Raleigh Home Buying Process
Raleigh Home Buyer Resources
At the Capital City Real Estate Group in Raleigh, we know that buying a home can be overwhelming. Buying your new Raleigh home is a big financial commitment and contract terms can be confusing. Plus, what about all those inspections and deadlines and financing options?
We have created the Capital City Real Estate Group’s Raleigh Home Buyer Guide so you can become familiar with the Home Buying Process. But remember, no Guide can replace the expertise of your Capital City Real Estate Group Realtor®. We are Raleigh Real Estate Experts and we are here to work with you every step of the way. So when it’s time to start your Raleigh Home Search, give us a call.
Don’t worry, we are here to help!
Buying Your Raleigh area Home
This is a very exciting time and we look forward to guiding you smoothly through this process, providing you with good information and helping you find the home of your dreams.
The Raleigh Home Buyer Guide is designed to introduce you to the home buying process. When you hire the Capital City Real Estate Group to represent your best interests, we know your search for a new home will be very successful.
Financing your New Home in the Raleigh area
The first step in purchasing your new Raleigh home is arranging for financing. Home Buyers who start by getting pre-approved for a mortgage are in the best position to move forward when they find their Dream Home.
So how do you find a Lender? Just call your Capital City Real Estate Group Realtor®. We can recommend several top Lenders.
Buy getting pre-approved for a Mortgage, you can determine how much of a mortgage payment you are comfortable paying each month and then focus your Home Search.
You can discover any errors in your credit report that would prevent you from obtaining the best rate. By discovering these errors early, you have time to correct them.
Could your Credit Score use a boost? Many Lenders have programs to repair less than perfect credit scores. By starting early, you have the best chance at qualifying for a lower interest rate.
Selecting a Mortgage
There are several different types of Mortgages available. The two main types are a Fixed Rate Mortgage and an Adjustable Rate Mortgage. (ARM).
So which one is right for you?
A Fixed Rate Mortgage is the traditional way to finance a home. Since the interest rate stays the same over the term of the loan – usually 15 or 30 years - your monthly mortgage payment stays the same each month.
With an Adjustable Rate Mortgage, your interest rate can change over the life of the loan, so your monthly mortgage payment can increase. Most ARM loans now have a lifetime cap on increases in interest rates, but they all can increase by a certain amount.
Usually an ARM starts out at a lower initial interest rate than a Fixed Mortgage, but with a Fixed Mortgage, your monthly mortgage payments are predictable.
Setting a Budget
What are the expenses that you need to be aware of when purchasing your new Raleigh Home?
Most homeowners will put a down payment on their new home. This will be a percentage of the purchase price. The larger the down payment, the smaller your monthly mortgage payment.
What are some of the Closing Costs that you should expect as a home buyer?
- Loan costs such as origination fee, discount points, etc.
- Appraisal Fee
- Title Insurance
- Closing Attorney Fee
- Inspection costs
Home Ownership Costs
Don’t forget to factor into your budget these costs of Homeownership.
- Homeowners Insurance
- Real Estate Taxes
The Fun Begins!
Now that you have been pre-approved and have a budget, its time to start looking at neighborhoods and homes in the Raleigh Area. But hold on – before you jump in the car, it helps to know what you are looking for in a community and your new home.
So what is most important to you? Make a list and then discuss your needs with your Capital City Real Estate Group Realtor®. Together you can select the type of neighborhoods that appeal to your lifestyle and find your Dream Home.
Homes, Homes and More Homes!
One of the biggest advantages to working with a Capital City Real Estate Group Realtor® is that we can narrow down the list of available homes to just those that meet your criteria. Why waste your time looking all over the Internet for homes for sale only to find out that the information is old or inaccurate.
Use our Interactive Home Search and you know you will be getting only up-to-date information.
Online Access and Cutting Edge Technology
Aside from our personal and professional knowledge, our website provides you with access to every home listed for sale in the entire Triangle Area, our website offers cutting edge technology to let you search for your home the way you want to – by community, neighborhood, or an interactive map.
Plus, this site offers a variety of timesaving and informative features such as:
- Your personal online resource that allows you to save search criteria, favorite homes, and articles.
- Up to Date Market Conditions – We will keep you informed of any new homes that are listed for sale that meet your needs.
- Stay on top of homes listed for sale in particular neighborhoods, home statistics for on-market and sold homes, community comparisons, school comparisons and much more with our free Capital City Real Estate Group Market Snapshot.
- Our website provides helpful articles, tips and tools for buyers such as guidelines for inspections and home maintenance tips and tricks.
- We offer links to the latest mortgage interest rates.
- Find out about schools.
- Neighborhood and Community Information so you will know about any special features the community offers such as golf courses, fitness facilities, playgrounds, walking trails, and swimming pools and more.
With our guidance, we know you will be well on your way to finding and closing on your perfect home!
Found the Perfect Home. Now What?
The Offer to Purchase and Closing
Once you have found the Perfect Home, the next step is to write an Offer. Your Capital City Real Estate Group Realtor® will recommend offer terms, prepare the Offer, according to the terms and conditions you request, and present it to the Homeowner’s agent. Our job is to get you the home of your Dreams on the best possible terms.
Once your offer is accepted, then the real work of closing on your home begins. The official loan application and commitment, home inspections, repairs (if any), survey, appraisal and finally the Closing.
At the Capital City Real Estate Group we welcome the opportunity to help you find your Dream Home. Please contact us anytime.
Ready to Find your New Home in the Raleigh area?
Start by scheduling your personal Home Consultation. Contact Us and together we will find your perfect Raleigh home.