Common Financing Questions for Home Buyers & Sellers

Are you considering buying a home in the Triangle, or selling a home in the Triangle (or really, anywhere in the WORLD)? If so, you might have a lot of questions about how the process works and how you can move forward. The partnership between your real estate agent and your local loan officer is of utmost importance because together they can make the process an amazing one for you, or a not so fantastic experience. We take our partnerships with our lenders very seriously as their customer service is a direct reflection on our team. Below are some common questions agents get that may be best answered by their lender: 

1. How do I get started in the homebuying process?        
Once you've connected with a great agent here at Kima Real Estate Group the first thing that we'll do before or during our "buyer consultation" is refer you to a local mortgage broker. While we can chat all day about the type of home you're looking for, and how you can see your dogs running out back, the fact of the matter is pre-approval from a lender is the very first step. While you can use any lender at all (and we recommend talking to more than one!), our most trusted resource is Reed Lester of Movement Mortgage. 

2. What's so important about working with a local lender?
While there are mortgage companies across the world, nothing compares to working with a local lender (with local underwriters!) when it comes to buying your home. One of the things we love about Reed and Movement Mortgage is that while they are a large company, Reed is local and his team is local, and you could waltz right in and sit down across from him. This means when you're panicking at 10:30 at night Reed is likely to pick up the phone or respond to the email. Try getting THAT kind of service with a lender from a bank or online service. Communication and relationship is first in our business, and while technology plays a part in making the process easier for you, there is always a real live human right on the other end of the table! 

3. Do I need a 20% downpayment?
Another reason we refer our clients to a local lender at the very beginning of the process is so that the lender can help you answer questions such as these. While some clients pay all cash (this does not mean green dollars, but rather not taking out a loan for the home) or some clients put down sizeable down payments, there are loan types that require 0% down (think USDA loans or some specific 1st time buyer programs) and others that are just 3%. Your lender will give you the best information about your options so that you are well-educated in the purchase of your home. 

4. Do I have to sell my home before I can buy a new home?
Guess what - this is another question for your lender! They will ask you a series of qualifying questions, pull credit reports, tax returns, etc. and eventually come to the conclusion that you either do or do not have to sell your current residence before buying a new home. While it isn't always fun to carry two mortgages, buying one home before selling the other could mean more time to move in, less stress about concurrent transactions, and clarity. Buying and selling at the same time is something our team handles quite frequently so if you do need to sell before buying, or while buying, we'll make sure your stress is kept at a minimum and we guide you every step of the way. 

5. How long does the home buying process take? 
If you are pre-approved (not pre-qualified as that is not as in depth) with a lender and have submitted all the documents they'd need other than your executed contract, there are lenders that can potentially underwrite your loan is as little as 7 business days. Typically from the time you sit down with an agent for a consultation until the time you sit down at the closing table you can expect to spend about 60-90 days in the search and closing process. Some people spend a year or more searching for the right home, and others (rarely, so don't get any ideas!) put an offer in on the first home they see. Once you're under contract your agent will typically recommend a due diligence window of about 14-21 days, and a closing time frame about 30-45 days out. 

While there are likely a million other questions that you could think of right now to ask an agent and or a lender, I believe these might be some of the most pressing. Our team is here and ready to help guide you through the buying and selling process right alongside some of the best lenders in the business! Reach out today to get started!