A Guide to Buying Your First North Carolina Home

Ready to buy your first home in the Durham-Chapel Hill area? That’s exactly what we are here to help you with. I’ll start by saying that North Carolina real estate works a little differently than most states. So even if this isn’t your first home purchase, it’s important to know the ins and outs of the North Carolina home buying process. Those differences come into play at contract time. Keep reading for your free download with all of the post-contract details!

Before you start searching for homes online, it’s important to take the first step to house shopping: Getting pre-approved for a mortgage.

Important Note: Pre-approved is not the same as pre-qualified. A pre-approval letter is much stronger – and much more secure for you as a buyer – than a pre-qualification letter. Be sure to talk to your lender about what they offer and what that difference means for you.

Your pre-approval will tell you what you can afford and what your monthly payment will be, so it’s important to determine this before you start searching for your new home.

Pre-approval is good for about 30-90 days, so once you’re ready, take these first 3 steps to get it done.

1.  Contact me, and I’ll send over a list of lenders I know and trust.

2.  Look over the list, check out online reviews, and ask friends and family for referrals.

3.  I’m an advocate for interviewing lenders. Your lender and I are your team, we work together to get you to your big goal – homeownership! That means you should be comfortable and confident with everyone helping you get to closing day. I don’t recommend speaking to more than 2-3 lenders. More than that can get overwhelming really fast.

Once you’ve got your pre-approval letter in hand, it’s time to start the search!

Before we hop into the home search, I advise my clients to create a ‘Needs’ list and a ‘Wants’ list. This will help us focus on the most important things in your future home. Needs are the non-negotiable features; the features you simply must have in your next home. Wants are the ones you’d like to have, but you can add or change down the road. (You’ll hear me refer to needs & wants as icing and cake). Remember, you can’t change the lot or the location so make sure you love both.

Once you’ve established what you’re looking for, I will set you up on a search so you can receive an email the second a home that fits your criteria goes live. If you have any questions about a property, send me the information and I will find out for you. Send me listings you like and I can get more information and set up showings on your behalf.

After touring houses and choosing the one you love, it’s time to make an offer. To do this, you’ll need your pre-approval letter or proof of funds. (This is one of the many points where a local lender is so important!). By this point, you are well versed in offer terms and have decided what amounts you are comfortable with for your due diligence fee and escrow deposits.

Have more questions about buying a home or what happens after making an offer? Download your free FUTURE HOMEOWNER CLUB guide, a full 12-month guide to planning your purchase!