While the entire home buying process can be intimidating and overwhelming at times, the best place to start is with your local Charlotte, NC mortgage consultant.  He or she will help you determine “how much home you can afford.”  My mortgage consultants say there are four things to keep foremost in your mind when going through the home buying process.

  1. Work with someone you trust.  Where have we heard this before?  If you do not have a banker, then ask a trusted source for a recommendation.  Remember, your relationship with the mortgage consultant is long term.  It is critical in determining the home your buy and how smoothly your home closes.
  2. Ask questions all through the process…the last thing you want are any “surprises” at the end.
  3. Stay within your budget.  It’s not always about what you can qualify for…but it may be more about what you can afford comfortably on a monthly basis.  Remember, your mortgage payment will include PRINCIPLE, INTEREST, TAXES, INSURANCE, and possibly homeowners association dues.  Additionally, you will need to factor into your monthly payment the cost of maintenance and utilities.
  4. Remember that there are other expenses.  The last thing you want to do is buy that home you have always wanted but do not have any money left over to enjoy the home.
  5. Finally, you want your Realtor and Mortgage Consultant to work together.  While the Realtor is focused on the entire process to include finding you the right home, the mortgage consultant can determine what it is going to cost you to live in your new home.  Be sure that your Realtor is asking for “Good Faith Estimates” on the price of the homes you hope to buy.  The “Good Faith Estimate” or GFE will give the overall costs to close and your monthly payments within several hundred dollars.  When you get into serious negotiations have a GFE to help you understand how much you really can offer for the home.

Respectfully,

Rufus Hutchinson

Charlotte, NC Mortgage Lenders

Real Estate in Charlotte, NC