With a new year comes new possibilities. The chaos of the holidays is behind us and we can look forward to what we want our future selves to look like. For many North Carolinians, that future includes a home to call your very own. And while this may seem like a far off, lofty dream, the reality is there are a number of resources to help make this dream come true! But first, let’s start with a few resolutions to put you on the right path.
Get Preapproved by a Lender
As much as we would like to hope a simple “I wish I may, I wish I might, I wish to buy a home tonight!” could magically get us the home we’re dreaming of, there’s a little thing called preapproval that seasons the magic sauce first. Before you reach out to a real estate agent, talk to an Agency participating lender in your area to find out how much home you can afford and then ask for a preapproval letter. This way, your real estate agent can work within your budget and use your preapproval letter for negotiating power to prove you can afford the home you want.
Take a Home Buyer Education Class
We have some great programs like the Community Partners Loan Pool and Self-Help Loan Pool to help provide extra assistance to eligible moderate- and low-income home buyers, and those programs require pre-purchase HUD-approved housing counseling in order to participate. However, even if you don’t plan to use one of these programs, a home buyer education class provides great information to first-time buyers and can make your journey to home ownership a much easier path to understand. Learn more and find a local HUD-approved housing counseling agency near you.
Brush Up on Home Buyer Vocabulary
Buying your first home can be intimidating, especially once you are thrown into a situation with loan and real estate jargon. Don’t let unfamiliar lingo derail your quest for a new home. Learn the mortgage and real estate terms every first-time buyer should know from our simple infographic, so you can become a savvy home buyer!
Make a Pros and Cons List
At the end of the day, you’re the one who is making this huge purchase. Once you’ve talked to a lender and understand what your money situation will look like, you have a decision to make: to buy or not to buy? Only you know what you’re comfortable with, and a pros and cons list can help you make that determination. The Agency has resources like mortgage calculators, infographics, blogs and more to aid you in this decision, so be sure to check out the home buyer section of HousingBuildsNC.com.
Whether you plan to buy a home of your home at the beginning of 2023 or the very end, we’ll be here for you! With a few new tools in your belt and some resolutions underway, you’ll be drinking hot cocoa in the home you’ve been dreaming of in no time. To learn how the NC Home Advantage Mortgage™ helps North Carolinians become homeowners, visit our website today.