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    • New Members
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    • HBA Membership >
      • Membership Benefits
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      • Membership Q & A
      • Get Involved
    • Councils >
      • Triangle Sales and Marketing Council >
        • TSMC Events
        • Sales Performance Awards
        • 2021 MAME Awards >
          • MAME Awards
        • 2021 MAME Sponsors
        • Mentor Program
        • Big Give Back
        • About the TSMC
      • Remodelers Council >
        • Council Membership
        • Wake County Remodeling Awards
        • Remodelers Home Tour
      • High Performance Building Council
      • Professional Women in Building
    • Member Directory >
      • Find a Member
    • Job Bank
    • Member Login
    • Community Involvement >
      • Operation Coming Home >
        • Upcoming OCH Events
        • About Operation Coming Home >
          • Apply for a Hero Home
          • Get Involved with OCH
        • Meet Our Heroes
        • Meet Our Partners
  • Homeowners
    • Home Building Resources >
      • Benefits of a New Home
      • Tax Benefits of Buying New
      • Not So Obvious Benefits of a New Home
      • High Performance Homes
      • How to Choose a Home Builder
      • Questions to Ask Your Home Builder
      • Top Home Buyer Features
      • Advice on Financing Your New Home
      • Before You Move In
    • Homeowner Resources >
      • Routine Home Maintenance
      • Exterior Home Painting Tips
      • Interior Design on a Budget
      • Avoid Summer Lawn Stress
      • Protect Your Home from Severe Weather
      • After a Storm
      • Avoid Contractor Scams
    • Remodeling Resources >
      • Remodelers Home Tour
      • Thinking About Remodeling?
      • Hire a Professional Remodeler
      • 10 Tips To Remodel
      • Aging in Place Design
      • Understanding Remodeling
      • Wake County Remodeling Awards
  • Events
    • Calendar >
      • January - 2021 Kickoff Event
      • February - Member Meeting
      • March - The Masked Singer!
      • May, September - Golf Tournaments
      • June - Battle of the Builders
      • August - New Home Expo
      • October - Grill 'N' Chili Challenge
    • Education >
      • Classes
  • Advocacy
    • Local Issues
    • Vote
  • Home Tours
    • Parade of Homes
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    • High Performance Home Tour
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 Financing A New Home

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Advice on Financing Your First Home

Buying your first house is very exciting. But financing your home purchase can be a daunting experience. In both cases, do your research and shop carefully to ensure you find exactly what you want and need.

Deciding how much to spend on your home and which type of mortgage will work best for you — as well as understanding the settlement process — can be confusing. However, there are many sources that can help you get prepared well before you step foot into a sales office, model home or open house.

Get familiar with the lingo. 
Figure out what you can actually afford to pay on a monthly basis. Remember that, in addition to the monthly principal and interest, you will also pay into escrows for property taxes, hazard insurance and possibly a home owners' or condominium association assessment. You have more knowledge about your living expenses than a lender. Hold firm with that number and don’t be tempted to agree to an amount higher than what you are comfortable spending. Mortgage calculators are a great way to figure out what your monthly payments would be based on interest rates and down payment amounts. Calculators can be found on most real-estate-focused websites.

Pay down your debts.
Credit card debt limits what you qualify for from a lender. Lenders want to see a total debt service ratio that is less than 40% of your monthly income.

Attend a first-time home buying seminar or talk to a credit counselor who does not work for a lender.
You can research your options without being influenced by someone who has a financial interest in the home or loan you choose. The U.S. Department of Housing and Urban Development (HUD) offers free housing counseling and seminars.

Check out government resources.
HUD also has a helpful web page, Common Questions from First-time Homebuyers, which provides additional resources for first-time buyers, including special financing options and HUD programs.

Select your lender and get pre-approved.
When you have done your research and are ready to move on to the next step, visit a lender, understand the loan choices that would be available to you, and, once you’ve determined the most suitable loan, get pre-approved for that loan. Since you will already know how much money you can borrow, you will know what price range you should look at and can move quickly if you are bidding on a house that has several interested buyers. A lender’s pre-approval would still be subject to a final verification of your credit and a satisfactory appraisal, but it’s a big step toward becoming a home owner.


Credit NAHB 

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Contact Us

5580 Centerview Drive, Suite 115
​Raleigh, NC 27606

P: 919.233.2033 

Copyright 2016 Home Builders Association of Raleigh-Wake County.  
​All Rights Reserved.
5580 Centerview Drive, Ste. 115  |  Raleigh, NC 27606
Phone: (919) 233-2033  |  Email Us
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