Are you considering purchasing your first home but do not know where to begin? Well, you have come to the right place! In the hot real estate market of Brevard, the home-buying process can be quite draining and stressful, especially if you have never done it before. However, you need not worry as this post outlines 5 key tips essential to having a positive and satisfactory experience when buying a home in Brevard NC. Read on to find out more!
Begin Saving for a Down Payment
When purchasing a property, you should be able to put down 20% of the purchase price as a downpayment. However, numerous first-time home buyer programs permit a far smaller down payment amount. In such cases, your mortgage expenses may rise, and you may have to acquire mortgage insurance.
If you are a first-time home buyer in Brevard and are ready to buy a home, but do not have the recommended 20% down payment, you should explore other mortgage options. These options include conventional mortgages, Veterans Affairs (VA) loans, Federal Housing Administration (FHA) loans, and State Assistance Programs. Still, before picking any mortgage, learn about the advantages and disadvantages.
Establish How Much Home You Can Afford
Before you start shopping for your dream home, determine what is truly within your price range. Remember, when calculating your monthly mortgage payment, you should account for unforeseen expenses.
These costs may range from upfront costs like those associated with closing and house inspections, and ongoing costs such as property taxes and homeowners insurance. Although online home affordability calculators can give you a rough estimate of what you can afford, talking to Brevard NC real estate agent Cindy Petit for expert advice is important.
Check Your Credit Score
Before submitting a mortgage loan application, understand your credit score situation. A nice credit score is essential for loan approval and will influence your loan terms and interest rate.
When purchasing your first home, check your credit score through the bank or somewhere you will not be penalized and seek ways to improve it. For instance, you can start paying your student loans or apply for a low-interest credit card that lets you roll over debt with a higher interest rate.
Compare Mortgage Rates
Numerous first-time home buyers hastily accept the first mortgage quote a lender offers rather than taking the time to look for a better rate. Ideally, you should obtain mortgage rates from 3 or more lenders to fully evaluate your options and determine which loan is best for you.
Obtain a Pre-Approval Letter
A pre-approval letter is an extensive assessment of your finances by the lender to help them determine how much loan you qualify for. Obtaining this pre-approval gives you an idea of what you can afford, and makes you a highly appealing potential buyer to homes sellers.
Discover Your Home at Brevard NC Today
Brevard NC is dubbed the “Land of Waterfalls” for a reason. Here, you get to enjoy the serenity of nature with stunning waterfall views, mountain landscapes, and fun outdoor activities, ranging from hiking and mountain biking to kayaking, and more. Whether you want a mountain cabin, a historic home, or more contemporary buildings, contact Cindy Petit for help sorting out Brevard NC homes for sale. Cindy Petit will walk you through every step of the home buying process to ensure a smooth and satisfying experience. Get started right away!
