Buyer Resources
Raleigh Home Buying FAQ’s
Answering your Questions about buying your Raleigh Home
Buying your Raleigh home is both exciting and a little overwhelming. We know you have questions, especially if you are a first time home buyer. That’s why we developed this list of frequently asked questions. By finding out more about the home buying process and working with your Capital City Real Estate Group Realtor®, we know you will make good home buying decisions.
Q
I’m a first time home buyer. Where do I start?
A Start right here. As a new Raleigh home buyer, you want to get a general understanding of the home buying process. Understand your finances. Know your credit score. How much do you have saved or can you save for a down payment and closing costs?
Next, contact your Capital City Real Estate Group Realtor®. We would be happy to meet with you to discuss the Raleigh real estate market. We can help focus your home search and provide you with a customized home search and access to cutting edge technology. And when you are ready, we can show you all the homes for sale in the Triangle that meet your needs.
A Start right here. As a new Raleigh home buyer, you want to get a general understanding of the home buying process. Understand your finances. Know your credit score. How much do you have saved or can you save for a down payment and closing costs?
Next, contact your Capital City Real Estate Group Realtor®. We would be happy to meet with you to discuss the Raleigh real estate market. We can help focus your home search and provide you with a customized home search and access to cutting edge technology. And when you are ready, we can show you all the homes for sale in the Triangle that meet your needs.
Q
What types of Mortgages are available?
A There are many different types of mortgages available including:
Your Lender can assist you with these and other loan options. Don’t have a Lender? We can recommend several qualified Lenders to select from.
A There are many different types of mortgages available including:
- Fixed Rate for 15, 20, or 30 years
- Adjustable Rate Mortgages
- New construction financing
- VA and FHA Loans
Q
How long does it take to apply for a Loan?
A The most important step is to be pre-qualified for a loan. This step in the process usually only takes about 15 minutes on the phone with a lender. During this conversation they will ask some basic questions about income and debt that you currently have and review your credit report. It usually will take between 30 to 45 days to process an initial loan application through closing. You can shorten the pre-approval time by having documents ready to provide to your lender.
A The most important step is to be pre-qualified for a loan. This step in the process usually only takes about 15 minutes on the phone with a lender. During this conversation they will ask some basic questions about income and debt that you currently have and review your credit report. It usually will take between 30 to 45 days to process an initial loan application through closing. You can shorten the pre-approval time by having documents ready to provide to your lender.
Q
What documents do I need to provide to my Lender?
A Be prepared to provide proof of employment and income (W-2 and tax returns), proof of down payment funds (bank statements) and details about your debt (credit cards, auto loans).
A Be prepared to provide proof of employment and income (W-2 and tax returns), proof of down payment funds (bank statements) and details about your debt (credit cards, auto loans).
Q
What could delay approval of my Loan?
A If you change jobs, take out a new loan, buy something large on a credit card, or change your marital status, your loan approval might be delayed. Also, if there is an error or unexpected debt on your credit report this could also delay your loan approval.
A If you change jobs, take out a new loan, buy something large on a credit card, or change your marital status, your loan approval might be delayed. Also, if there is an error or unexpected debt on your credit report this could also delay your loan approval.
Ready to Find your new Raleigh Home?
Start by scheduling your personal Home Consultation. Contact Us and together we will find your perfect Raleigh home.
Marc Iafrate, MBA
Real Estate Broker/Owner, Realtor®
Real Estate Broker/Owner, Realtor®
Mailing Address
Marc Iafrate, MBACapital City Real Estate Group, Inc.
North Raleigh Office
8480 Honeycutt Rd, Suite 200
Raleigh, NC 27615
Phone Number
Office: (919) 576-0043
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