option can verify the home you want is indeed USDA eligible.
Is your credit damaged? Are you self-employed? Have you moved recently? There are other options besides mortgage brokers to use in financing a purchase of a home.
At The Home Buyer's Option, we stay up with the best lenders and programs available for our buyers. Did you know you can indeed still get 100% financing on Stick built homes?
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