You've made the decision to make one of the largest investments you will make in your life--buying a new home. You want to make the right choice--an informed decision.
Some of the questions you may be asking are:
Do I qualify for a loan? Fear of being rejected for a home loan is one of the main concerns for first-time homebuyers. To lessen the stress, you may want to get preapproved for a loan before looking at prospective homes. This will not only help you feel more confident, it will also give you an advantage when there are multiple offers for a specific home. We can calculate how much you can afford each month for mortgage payments and what prospective homes are feasible.
What type of mortgage should I get? There are literally hundreds of different programs available, with requirements and benefits varying greatly from program to program. We can guide you to choose the source that best fits your needs.
Do I have enough money for a down payment? It varies, depending on the value of the home you choose and your mortgage lender. Count on about 5% of the price of the home. However, in some cases, first-time homebuyers can purchase a home with no money down, ranging from 100% loan and down payment assistance to special rates.
What about closing costs? First-time buyers often forget to consider the closing costs when making an offer on a home. Paying closing fees up to 3 to 4% of the home sale amount is not unusual. Add that to the down payment and you'll have quite a sum to raise before the final papers can be signed. There are options available for you to assist in closing costs, such as asking the sellers to pay them. Some new home builders offer to pay $2000 or so toward closing without even asking!
We offer the necessary assistance to our clients in obtaining satisfactory financing, such as determining how much money the buyer can borrow, identifying an appropriate type of loan, providing information on possible sources of financing, and advising the buyer about the loan application and underwriting process.
Visit our website for more helpful information, then call or email us with your questions.
If you have questions or are interested in buying or selling Real Estate in Winston-Salem, Lewisville, Clemmons and surrounding areas of Forsyth, Davie, Davidson, Yadkin and Guilford Counties of NC please feel free to email or call us at (336)413-0288.
Information contained herein is believed to be correct, but we assume no liability for its accurancy.
Weichert Realtors® is a registered trademark licensed to Weichert Realtors®. An Equal Opportunity Company. Each Office Is Independently Owned And Operated.
Do I have enough money for a down payment? It varies, depending on the value of the home you choose and your mortgage lender. Count on about 5% of the price of the home. However, in some cases, first-time homebuyers can purchase a home with no money down, ranging from 100% loan and down payment assistance to special rates.