Buyer Resources

Raleigh Home Buyers FAQ's

Answering Your Raleigh Home Buying Questions

Buying a Raleigh home is both thrilling and a bit overwhelming, especially if you're a first-time home buyer. Both experienced home buyers and first-time buyers alike will benefit from the frequently asked questions below. Before you begin your Raleigh home search, it is recommended that you prepare yourself for the journey by educating yourself. This will ensure you are a knowledgeable home buyer prepared to make a confident home buying decision.

Q - I've never purchased a home before.  Where should I begin?

A - Actually, you've already started the process. Fact-finding and reading articles is a great way to become a smart consumer. The highest priorities to focus on before you begin searching for specific areas, neighborhoods, or homes would be to:

  • Familiarize yourself with your personal finances.
  • Learn about the Raleigh real estate market.
  • Carefully review your budget and begin to eliminate as much debt as possible.
  • Have a down payment and earnest money ready when the time comes to act and make your offer.

Your next step is to contact us. As your home buying specialists, we'll protect your interest and manage the details of the real estate transaction on your behalf to your complete satisfaction.  For more experienced buyers, a little brush up on the real estate process wouldn't be a bad idea. Of course, you'll need a really sharp Raleigh real estate team to protect your interests too!

Q - With all the bad news about mortgage products and home foreclosures, how do I avoid making a big mistake when deciding which type of loan to select?
A - Once we meet and review your home buying needs, you should select a lending consultant to review your finances. We can recommend several trusted lending professionals or you can choose your own. Having complete confidence in your lender is important. Be sure you feel completely at ease with them.  They should speak to you in easy to understand terms.  Ask lots of questions and never sign any document until you know what you are signing and feel completely at ease signing it. More and more lending professionals are recommending fixed interest rate loans and interest rates are still very attractive. Of course, the type of loan best for you depends on several factors. Here are just a few:

  • How much money do you have for a down payment?
  • How long do you plan to live in the home?
  • Do you qualify for a FHA or VA loan?

Q - What types of Mortgages are available? 
A
 - There are many different types of mortgages available including:

  • Fixed Rate for 15, 20, or 30 years
  • Adjustable Rate Mortgages
  • New construction financing
  • VA and FHA Loans

Q - How long does it take to apply for a Loan? 
A - The most important step is to be pre-qualified for a loan. This step in the process usually only takes about 15 minutes on the phone with a lender. During this conversation they will ask some basic questions about income and debt that you currently have and review your credit report. It usually will take between 30 to 45 days to process an initial loan application through closing. You can shorten the pre-approval time by having documents ready to provide to your lender.

Q - What documents do I need to provide to my Lender? 
A - Be prepared to provide proof of employment and income (W-2 and tax returns), proof of down payment funds (bank statements) and details about your debt (credit cards, auto loans).

Q - What could delay approval of my Loan? 
A - If you change jobs, take out a new loan, buy something large on a credit card, or change your marital status, your loan approval might be delayed. Also, if there is an error or unexpected debt on your credit report this could also delay your loan approval. Your Lender can assist you with these and other loan options. Don’t have a Lender? We can recommend several qualified Lenders to select from.

Because more homes are on the market here in Raleigh, your choices are plentiful and the time is right for you to buy!

Let's Get Started!

Are you ready to schedule your home buying consultation?  If so, contact us today and together we will review your needs and your budget to help you find the right Raleigh home for you!

Questions? Just Ask!