Getting a loan can be one of the most intimidating parts of the home buying process. If you’re not a “numbers” person it is hard to understand what you need to know. For those of you that understand the loan process better, the available options can be confusing and overwhelming.
As a homebuyer, it is important to talk to a mortgage lender before you start looking at houses for two reasons. First you want to make sure the monthly payment, closing costs and interest rate are in line with your desired price range. Second, the lender will help you have the upper hand in contract negotiations once you find a home. A pre-qualification letter will put the Seller’s mind at ease and you are likely to find negotiations go smoothly. If you go a step further and get pre-approved, you will know that the bank will give you the loan on the house you want!
How Amy can help
I can help by recommending reputable mortgage lenders who can guide you through the loan process and make the loan a simple choice. For first-time buyers with good credit there are many options that provide ways to avoid PMI (Private Mortgage Insurance), or to get an excellent interest rate. If you have some issues with your credit, a good mortgage lender can help you determine if buying now is beneficial. Many people with blemished credit can buy now at a higher rate and refinance after paying the mortgage for a year without any late payments. This way a buyer can get a home at today’s prices and get an extra year of tax benefits.
If you are selling a home and looking to buy here in the Triangle, mortgage lenders can help you tap into your current home’s equity while making sure you’re not spending more than you can afford. There are loan programs that allow you to move into your new home here even if your current home has not sold yet, which will prevent you from having interim housing and moving twice or losing your dream house.
Low on Cash for the Down Payment?
You can buy a home with little or no down payment! Years ago you needed a large amount of money in order to own a home. Today’s flexible financing options let you invest in a home with a minimum amount of cash. This can be helpful if you are planning on starting your own business, or if you just graduated college and have student loans to pay off. Another great way to utilize low down payment programs is to use the cash you have to make improvements on a home. For example, you can buy a home with low down payment and use your cash to add a screened porch, an in-law suite, garage or remodel the old-fashioned kitchen.
Kelly and I can also help you negotiate for the seller to pay part of your closing costs to buy with even less cash. All you need is your earnest money deposit, enough money to cover your home inspection, and moving expenses!
Just Graduated From College But Haven’t Started Your Job Yet?
This happens all the time and recent graduates don’t realize they can buy a home now. If you have a full-time accepted job offer, the lender can document your income you will receive and the bank will allow you to buy a home before you actually start the job! It’s a great opportunity to stop renting and to eliminate having to move twice or miss the current interest rates.
Buyers Representation by Amy Shair
Call Amy at (919) 818-5001 or Info@AmyShair.com to schedule your initial Buyer Consultation.