Buying a First Home in North Carolina: A Step-By-Step Guide

Caron Jones Burlington North Carolina

Recently, CNBC named North Carolina as the top state for business. After all, the Tar Heel State has long been bustling – from being the capital of aviation to the birthplace of Krispy Kreme, NC has everything.

That’s why it’s no surprise that hundreds of Americans choose North Carolina as the place to start their family. Caron Jones of Burlington, North Carolina guides future homeowners on how to purchase their first house in NC.

Prepare the Down Payment

Homes in North Carolina are relatively affordable. In a census, NC ranks as the 22nd most affordable state to buy a home. They added that the average price for a house is $172,500.

However, to easily afford a house in NC, several mortgage lenders allow the buyer to pay for 20% of the house cost as a part of the down payment. There are also various programs and government-backed loan options – such as a VA loan or FHA loan.

Furthermore, The North Carolina Housing Finance Agency (NCHFA) offers the NC Home Advantage Mortgage program for those eligible for a loan – such as veterans and first-time NC home buyers.

NCHFA has the complete information on its website.

Once these are all set, hopeful homeowners can start looking for a real estate agent.

Find a Real Estate Agent or Realtor

Despite the accessibility of real estate websites, realtors are still vital in helping would-be homeowners find the best property for them – they know North Carolina cities and neighborhoods, as well as how to secure the best deals and provide the most favorable contracts for their clients.

To find the best realtor or agent, look for someone with years of experience – especially experience with first timers. Once the realtor is secured, it’s time for the best part: house hunting.

Start House Hunting

North Carolina has many diverse towns and districts. For those who wish to have easy access to the business district, there are a plethora of condominiums and apartments in Charlotte. For families with kids that prefer to be close to schools, Greensboro is a wonderful option.

And for those who wish to retire in North Carolina, Cary has plenty of suburbs to choose from.

However, because the idea of the perfect home seems like a dream, it’s important to uncover each and every potential hidden problem.

Hire an Inspector

The importance of hiring a home inspector cannot be understated.

A licensed inspector can assess the presence of any hazards, such as if the HVAC system is releasing carbon monoxide, the quality of the roof and foundation, and the status of the plumbing and electrical systems.

Fortunately, inspections typically only last a few days. Once they’re done, all that’s left to do is close on the deal.

Caron Jones Burlington North Carolina

Secure the DealThe day has finally arrived – making settlement on your first home. On this day, title companies will provide the new homeowners with a few documents. These consist of the mortgage promissory note, property deed, disclosure statement, and loan-related documents.Once this paperwork is completed, the homeowners can now pay the fees – such as the mortgage lending service charge, title insurance, and other miscellaneous expenses and closing costs.ConclusionThe Old North State is truly one of the best places to live – it has picturesque cityscapes, majestic mountains, and spectacular beaches.On top of that, the state also has affordable housing and accommodating mortgage lenders.

Caron Jones Burlington
Caron Jones Burlington