First Time Home Buyer Loan Tips

Buying a Home in Raleigh NC | Loan Tips

Buying a home in Raleigh NC for the first time might make you a bit worried about the future. It's a big expense that can take a lifetime to pay off. If you're looking into applying for a home loan, there are a few doubts and questions you might have. Is it the right time to buy? Will the house be suitable for years to come? Which bank should I use for the loan?

These questions can be answered by doing a bit of research and working with a real estate agent you can trust. Below, you'll find several tips that will help you during the overall home loan process.

Evaluate Your Financial Situation

Calculate all your income and expenses to make sure you are able to set aside money to buy a home with. Even when getting a loan, you still must pay out of pocket expenses along the way. You don't want buying a home to put you in a position to not be able to buy groceries and other regular expenditures.

Budget

Make sure you don't get a loan for more than you can repay on a monthly basis. You should be able to comfortably afford the repayment amount without worry that you'll go over-budget.

Save Money

If you need to, save money before jumping in and buying a home. Live with family for a year or save everything extra for awhile to ensure you have enough money to put toward a down payment and closing costs.

Search for What You Can Afford

Once you have an understanding of what your situation looks like financially, you're able to assess what you can afford. Let your real estate agent know what budget you're looking at so that they'll be able to find homes for you to view that are within that set amount.

Don't look at homes that are over-budget or within the set amount but need a great deal of work done. You're going to want to search for a home that meets all your needs, fitting both your lifestyle and budget.

Loan Search

Don't settle on one loan offer from one bank. Get out there and do research on different financial institutes. See which one will offer you a better deal. Getting in a hurry will put you at a disadvantage when buying a home in Raleigh NC. Take your time, search for the best deal and make sure it's one you're happy with.

For more information concerning home loans for first time home buyers, visit back with our blog, soon!

If you’re considering buying a home in Raleigh NC, contact our Raleigh real estate agent at Roark Premier Team, today! It's time to get started with the process of searching for your dream home! We will work with you, until you find your next home! So what are you waiting for? Call now! At Roark Premier Team we have real estate agents standing by to help you get your home sold during one of the busiest times of the year for real estate!

 

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