The time to educate yourself about the home buying process should happen long before you make an official offer on a house. We recommend that you start saving for your down payment as soon as you decide to buy instead of rent. The more you are can save, the less you will pay for your mortgage each month. This may require taking a temporary part-time job or cutting back on non-essentials until you meet your savings goal.
Obtain Your Credit Report
The information contained in your credit report has a huge bearing on whether you qualify for a mortgage loan. It is critical that you make sure the data listed in it is correct. All consumers can receive one free credit report every year from each of the three major reporting agencies by requesting it at this website. You also have the right to ask the credit reporting agency to remove inaccurate information about you. Please note, hundreds of websites exist that claim to offer free credit reports but the one linked here is the only official one.
Find a Mortgage Banker and Pre-Qualify for a Loan
Applying for a mortgage loan is the next step in the home buying process. If you have an existing relationship with a bank, that is the best place to start. You can also go to local credit unions or mortgage companies to inquire about getting a loan. After reviewing your credit report, verifying your employment, and confirming other information on your application, the mortgage banker should let you know if you pre-qualify for a specific loan amount. You aren’t obligated to accept that amount, but it’s helpful to know as you start looking at home prices.
Begin Searching for Your New Home
Once you have saved several thousand dollars for a down payment and gotten pre-approved for a mortgage, it’s time to start house shopping →. We are here to help you with this part of your home buying journey. You can search all of Carteret County here or see what is available in a specific Morehead City community like Country Club Run. If you see a listing you like online, contact the REALTOR in the listing to arrange a showing. You can also have one of our REALTORS locate properties for you to review. The last step in the process is working with your REALTOR to negotiate a bid and present the offer to the seller.
We know that everything involved in buying a home is often overwhelming, especially for first-time buyers. Please feel free to contact us with additional questions.