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Before You Look at Your First House
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.
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Here are the questions that each home buyer should ask:
- How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify.
- Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
- How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.
- What is the maximum monthly mortgage payment that I can afford? Most lenders will use the *28/36 rule to determine the maximum mortgage payment you can afford.
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*The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).
Pre-Qualifying is your first step. This involves approximately 20-minute phone calls to loan officers or filling out an application over the internet to get a program quote based on the information you provide. Here are the questions you need to be prepared to answer:
- Do you know your credit scores?
- What is your gross income? (monthly or annually)
- What debts do you have? (Car payments, medical, school, alimony, etc.)
- Do you have of any judgments against you or a bankruptcy?
- What assets do you have? (these count even if you do not plan to use them for your purchase)
- Are you putting any money down? (down payments are not necessary but help lenders to determine the loan programs of interest to you)
- How long do you expect to own this property?
Mortgage Lenders
Below is a group of lenders who have performed well for our clients. Please visit their sites to get pre-qualified and to learn of their program options, rate updates and profiles.
| PrimeLending |
Carl Kiger, Sr. Mortgage Banker
5400 Glenwood Ave., Suite 118
Raleigh, NC 27612
Office: 919-870-8107
Fax: 866-798-2953
Cell: 919-522-6281
ckiger@primelending.com
www.PrimeLending.com
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Carl Kiger is a Sr. Mortgage Banker with PrimeLending. Having been in the mortgage industry for over 8 years, he has done hundreds of home loans for his customers across North Carolina. In this time he has never missed, or moved, a closing date. Carl places a strong emphasis on customer service and strives to ensure that his customers are well informed concerning all aspects of the home mortgage process. |
| Branch, Banking & Trust (BB&T) |
Barbara Sykes, VP Mortgage
6659 Falls of Neuse Road
Raleigh, NC 27615
Office: 919-716-9650
Fax: 919-716-9649
bsykes@bbandt.com
www.bbt.com/mlo/bsykes
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Employed with BB&T since 1987. Certified BB&T Mortgage Loan Officer. Experience in Mortgage Lending since 1986. Resident of Raleigh since 1986. Member of the Home Builders Association, Raleigh Chamber of Commerce, Volunteer Wake Habitat for Humanity Family Selection Committee. |
| Southeastern Mortgage |
Sabrina Schell, Loan Specialist
4001 Barrett Drive, Suite 101
Raleigh, NC 27609
P. O. Box 19805, Raleigh, NC 27619
Fax: 919-571-2864
Office: 919-571-2505
sabrina@semnc.com
www.trianglehomefinance.com
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As a mortgage loan specialist for 15 years I continuously strive to instill confidence and educate every customer. My focus is on individuals and finding the perfect loan to meet their needs. There is so much more to a good mortgage loan than just the rate and it is my job to educate customers so that they understand all their options and truly pick the best loan program available to them. |
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