Home Buying FAQ | Fasciano Realty

EASTERN NORTH CAROLINA HOME BUYING FAQ

Whether you're a first-time home buyer or an experienced real estate investor in Eastern North Carolina, it's always beneficial to brush up on your real estate knowledge before starting your home search. This ensures you are an informed buyer, equipped with the knowledge and tools to make confident home buying decisions.

1. **Where Should I Start the Process?**

Organize and review your finances. Set a budget and determine what you can afford for a down payment. Use our handy mortgage calculator to estimate your monthly mortgage payments.
Research the various communities in and around Eastern North Carolina to find the best fit for you.
If you're a first-time buyer, gather as much information as possible before proceeding.
2. **How Do I Know What to Look for in a Home?**
Decide what's important to you: proximity to amenities, school districts, yard sizes, noise levels, commute times, and highway access. This will help you identify suitable neighborhoods.
Determine the home features you want and need, from size and style to overall condition. Knowing what you're looking for will save you time by avoiding homes that don't meet your criteria.
Browse our featured listings in Eastern North Carolina or start searching homes by amenities and features.
3. **Why Should I Use a Realtor?**
A good Realtor can guide you through the financial and legal complexities of the Eastern North Carolina real estate process.
A local Realtor will have expert knowledge of Eastern North Carolina's neighborhoods and communities.
A Realtor can help you find the right price range for your income and finances and explain the pros and cons of different types of mortgages.
A Realtor will answer all your questions and guide you through the complicated paperwork.
4. **Where and How Can I Get a Loan?**
Mortgage loans are typically available through banks, credit unions, private mortgage companies, and government state lenders.
Your Realtor can help connect you with lenders. You can also shop for lenders independently, taking time to compare rates. Local government agencies might also offer helpful programs.
5. **What if I Have Bad Credit or No Down Payment?**
You might qualify for a federal mortgage program or local home buying assistance program.
The Federal Housing Administration (FHA) offers insured loans to help home buyers. These loans encourage lenders to work with more buyers, regardless of their credit or down payment.
Many state and local governments offer additional programs for buyers who meet certain criteria or are buying within specific communities.
The Department of Housing and Urban Development (HUD) also offers many assistance programs to home buyers.
6. **Once I Find My Home, What Will I Have to Pay Up Front?**
Earnest Money: A "security deposit" you pay when submitting your offer to show the seller you are serious. If your offer is accepted, it is applied to your down payment or closing costs.
Down Payment: A percentage of the cost of your home. The amount depends on your loan; government programs can help reduce this amount.
Closing Costs: Typically low for buyers, these fees are associated with paperwork and lender charges.
7. **What Other Costs Will I Pay?**
Additional costs can include utilities, HOA or condo fees, and property taxes, which are typically included in your mortgage payment.
Ask your Realtor about any other fees associated with your particular home, community, or neighborhood.
**I Still Have Questions!**
That's easy! Contact us today, and we can answer any of your home buying questions about homes for sale and real estate in Eastern North Carolina or its many communities.