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Lets talk financing
There are many articles, books, and information regarding financing your home purchase...as well as here on our web site. We have linked to numerous reputable and trustworthy links that provide solid and honest information. Most home purchases will require some sort of financing...be it a bank loan, your personal credit union, IRA's, insurance policies, seller financing, or cash. Yes cash! It is still widely used and of course the easiest to understand. Even cash will need a paper trail in a home purchase, wherein most contracts or agreements to purchase your dream home, will have some sort of clause regarding this important condition.
There are hundreds of lenders with hundreds of financing options. There will also be as many if not more terms and acoromymns, that will be somewhat unfamiliar to the average home buyer. The best advice is to learn a little about this important piece of the puzzle. It is not that hard!! In fact, our financing page has as much info as you need, along with some good tips and recomendations....including financing foreclosures with renovation loans....now you may be able to purchase that poor fixer-upper, and turn that house with "potential" into the home of your dreams!
Start at the beginning, the first and most important decision or question is How? How to finance, and how much your family may comfortably afford. Here buyers need reliable information to make good financial decisions, and infact, the real estate agent helping you find your dream home may be the best person to to recommend a good reputable lender.
Credit and credit scores generally will be discussed, FICO scores are the numbers that determine your "score" the higher (850 is the high) and hopefully nothing lower than 450 is the range to obtain. It does not take perfect credit to get a loan! You may receive a better rate with a higher score, yet there are various government backed loans, special rural area program loans, as well as loans for veterans and military personel, all with attractive rates and low down payments. The preferred lender will be able to guide you here with recomendations pertaining to your individual situation.
Get pre-approved! It is almost at no cost to you, and the big advantage is that you will know exactly how much home you can purchase. While you are at it, start the qualifying process as well....it is to your advantage as well, as this is a little more time consuming, especially if there are some corrections needed with your credit report. with these two items accomplished, you are just about as strong as a cash buyer, a buyer who will not chance losing the deal of a lifetime, or risk not being able to purchase when the time is right!
All lenders are not the same! Reliable professionals will explain the entire process, explain the various products they recommend, do what is necessary to help you get your loan approved, and most importantly get you into your new home with the correct terms and rates. Buyers need detailed, correct information to make good mortgage decsions, this is probably one of the largest purchases in your lifetime...one not to be left to the inexperienced, or untrained. Remember a good buyers agent will be looking out for YOU. For more information continue to look through the links provided here.
Preferred Lenders:
New American Mortgage Wells Fargo Renovation Loans
Go with Pros, like Dick and Sandy Beals, they know what it is like to start a new beginning and can’t wait to help you with yours. Are you interested in receiving a weekly list of the Best Buys for Homes? Fill out any of our contact forms included here, and we will send out our weekly lists to you! Dick and Sandy are ready to help you with purchasing your dream home in Wilmington, NC as well as helping you with your financing needs.