First time homebuyers in Randolph County NC get so much advice from everyone including their agent, family, friends, relatives, and neighbors like “save your money” or “location is key.”
These are all sound advice, but there are many elements in the process of home buying that a Randolph County first time homebuyer won’t usually hear. Among them are:
1. Mortgage rates you see now won’t be the same ones you get later.
Mortgage rates are volatile. You would see in the ads that they are at 3.2% now, but you have to remember that mortgage rates greatly vary. The best way to find out what rates you are qualified for is through a complete mortgage application which involves credit checks and income verification. If you are a first time homebuyer with no experience in real estate, mortgage calculators may seem handy, but it could be deceptive if you fail to include certain factors like tax, insurance, and PMI if you have an FHA loan.
2. Every cent of your debt counts.
What most first time Randolph County NC homebuyers are not told is that when they apply for a mortgage, every aspect of their financial history and credit will be scrutinized under the banker’s lenses. So if you think that a $1,200 debt left on your credit card won’t matter, think again. All your debt will be factored in once the lender analyzes how much they are willing to lend you. With today’s higher standards in lending, the sooner you settle even the smallest debts, the better.
3. Working with an expert Randolph County NC agent makes a huge difference.
Don’t just settle for the first agent you find or your friend’s referral. Make sure that agent has the characteristics that would suit your needs. This working relationship will not only affect you, but your family too. Your agent’s experience, knowledge of the Randolph County NC market, and connections will spell the difference between your offer getting accepted or not.
(Coming Up: Next 4 tips!)