Buying a Home
Buying a Home in Raleigh, NC

Buying a Home in Raleigh, NC

Whether you’re buying a new home, a second home or an investment property, you’re likely looking for the perfect mortgage option. At Integrated Funding in the North Hills area of Raleigh, we’ll work with you, assessing your unique situation as we custom-fit a mortgage that meets your needs.

Purchasing a home is a very exciting time, and being well-prepared will help you make better decisions. This is especially true when it comes to your mortgage. Be sure to check out the mortgage process to learn more.

Am I Ready to Buy a Home?

Purchasing a home offers many advantages, with one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. In many cases, mortgage payments can be less than rent.

When deciding whether to buy a home, you need to decide whether buying makes financial and practical sense for you. Consider both the advantages and disadvantages to buying, and weigh the pros and cons for your particular situation. At Integrated Funding, a Raleigh mortgage company serving clients throughout North Carolina, we’ll help you sort through your mortgage options, and help you decide whether purchasing a home at this stage in your life is right for you. We’ll also give you more information about current mortgage rates and different loan programs you may qualify for.

How Much “House” Can I Afford?

shutterstock_84523015The first step toward finding the right home or vacation home is to compute your purchasing power and determine how much you can afford to pay each month. This is helpful because it will allow you to focus on homes in your price range. Check out our mortgage calculator to quickly do these computations.

Up Front Costs of Buying a Home

In addition to thinking about mortgage rates and options, you should also consider both up-front and ongoing costs associated with purchasing a house.

Some up-front costs include:

  • Down Payment: A down payment typically ranges from 3.5-20% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20%, you may also need to pay mortgage insurance.
  • Closing Costs: Typically, closing costs range from $1500-$2500, but we have programs available that can reduce these to a few hundred dollars. In some cases, we can lower them to as much as $0.

Ongoing costs can include the following:

  • Monthly mortgage payment
  • Homeowners insurance
  • Mortgage insurance (if applicable)
  • Flood insurance (if applicable)
  • Property taxes
  • Utilities
  • Maintenance

Get Pre-Qualified for a Loan at Integrated Funding

If you’re ready to begin looking for a new home in North Carolina, contact our Raleigh mortgage advisors to get pre-qualified for a mortgage. This will give you an estimate of what size mortgage you will qualify for. In addition, if you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.

Self-employed? We can help you get a loan to buy a house. The process will simply require a bit more paperwork — call us today to get started!

Integrated Funding is proud to offer personal, customized mortgage solutions and home buying assistance in the North Hills area and throughout Raleigh, Cary, Apex, Wake Forest, and surrounding areas. We also serve clients in Charlotte, Wilmington and throughout North Carolina.