Buying a home is one of the most important investments you can make, keeping you insulated from other financial losses. Once you have this asset, you don’t need to worry about fluctuating bank interest rates or Wall Street crashes. House prices in North Carolina rose almost 7% last year and this upward trend is expected for many years to come. A 7% annual interest rate on something that costs hundreds of thousands of dollars is huge. So how can you get ahead in a competitive housing market and secure an affordable mortgage?
Get a Pre-approved Loan
If you don’t have the cash available to buy a home outright, then you need to do everything you can to get your mortgage pre-approved before you go house hunting. North Carolina has a median home value of $167,000 so it is unlikely that you have the cash to hand. However, there are steps you can take to secure a loan.
Start by paying off all outstanding debts. This will boost your credit rating and increase your chances of being accepted for a loan. It will also lower interest rates, making you dream home more affordable.
Selecting an Area
House prices in North Carolina vary wildly depending on the location and so will other associated costs. For example, getting insurance quotes in certain areas will allow you to see where you can save money. Look for a property with good security in a safe area for the biggest savings. So don’t just research the price of the home. Consider closing costs, insurance and taxes. This will help you to find the best deal to suit your requirements. No home is perfect, but find the right balance of different factors to find the property closest to your ideal.
Choosing a Real Estate Agent
Estate agents are there to provide the best deal for the buyer. Choosing the right realtor means finding someone who shares your vision for a property. Pick someone with a track record of getting discounts on great homes and it will be well worth the agency fees.
Owning a home is an important sign of financial success in modern America. It means that no matter how your other savings are doing, you always have a back up. This offers freedom through financial security and can help lead to a fulfilling and stable life.