North Carolina is known for its beautiful national parks, scenic hiking trails, and breathtaking coastlines. The stunning scenery along the Blue Ridge Parkway is especially a well-sought attraction for motorists. Apart from the impressive natural display of mountain ridges and foliage, North Carolina also has a thriving art and music scene.
To locals, NC offers a more laid-back way of life. In NC, traffic jams are virtually non-existent, plus the cost of living is marginally lower than in other states. Out on the back roads of North Carolina, you are treated to the soft sounds of nature and the scent of barbecue wafting from your neighbor’s grill.
These are just a fraction of the things that the Old North State has to offer. If you plan on moving to North Carolina and become a homeowner in NC, here are 5 steps to getting approved to buy a home in North Carolina:
Step 1. Know Your Needs
Before even looking at the homes listed on the market, you need to know your needs first. You must take into consideration the location of your ideal home. Do you need to be near the bustling urban life, only a short drive away from restos and clubs? You might want to consider settling in Raleigh.
Also, consider how much travel time you’re willing to allocate for work or school.
You have to nail down specific needs as well such as the area of the home, the floor plan, and the amenities you require. It’s good to have at least a general idea of what you’re looking for.
Step 2. Get Mortgage Pre-approval
To purchase a home, you need to be pre-approved for a mortgage. This certification makes it easier for you to attract potential home sellers.
Getting your mortgage pre-approved lends credibility to your financial situation. This documentation is essentially proof that a loan officer has gone through your credit history, income, assets, and debts and has determined the amount you can loan, your monthly payment, and the interest rate. Presenting this document to a seller would make the transaction flow smoothly since they already know that you can afford to pay for the house.
Step 3. Hire a Realtor
Purchasing a home is not a small task especially if you’re a first-time buyer. This is probably one of the biggest financial decisions of your life, so unless you’re an expert on the ins and outs of real estate, it’s best to hire a realtor.
Yes, going solo and purchasing a home on your own is possible and you are free to do so, but the end result could be more costly than paying for a realtor’s commission. You might end up with a home chock full of maintenance issues or a home without a clean title. Yikes!
Hiring a real estate agent will save you the time and headache of looking for available properties. A good realtor will scrutinize all the documents and paperwork to make sure that everything is in order. When negotiating a deal, the realtor always has your best interest in mind and uses their expertise to examine the home critically.
Once you have found your ideal home, you need to proceed to the next step.
Step 4. Draft a Contract
After setting your eyes on your dream home, your real estate agent will negotiate the best price and draw up a contract. This contract should contain the terms and conditions of the sale and must have the consensus of both the buyers and the sellers. This document has to be airtight.
Your realtor will handle this and make sure you are not being ripped off.
Step 5. Procure a Mortgage and Title Insurance
To obtain a mortgage, you would need to fill out the necessary paperwork along with the required documents. You may ask your real estate agent for help to be qualified for a mortgage. Once the loan has been processed, you must secure title insurance.
Title insurance protects a home buyer from financial loss and also from losing the home due to fraudulent or erroneous details on the title. This is non-negotiable, you have to get title insurance to protect your assets and the purchase.