Decide what type of house is right for you, how much you plan to spend, improvements you want to make and what financing plan fits your needs. Buying a home can be a dream come true. Home ownership lets you build equity and has certain tax advantages. Here are some strategies for getting you in the door while avoiding common obstacles.
Call us today and speak with an experience mortgage originator who can help you with your options:
- Toll Free (800) 438-6864
- Albemarle Office (704) 983-6181
- Concord Office (704) 262-3855
- Wadesboro Office (704) 694-2122
1. Find a REALTOR® who you can relate to. Home buying is not only a big financial commitment, but also an emotional one. It's critical that the agent you choose is both skilled and a good fit with your personality.
2. Remember, there is no "right" time to buy, anymore than there is a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you love.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself – room size, kitchen – that you forget such issues as amenities, noise level, etc., which have a big impact on what it's like to live in your new home.
7. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate insurance availability and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. Call (704) 983-6181 to speak with a mortgage originator and get approval for a mortgage loan.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of more than 6 percent annually over the past three decades, a home's most important role is as a comfortable, safe place to live.
A REALTOR® identifies a real estate professional who is a member of the National Association of REALTORS®.
Uwharrie Bank, NMLS# 447110
Do I Qualify?
In order to qualify for a mortgage loan with Uwharrie Bank, four factors are taken into consideration:
Creditworthiness - A history of good credit and a positive credit rating are essential to obtaining a mortgage loan.
Repayment Ability - The sum of your loan principal, interest, taxes and insurance should generally not exceed 28% of your gross monthly income. In recent years these ratios have become much more liberal, taking into account a variety of factors to determine your repayment ability.
Marketability of Property - Uwharrie Bank will order an independent appraisal of the property you wish to finance. The appraisal is reviewed to ensure the property meets loan guidelines. In most cases, the value of the property should meet or exceed the property's sales price.
Sufficient Funds For Closing - The amount varies depending upon the loan program you choose.
What Kind Of Loans Can I Apply For?
Conventional Fixed-Rate Mortgages
We offer fixed-rate financing to fit your budget and financial goals. In most cases, the interest rate is established at the time of application. A fixed rate takes the guesswork out of your monthly mortgage payments. For your added flexibility, we offer terms from 10-30 years.
Our one-time close construction-to-permanent loan offers flexibility to finance new construction while guaranteeing permanent financing when construction is complete. The permanent interest rate is established at the time of application. After loan approval, funds are advanced in stages as construction proceeds. Interest Only Payments are due monthly on the outstanding balance. Once construction is complete the loan converts to a conventional fixed-rate mortgage.
Uwharrie Bank, NMLS# 447110