WHAT LEWISVILLE-CLEMMONS HOME BUYERS NEED TO KNOW BEFORE MAKING AN OFFER
For those of you who are excited about buying a home in the Lewisville-Clemmons area, and you’re ready to make one of the best purchases ever! Listen up!
Decide What Style of Home You Want
Before you start looking for a Lewisville-Clemmons area home, make a list of what features you want and rank each item by priority. Some things to consider are the location (always important for resale), inside the city limits or county, the style of home (Ranch/1-story, 2-story, Craftsman, Bungalow, Contemporary, Traditional, etc.), number of bedrooms/baths, garage, basement, lot size, age of the home as well as other home buying criteria.
Green Haven Realty VIP Buyers Use "Homes by Email" to Speed Up Their Home Search
Our VIP Buyers usually save time in their home search by using our "homes by email" service. It's simple and free! All you have to do to sign up is go to our site and make a search. Then be sure to "save" the search (it's a green "save this search" button right above the picture of the first listing result). Once you set up your free account, you can save favorite properties, get email updates of new Lewisville-Clemmons (and all Triad area) homes for sale. You will also receive a notification if there is a price reduction of any homes you mark as "favorites".
Our clients have said this service really sped up their home search. We've also received feedback that our site is very friendly to use on desktop, tablets or phones with large pictures. Our site updates with the local Triad MLS (the site Realtors use to add new listings) every 5-10 minutes, so you can always get the freshest and newest listings on our site.
Know What You Can Afford
Most loans require a down payment. Generally, a higher down payment means better loan terms and a lower interest expense on the mortgage. With conventional loans, the amount down can vary, but 20% of the purchase price will save you money in the long run. If a homebuyer can't afford that amount, a lender will likely look at the loan as a riskier investment and require that the homebuyer take out PMI, also known as private mortgage insurance, as part of getting a mortgage; PMI is added to your monthly payment.
Other mortgage options with lower down payment requirements include FHA, VA, USDA, or in-house mortgage programs from local community banks or credit unions. Some of these loans, like VA, USDA and SECU (if you're a member) can be 100% financing. FHA generally requires a 3.5% down payment.
If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs like the North Carolina Housing Finance Agency’s NC Home Advantage Mortgage or the NC 1st Home Advantage Down Payment Assistance.
Qualifying for a loan:
Whether you are buying a home for the first time or if you are considering moving up to a new home in Lewisville-Clemmons, the first step is getting pre-qualified or pre-approved. A lender will determine how much they think you can afford based on your income, employment history, education, assets (e.g., bank account balances, retirement accounts, crypto currency accounts, other property, insurance policies, pension funds), and debt.
It’s a good idea to check your credit report before the lender does to clear up any problems. Sites like Credit Karma or Equifax are a great place to start. The credit score they report might not be exactly the same as what the lender sees, but it should be close.
Your comfort level: You don’t have to spend $300,000 on a home just because the lender says you can afford a $300,000 home. Do some math and determine what you’re comfortable spending. If you are concerned that the housing market is high right now, realize that over any 10 year period, real estate values have always gone up.
Make an Offer
You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your Green Haven Realty REALTOR® is an invaluable part of this process. He or she will help you prepare a contract, negotiate, juggle inspections and option periods, and more.
Secure Mortgage Financing
Unless you’re paying cash for the home, you’ll need a mortgage loan. Keep in mind the true price of financing goes beyond the interest rate alone. Consider items such as points, total lender fees, term of the loan, and penalties for early payment. The lender will require an appraisal in most all cases to verify that the home is worth the cost of the loan.
Usually home inspections and surveys are optional for the lender. However, we HIGHLY encourage buyers to have inspections. Surveys are highly recommended if you are purchasing raw land or if there is concern about an encroachment either to the property or by any improvements of the subject property. Repairs to the house may sometimes be required, but this is more likely with FHA, VA or USDA financing. They consider things like a roof near the end of its life, peeling paint, health and safety issues as well as structural soundness.
Insurance must also be purchased. All these conditions and others must be satisfied before a mortgage transaction can close.
Close the Deal
After much research and decision-making, which can take weeks or even months, you close the transaction. Usually (in North Carolina) this takes place at the real estate attorney’s office. The attorney will ask you to sign many, many documents and will explain each one. You’ll present a cashier’s check to the attorney, sign another document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs. In return, you will receive a deed, transferring ownership rights to you. Congratulations! You’re a now a new home owner!
Green Haven Realty Will Help You Get What You Want
As you can see, there is a lot that happens in any real estate transaction. Your Green Haven Realty Realtor wears a lot of hats and can ensure that you have a successful home buying experience. We will always put your best interest first! Our number one goal is to help you get what you want. If you're thinking about buying a house in Lewisville-Clemmons or surrounding areas, don't hesitate to contact us today. Call/text 336.462.9544. We're here to help!
