1. Get clear on your financial situation.

You’ll want to have a clear understanding of what you can afford when buying a home. You’ll want to consider the amount of money you will need to bring to closing and have available during the contract for deposits, and during the due diligence period for your inspections, appraisal etc. You will want to know your credit score and how much you have in savings or reserves. Once you have an idea of what you feel comfortable spending it’s time to get with a lender. (Click here to see our preferred list of lenders in the Triangle) Keep in mind that speaking with a lender early on will help you prepare for your home purchase. A good lender will guide you on what you need to do to be able to buy, but note that the rate you get may change until you lock your rate. If you are buying new construction, talk to your lender about when to lock your rate because sometimes they can only lock in rates for up to 90-days. Locking in rates allows you to take advantage of low interest rates. We recommend you discuss the possibility to refinance with your lender in case your financial situation improves or if rates drop. Rates are still historically low although we have seen a jump in recent months, mortgage rates are usually much lower than any other financing options on credit cards, car loans, or other revolving credit lines. Focus on getting the best rate now and keep an eye on the rates in the future so you can discuss refinancing with your lender or take advantage of a new program.

2. Understand your needs and wants in a home.

This area can be a little tricky, because many of us have a laundry list of things we want in a home. Create a list of everything you want in your new home, then identify what is a necessity and non-negotiable. When you consider your necessities and what is non-negotiable, be sure that everything you need is within budget. If not, find a workaround by possibly tackling the project yourself after moving in. Consider the areas you’ll want to live in, what needs to be in close proximity, the schools in the area (if applicable), the type of outdoor space you prefer, and the features you would like to have in your home. Having this list will make finding the right properties for you a lot easier.

3. Choose an agent that understands the market, your goals, and area.

Finding the right agent to help you purchase your home isn’t an easy task, and know there are amazing agents that are very skilled in the industry and have your best interest at heart. Here at The Residential Advantage we take pride in guiding our clients and providing them with the information they need to make the best long-term real estate decisions.

Ready to start your home buying journey?

Click here to connect with a real estate professional here at The Residential Advantage!