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Triad Realtors and Real Estate
Anyone looking for a new home in the Triad is in luck these days. The area offers plenty of home for the money, and there are bargains to be found if you take your time and do some research. Several hot areas provide every amenity, while almost any home you buy in the Triad is going to appreciate and build equity for your future.
“The quality of life in the Triad is excellent,” said Bob Woodard, division vice president of McCar Homes Greensboro. “There is a real down home feel to the area. The people in the Triad are close to nature, more organic than most cities. With an abundance of activities, such as college sports, downtown entertainment and outdoor activities, there is something available for everyone.”
There is a bevy of housing options available these days, from gated communities to town homes, and navigating the financing options can be downright confusing. For most folks, buying a new home will be the largest financial purchase of their lifetimes. You will want to make sure you do it right the first time.
In the Triad, the level of purchases today is somewhat smaller than when interest rates were at all-time lows. However, the housing market in the Triad is fairly valued and thus value remains to be had for those who are diligent.From looking for that perfect home, to securing a loan, to the paperwork shuffle at closing, buying a home can be a nerve-wracking experience. However, there are many experienced professionals in the Triad who are ready, willing, and able to smooth the home-buying process.
Certain areas of any city may command higher home prices, and in the Triad, that’s no exception. Areas such as Ardmore and West Salem tend to see higher appreciations due to the demand from hospital employees, students at the medical school and the proximity to institutions of higher education. ,” said Brooke Cashion, broker/owner, GRI, REALTORBrooke Cashion, broker, realtor, GRI, at Red Door Realty, Inc. “In areas such as Kernersville, prices have steadily increased because its central location lends it to be a convenient spot to live regardless of where you are employed in the Triad.
“I would research the area that I was interested in,” Woodard said. “Visit the community at different times of the day and on the weekend. I would check in with my potential new neighbors. Knock on the door and introduce myself and ask questions about the community.”
Making such a major financial commitment in a new city may seem daunting, especially if you are a first-time homebuyer, but the experienced real estate agents and mortgage professionals of the Triad region aim to make the process as painless as possible.
To find out vital information about the area, including schools, entertainment, recreation, weather, traffic, government, tax rates, and economic conditions, visit Web sites for local newspapers, the local chamber of commerce, and city or county governments.
“Location, location, location is always the primary consideration,” Woodard said. “Affordability would be the next. You should know what your budget will allow and have a good idea of how much mortgage is comfortable. You also want to know what the other costs might be such as homeowners’ association dues, utilities, etc.”
Another step you can take to help prepare yourself is to request a copy of your credit report. If your credit report shows a lot of small balances, try to pay those off before applying for a loan.
Once your credit report is in great shape, it’s time to sit down and work out a budget. How much can you afford to put down on a home purchase, and what monthly payments fit within your income level? Don’t forget that your monthly expenses will include insurance, taxes, and possibly homeowner’s association dues, in addition to debt (or mortgage) payment.
If you plan to buy an older home, keep in mind that certain items, such as a new roof, water heater, replacing rotted wood or siding, and heating and air conditioning, can wreak havoc on your wallet. So while it may be tempting to purchase that big, expensive home, try to set a realistic goal for your mortgage so you won’t be strapped for cash each month.
When you have the answers to some of these questions, it’s time to choose the perfect lender for you. Talk to realtors, family, or friends, but make sure you choose someone with which you fee comfortable.
When you have a few names and contact information for possible lenders, it’s a good idea to compare their rates and fees. Look at other important information, such as points, application fees, origination fees, broker fees, appraisal fees, and legal fees. These extra costs will affect your bottom line, so it’s good to know what to expect well in advance so there are no surprises at closing.
Then there are two processes that you should be aware of—pre-qualifying and pre-approval. Pre-qualifying for a mortgage loan is an informal process wherein you provide information about income, assets, and credit to a lender who does not verify the information given, but only provides a loan amount that would be approved, assuming that your information is correct. Pre-approval is when you actually go through the loan application process. The lender takes an application, pulls a credit report, and runs the information through one of the automated underwriting systems supplied by investors. The applicant will be asked to furnish pay stubs, W-2’s, bank statements, retirement statements, and tax returns, if applicable. In most cases, there will be an application fee.
There are two basic sources for home mortgages: direct lenders and mortgage brokers. Direct lenders are the people with the money to lend. Mortgage brokers are intermediaries between the actual lender and the borrower. It’s a good idea to shop at least three sources for your home-purchase financing.
Once you find the perfect house, the real work begins. In addition to securing financing for the purchase, you should know what you are responsible for because closing on a home isn’t just about signing the contracts.
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