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Reginold Jones, CRS's Blog

By Reginold Jones | Broker in Cary, NC
  • "Back" into Buying a Home in Cary, NC

    Posted Under: Home Buying in Cary, Financing in Cary  |  September 29, 2010 2:17 PM  |  191 views  |  No comments

    Establish A Housing Budget That Fits Your Current and Future Goals

    A vital part of your overall long-term success when it comes to homeownership is determining a housing budget BEFORE you contact a mortgage professional. There can be additional costs involved with owning a home besides the mortgage. Many times, you can take on additional utilities, maintenance and other costs that are not necessarily considered when you apply for a mortgage. You also need to consider your short and long term goals that may impact your current financial situation. Do you want to have children? Start a business? Save for your dream vacation? Just because you are buying a home does not mean that everything else in your life takes a back seat! Think about the most you want to spend monthly for housing while considering those other life goals. When you visit your mortgage professional, let them know what that monthly amount is and make sure your lender knows that monthly amount must INCLUDE all escrows: taxes, insurance, mortgage insurance, even HOA dues. They can generally give you an idea of what that will equate to in purchase price and down payment.  That's right, you "back" into a purchase price!!

    Do Your Homework When Looking For A Mortgage

    A very important part of buying a home is finding the right lender and the right mortgage product. There are many different kinds of lending institution, offering a wide range of loan packages. So it is important to do some research and shop around because what you don't know could cost you.

    In this regard, over the course of my career I have some excellent contacts in the mortgage industry, so if you have any questions or if you would like me to refer one or more of them to you, please let me know.



    Getting Pre-qualified

    It is recommend that home buyers get pre-qualified for a loan with a lender before searching for a home to purchase. That way you will have completely reliable information about what you can afford. Additionally, most listing agents will not accept offers without a recent preapproval from mortgage professional.

    Other good reasons to get pre-qualified include:

  • You can determine which loan program best fits your need and which programs you qualify for

  • You'll know exactly how much you are qualified for. It's no fun to find your ideal home and then realize that you can't afford it.

  • Knowing estimates on closing costs and prepaids for your loan gives your buyer agent a better idea of how to handle negotiations with the seller.
  • If you are a first-time buyer, you may qualify for a special first-time buyer program which may allow you to afford more home for your money.

  • Horizon One Realty

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