The excitement of home buying usually starts with scrolling through sites such as Zillow, Trulia or Realtor.com as you imagine living in various spaces and claiming one as your own sanctuary. It can be fun to see what's available out there - setting search criteria from location and square footage to the number of bedrooms and list price, but before you get your heart set on a home or the idea of buying a home in general, it is important to consider your financing options and determine the best method, timing and dollar amount for your investment.
You may be in a position with the ability to buy a home entirely with cash - if so, then great! If not, then obtaining a loan/mortgage gives you the financial leverage and ability to use 'borrowed money" to purchase something that you don't have enough cash to buy. When making an offer on property, either a "proof of funds" letter (for cash offers) or a "pre-qualification" letter (for loan offers) will be necessary in order for the offer to be accepted, so it's a good idea to be proactive with this already on hand.
There are many different types of loans and programs that you may qualify for. For example, Conventional Loans are the most popular loan programs for buying a new home or refinancing. You can choose the term of the loan, the amount of down payment (typically 3% minimum), and whether the loan will have a fixed-rate or adjustable rate. FHA Loans may be a better option if you'd like a lower down payment, need more flexible qualifying terms (such as a lower credit score), or even if you need to finance the costs of making home improvements. USDA Loans on the other hand offer 0% down payment but are location-specific. VA Loans offer special advantages to our heroes - active military, veterans, reservist and surviving spouses. There are many more options where those come from... What's the best mortgage option for you?
Finding the right lender is not only one of the first steps on your home buying journey, but also one of the most important. They will help you determine the best financial option based off of your personal situation. You may be a first-time home buyer, an empty nester ready to downsize, someone with a house they need to sell before they buy, or even an investor. Reach out to one or both of our local, preferred lenders below to get started on the loan pre-qualification process - it doesn't hurt to get a second opinion! Both will help you explore all options:
- What loan options you are eligible for and the differences between them
- If you are eligible for any assistance programs (such as down payment assistance, first-time buyer programs, etc.)
- How much you can borrow from a lender: Try this Affordability Calculator
- How much your payment would be (with applicable financial charges, PMI, hazard insurance, and property taxes): Try this Mortgage Calculator
When you're ready to start your journey, go ahead and apply! There's no obligation with their application - filling out this information is only to provide them with the information that they need to get you approved. You really have nothing to lose - get proactive! How are they different from some of the "other guys"?
- You have a local, direct representative from your first introduction, to closing day - they even attend the closing!
- No call centers involved
- They are specialized only in mortgages
- You are not just a metric - their number of submitted loan applications are irrelevant, only successful closings, so you can expect full transparency
Dave Held
(M): 336-337-3210
Dave.Held@caliberhomeloans.com
109-C East Mountain St, Kernersville, NC 27284
David Nishan
(M): 336-215-5597
701 Green Valley Rd, Suite 106, Greensboro NC 27408
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GreatNEST buyer’s agents will carefully and confidently guide you to your perfect home - guaranteed. Our agents are full-time professionals who work in, and live in, our market. Whether you are new to the area or a life-long resident, you need help with financing, or have very specific housing needs, our experienced and friendly agents will help. Work with a GreatNEST professional buyer’s agent and buy with confidence. Ask about our LoveYourNEST Guarantee, FirstNEST buyer service, and our NESTAdvantage Power Program.