Buying A Home
What We Offer
Over 30 years Property Management and Real Estate Investing experience in the Foothills of Western North Carolina.
We understand our Real Estate market which is a tremendous asset to our clients.
Our office is located conveniently in downtown Morganton, North Carolina and staffed 5 days a week and other times by appointment allowing customers face-to-face service.
Buying Your Dream Home
Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you are not familiar with all aspects of the process and do not have all of the best information and resources at hand.
Our specialties focus on the best interests of buyers and throughout the home buying process. Our comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.
If you are like most people, buying a home is the biggest investment you will ever make. So, whether you are buying your dream home or an investment property why not take advantage of our experience as local market experts for the Morganton/Burke County area? We will help you make the most informed decisions you can every step of the way.
Getting Ready to Buy a Home?
Partner with an Agent
- Get Local Insight
- Get to know the neighborhoods
- See what is about to hit the market
- Review market averages
- Complete a needs assesment
Get Pre-Approved
- Understand what you can afford
- Determine Monthly Mortgage Payment
- Understand Debt to Income Ratio
- Prepare for Escrow
- Obtain Approval letter
Find your New Home
- Compare neighborhood averages and narrow down neighborhoods interested in
- Favorite Homes
- Schedule home tours
- Decide on your dream home
Make Offer & Negotiate
- Review contract terms
- Negotiate Purchase price
- Shop home insurance option
- Prepare for down payment and earnest money
- Sign the offer
- Deliver Escrow check
Good questions to ask when buying a home
What is most important to you: Urban, Suburban, Rural, View, Waterfront, Acreage, Golf Course?
Schools
What are your specific needs?
Shopping
What are your special needs?
Time Frame
When do you want to move in?
Home Style
Two Story, Split Level, Four Level Split, Ranch, Cabin
Home Setting
Open, Private, Wooded, Sunny, Yard Size
Present Home
What do you value that you want to have in your next home? What do you dislike in your present home?
Home Features
Age? New, Pre-owned or Resale? Number of Bedrooms? Number of Baths? What special features do you desire? Types of other Rooms (rec room, garage, etc.)?
Price range? Pre-qualified? Pre-approved? Must you sell before purchasing?
Down Payment Sources
Bridge loan or equity loan? Savings, Stocks & bonds, Life Insurance, Gift funds, Company profit sharing/savings plan, IRA?
Monthly payment you are comfortable with?
Current rule of thumb is that your monthly payment and other debts should not be more than 36-38% of gross monthly income.
Financing Options
Fixed Rate Mortgage
The interest rate stays the same throughout the term of the loan - usually 15 or 30 years - so the principal interest portion of your payment remains the same. Payments are stable but initial rates tend to be higher than adjustable rate loans and often cannot be assumed by a subsequent buyer.
Balloon Mortgage
This is a loan which must be paid off after a certain period. The advantage they offer is an interest rate that is lower than a mortgage that is made for 30 years.
Adjustable-Rate Mortgage (ARM)
The interest rate is linked to a financial index, such as a Treasury security or a cost of funds - so your monthly payments can vary up or down over the life of the loan - usually 25 to 30 years. Interest rates can change monthly, annually, or every 3 or 5 years. Some ARMs have a cap on the interest rate increase, to protect the borrower.
Other terms relating to adjustable-rate mortgages:
The length of time between interest rate changes. Example: one year ARM-interest changes annually.
The limit on how much an interest rate or monthly payment can change at each adjustment or over the life of the loan.
A provision in some loans that enables you to change an ARM to a fixed rate loan, usually after the first adjustment period. This may require additional fees.
A measure of interest rate changes used to determine changes in the loan's interest rate over the term of the loan.
The number of percentage points a lender adds to the index rate to calculate the ARM's interest rate at each adjustment.
VA Loan
The VA does not lend money, it guarantees a portion of the loan so that lenders who originate the loan feel comfortable with their risk. Qualified veterans can obtain loans up to $203,000 with no down payment. VA-guaranteed loans can be combined with second mortgages and are assumable upon qualifying by any future buyer.
FHA Loan
FHA does not lend money or make a loan; rather, it insures loans. The down payment can be as low as 2.25%. Discount points may be paid by either buyer or seller. FHA charges a 2.25% up front Mortgage Insurance Premium (or as little as 2% for a first time home buyer) that can be financed in the mortgage amount or paid in cash (no premium is required for condominiums). The borrower must also pay an annual Mortgage Insurance Premium or .5% which is collected monthly.
Seller Assisted Second Mortgage
The seller of the house lends the buyer enough to make up the difference between the purchase price and the down payment plus first-mortgage balance (a commercial lender may also make this kind of loan). The terms including the interest rate, are based on buyer/seller agreement. It is often a short-term (5 to 15 year) loan; sometimes "interest only" payments until the term date when the balance is due in full. A buyer can then refinance the home.
Assumable Mortgage
Buyer "takes over" or assumes the mortgage obligation of the seller (with concurrence of the lender). The interest rate doesn't change and is sometimes lower than current rates. often the loan fees are less as well.
Schedule an Appointment
Thinking about buying? Set up an appointment with us to discuss your needs.