Need some Realtor's Help..1st time buyer (Charlotte: real estate, lease)
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Hey Everyone! I am soon to be engaged and the boyfriend and I have started talking about buying a house. After living together for 2 years we are ready to start thinking about putting our money towards a mortgage and not rent.
We have lived in Charlotte for over a year now so we know the areas we are interested in (MLS 4,5,6). But we don't really know how to start the process. We have looked on general carolina realty websites to get a feel for what type of home we are looking for but we don't know what we need to do first.
How do we go about finding out how much we can afford? With the housing market being the way it is is it stupid to buy now or smart? I feel like being a first time buyer puts us in a little bit of a better situation since we are dependent on selling a home at the same time but we are sooo "green" on the real estate subject I just don't want to put us in a bad situation without knowing the facts.
Any advice on this process would be greatly appreciated! Oh and our lease expires in February so we wouldn't buy until winter.
Well I would first talk with a mortgage person and see what you can afford. Just because they tell you you can afford 1/2 million dollars does not mean you need to spend that much.
Rates are good right now so if you plan on staying for awhile you could get a nice rate. If you think you may want to move in the next 12-24 months I would just continue to rent.
The next step would be to get with a Realtor and start looking at homes. You can also get set up on the gateway with the Realtor through the MLS and start finding the homes that match your criteria. Then start looking at homes. Once you find one you would like to put an offer in tell your Realtor and they should guide you through the rest.
We Realtors are everywhere. You should be able to find one easily.
I agree with QC...talk to a lender and get preapproved first. I would also work with a realtor that is familiar with the area where you want to live. Your realtor will be able to help you assess the homes you see, and navigate through the process from initial offer to closing.
the first step of a home purchase is to apply for a mortgage.
You have to know what you can pay, and what you're willing to pay.
Some borrowers want a 300k house, but are only willing to pay 1500.
THAT'S NOT GOING TO HAPPEN!
You also want to take care of any income/credit/asset issue with the lender before looking at any homes.
Winter is such a good time to buy. Sellers seem a little extra motivated to negotiate because nobody is looking at houses (holidays). You definitely want to talk to a good lender as well. The best thing you can do is look at your finances and find out what your ideal monthly payment will be. Once you have that, stick to it. Your lender should prequalify you, explain the whole process to you, and give you a price range to tell your realtor. There are so many benefits for first time homebuyers right now, and it is still very easy to get a mortgage!
Thank you everyone so much for the advice. I assumed finding out how much we can afford was the first step I just didn't know how to do that. I will let you know how it goes!
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