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Frequently Asked Questions: Buying a Home

How much home can I afford?

The answer to this question depends on several factors, including (but not limited to):

  • Your income
  • Your expenses
  • Your credit history
  • The type of home loan you choose
  • The type of down payment you choose

We work with several lenders who will be happy to run the numbers for you.

 What are the steps in the home buying process?

  1. Meeting with one of our Raleigh and Cary, NC-area REALTORS® for an overview of the process.
  2. Meeting with a lender (bank or credit union) or a mortgage broker to get a pre-approval letter.
  3. iStock_000001670724XSmallYour realtor will set up an email search based on your price range and other preferred parameters.
  4. When you are ready, he or she will take you on a tour of your favorite homes.
  5. When you find “the” house, your REALTOR® will do a market analysis and gather all pertinent documentation in order to make an offer.
  6. The offer is negotiated.
  7. Once under contract, your real estate agent will arrange the necessary inspections.
  8. The repairs are negotiated.
  9. The home is closed and celebration begins!

I’m currently renting. Would it be better for me to buy?

Right now, mortgage rates and home prices are very low — a perfect storm for home buyers. You may even find that your mortgage payment will be less than your rental payment!

What should I consider when looking for a house?

  • Type of property. Detached? Townhome? Condo? The options are endless. Keep in mind that lot size also varies from property to property.
  • Area. What is the quality of life here? Do homes here hold value or are they increasing in value?
  • Resale potential. What are other homes in your neighborhood selling for?
  • Age/condition of home. Do you want a project, new construction, or something in between?
  • Future of neighborhood. Are there upcoming developments in your area? New schools? These are all important to consider.

Should I consider buying a short sale or foreclosure?

Yes — there are some great short sale and foreclosed homes at great prices. We’d be happy to guide you through the home buying process to help you find the best home for you.

Need more information? Have additional questions? Give our Raleigh and Cary-based real estate agents a call at 919.272.1753!

Let the Mission Possible Team’s real estate agents answer any questions you may have about buying your new home in Cary, Apex, Holly Springs, Fuquay-Varina, Morrisville, Clayton, Zebulon, Knightdale, Wake Forest, Rolesville, Oxford, Durham, Raleigh, NC or surrounding areas in the Triangle.