First Time Buyers

A Guide

Steps to Buying Your First Home

If you ever have any questions about buying a home in the Lake Norman area, please give us a call at (704) 902-6755.

Find Your New Home

When it comes to finding the perfect home, it's not just about the house you're living in. Your lifestyle is influenced by the kind of community you live in, which is why it's so important to throughly research local communities to find your perfect fit. If you're searching for a home in the Lake Norman area, take a look at some of our complimentary area guides below.

Local Area Guides

Money in a jar next to three stacks of coins.

Consult Your Finances

Though a wise financial decision, buying a home is a huge investment. Unlike renting, where you have a landlord to fall back on in case of costly repairs or home maintenance, owning a home means you and you alone are responsible for its upkeep. 

Before you even begin looking for homes in your location of choice, you should sit down with a lender to become pre-approved. The pre-approval process involves meeting with a lender to discuss your finances. During this meeting, the lender will review your entire financial history — your credit score, annual income, tax information, and every other aspect of your finances. Then, they will let you know how much the bank is willing to loan you.

Becoming pre-approved is a great way to set your home-buying budget, because you'll know exactly how much you can afford to spend.

Costs to Buying a Home

Down Payment - In a typical mortgage, a down payment is 20% of the overall cost of your home. For a $200,000 home, that's about $40,000.

Earnest Money - Depositing a certain amount of earnest money tells the home-seller you're serious. Sellers rarely accept offers without an earnest money deposit. If you end up buying the home, the earnest money will go towards your down payment and closing costs.

Home Inspection - Before actually purchasing and closing on your new home, you'll want to have it inspected. That way, you'll be able to spot any last-minute issues that could affect your home's quality. A typical home inspection cost is anywhere between $300 - $500.

Closing Costs - It's closing day! Congratulations. There are just a few more people to pay before you can unlock the door to your new home with a smile. These include real estate attorney fees, taxes, title expenses, and the cost to actually process your mortgage. Closing costs may end up totaling 2-5% of your home's costs.

Calculate Monthly Payments With Our Free Calculator

What's In a Dream Home Anyway?

Are you looking for a stylish condo or a comfortable single-family home? As you begin searching for homes in the Lake Norman area, you should come up with a list of your must-have features in a home. In addition to its location, you should be thinking about how large you need it to be, how many rooms it should have, and whether or not it needs any custom features. Begin searching for homes below. You can filter by price, size, style, custom features, and more.

Additional Home Buying Resources

Work With a Home Buying Expert

An experienced real estate professional can streamline your real estate experience, saving you time, money, and a few headaches. When you choose to work with me, Michael White, that's exactly what you're getting. I will work hard to achieve all of your real estate goals while eliminating your stress, and always putting your needs first. Contact me today to learn more.