First Time Home Buyer Basics

Buying a home isn’t as scary as it may seem.  You’ve probably heard horror stories from friends who had “the most awful experience ever” while trying to get into a home.  It’s true there are a lot of moving pieces to the process and it can be complicated, but we’re here to eliminate those stressors and make the experience as painless as possible.

Simplifying the home buying process is all about having the right people on your side to keep you informed and educated of all the options available to you.  And there are a lot of options when it comes to buying a home.

First things first, we want to give you the 411 on purchasing your first home and there are a few things that you need to know before you jump online and start looking at houses. 

1) How much can you afford?
If you don’t know how much you can afford, don’t go too crazy looking at houses just yet.  A lot goes into figuring out how much money you can borrow (like credit history, debt to income ratio etc) but its also important to decide how much you feel comfortable about committing towards a monthly mortgage.

We specialize in information and education.  That is, helping you understand all of the different loan options that exist and which one would be most advantageous to you based on your current financial situation.  We’ll help you understand all your options and walk you through the pre approval process to figure out the best way to get you into a home at a price you feel good about.

2) Assemble Your team
Buying a home is a team sport.  You have the financial piece for securing funding, finding the home (the fun part) the legal aspect of making sure everything is done by the book, and several other roles like insurance, inspections etc that are all in place to make sure you and your investment are taken care of.

Because we do business exclusively in the Charlotte area, we have built tremendous relationships with numerous local realtors, attorneys and other key players so as to simplify the process and ensure that you’re getting the best service throughout the entire home buying process.

3) Lets Go Shopping!
This the part everyone likes.  After working with us and getting pre approved, you’ll be able to start looking at houses that fit within your budget.  You found something thats just outside of your “comfort zone?” Thats ok.  We can always explore if you qualify for a higher loan amount and how much that would affect your monthly payment.  We can even look at ways to get you more money while keeping your payment as low as possible.

4) Submit an Offer
At this point you’ll work with your real estate agent to submit an offer based on the asking price of the house and what you are willing to pay for it.  Your realtor will handle the filing of the offer and all the requirements that are set forth in that offer to purchase the home.  The seller will likely either, accept or counter your offer with an offer of their own.  This is a back and forth process until the home owner accepts your offer or you decline and walk away.

5) Conditions and Paperwork
In all reality this is probably the part you heard horror stories about.  After a seller accepts your offer you begin a process that includes inspections and negotiations on improvements or repairs that need to be made on the house.  Sellers may elect to pay for the repairs or lower the asking price of the house by the amount of the repairs.  There can be a bit of back and forth in this process and it’s important to work closely with your realtor as well as an inspector to make sure that nothing gets overlooked.

6) Closing
Congratulations, you’re now a homeowner!  Typically this is where you will meet with all the key players in the process (attorney, realtor, mortgage broker) to go over the paperwork and all of the legalities of taking on ownership of the home.  You’ll be asked to review and sign a number of documents including title information, loan documents, insurance paperwork and more.  It definitely is a lot of paperwork but your home buying team is there to answer any questions and ensure that you understand everything along the way.

And thats it!  There is truly no reason to be afraid of buying a home and having the right team around you can make ALL the difference in the world.

We would love the opportunity to answer any questions you have and provide a free personalized consultation to help you on your way to buying a new home.  If you’re ready, you can begin the secure application process by clicking on the blue button below.

If you’re not quite ready yet but you’d like to set up a consultation, please give us a call at 704-248-8742 or contact us HERE.

“Absolutely love this company! Excellent customer care and Angelo walked me through the process from beginning, middle, to end and made sure every “I” was dotted and “T” was crossed!  I am so thankful for Angelo and all of the amazing staff at Leverage Lending” – Elizabeth

“Angelo jumped through hoops to close the deal on time and was always willing to go over and above the call of duty to get the job done! Angelo was always available to chat anytime I had a question and I highly recommend him to anyone purchasing a home!” – Stephanie

“This was my first time buying a home and I had no clue what steps I needed to take. He was amazing to work with and checked in on me throughout the house hunting process. I basically left it all in his hands and trusted his guidance.  I would recommend him to anyone.” – Sarah

Read more testimonies and find out why our clients have rated us a 5 STAR Charlotte Mortgage Broker by clicking HERE.

By |March 27th, 2018|Mortgage Programs|0 Comments

Leave A Comment