If you are thinking of buying a house in North Carolina in 2021, there are many steps that you should take as a part of the home-buying process. Here is what you should do so that you can buy a North Carolina home in 2021.
Contact Your Realtor
Regardless of whatever kind of home you are looking to buy, you should contact a real estate agent first. Your real estate agent can help guide you as you continue to go through the process of buying a house in NC.
Figure Out Your Priorities As Well As Your Needs
You should prepare for your real estate agent to ask you plenty of questions as you start the preparations for buying a home in North Carolina. This is simply the best way for your real estate agent to figure out your needs and priorities. Some of the questions that an agent may ask are what your favorite features in a home are, how close to town do you want the house to be, and what kind of home style you are looking for specifically. Your real estate agent might also ask you about the amount of privacy you want for your home, the acreage you want, and the amount of accessibility you would like for your home.
Get Pre-Approved for a Mortgage
The next one of the many things you need for a house when you are buying a home in North Carolina is to get pre-approved for a home loan, otherwise known as a mortgage. For the seller, a pre-approval letter from a lender is much more useful than a letter of pre-qualification. If the seller knows that you are financially secure, they will take your offer much more seriously. The current market is a seller’s market so pre-approval for a mortgage will definitely improve your chances of getting your offer accepted.
Maintain a Decent Credit Score So You Can Get a Mortgage
One of the most important things you need to do in order to maximize your chances of getting pre-approved and later fully approved for a mortgage is to maintain a fairly decent credit score. A decent credit score, in this context, means at least a 620 score so you are eligible for the majority of mortgage loan programs. It is possible that whichever financial institution is offering you your mortgage could still deny your application if there are other types of negative account information. This could mean things like late payments and collection accounts, but it really just means anything that negatively affects your credit score.
Save Up Enough to Make the Down Payment and Cover Other Costs
The down payment is just one of the upfront costs of buying a home in North Carolina. You should save up sufficient funds to cover closing costs and the home inspection. You will also have to pay for the property appraisal and for upfront mortgage insurance as well. It is important that you know you will have to pay for the down payment from funds in your bank account.
Look for Your Ideal House
You should then search for a home that meets your needs and suits your preferences. You can easily find plenty of information about homes in your area on a number of real estate websites. If you reach out to us, we can help you find your perfect home based on what you need and want in your home.
Examine the Listing
Whether you are a North Carolina first time home buyer or not, you will likely want information from different sources as you go through different stages of the home-purchasing process. Of course, you can simply visit different websites during different steps in this process. However, if you contact your real estate agent, they should be able to help you more effectively find relevant information.
Make an Offer to Purchase the Home
If a real estate agent prices a home properly and markets it well, the home will probably get an offer quickly. When you are making an offer to purchase real estate NC, you should make sure that you are handling the negotiations properly so your home-buying experience is as positive as possible. You should speak with your real estate agent and look at a sample “Offer to Purchase and Contract” document. This will help you understand the terms you will have to agree on with the seller of the home.
Begin Negotiations With the Seller
If the seller accepts your offer to purchase real estate NC, that is simply one more step in the home-buying process. You will also need to complete negotiations with the seller of the house. Your real estate agent will help you through this process so you can purchase your next home as smoothly as possible.
Check to Ensure You Know What You’re Getting
It is important to do your due diligence before you invest a down payment on a property. You should schedule a home inspection, schedule an inspection for pests, and make an appointment for any other necessary reviews of the property. Taking care of such inspections is your responsibility during the North Carolina real estate closing process unless you have reached an agreement that the seller will take care of all of that.
Mortgage Approval Stage
If you were pre-approved for your mortgage already, you don’t have to worry too much about getting approved, most likely. Reach out to your real estate agent and ensure that all of the paperwork is in place for you to get approved for your mortgage.
Get Your Title Insurance
As part of the process of you buying a house in NC, the previous owner transfers the property’s title over to you. This is the primary piece of evidence that you completely and legally own the property. A concealed defect in the title or an error made in a previous mortgage, will, or deed might give someone else a legal claim on your property, though this does not happen that often. In the event that someone else does make a claim that your property actually belongs to them, title insurance saves you potentially large amounts of time and money by covering any legal expenses. Title insurance also protects you from any claims that come from problems that existed before you purchased that particular property.
Attend the Pre-Closing Inspection
Going to the pre-closing inspection is an important part of the North Carolina real estate-closing process because it is your final opportunity to make sure that you want to purchase the property before the closing process begins. You should definitely make sure to complete this step. This is especially true if you are a North Carolina first time home buyer. You should take a walk through the home to ensure that all of the fixtures in the home are in place unless you reached an alternative agreement with the seller.
You should check and make sure that the home did not suffer any serious damage when the seller moved out of the house. It is a good idea if you talk to the seller and ensure any repairs that you initially agreed would happen have already taken place.
Close on Your New House
You will have to pay closing costs at this point. Lenders charge closing costs for issuing and funding your home loan. Closing costs are usually between 2-5% of the total amount of the loan. Once you have completed the closing process, you now have a new home to enjoy.
Now we would love to hear from you. What part of this article did you like the most? Comment down below and tell us. Visit the Mornington Estates website today and let us help you find the home of your dreams.