As a first-time home buyer, it's helpful to know
what to expect as you begin to navigate the process of buying a home. Here is an overview that will keep you one step ahead.
Examine your budget so you are prepared when you talk to your BB&T mortgage professional about a home loan. Look at the full picture—know how much you bring in and spend on a monthly basis.
Using some basic information about you, such as your income, debts, assets and credit situation, we can determine the price of the home you can afford. This is known as prequalification. Knowing your price range ahead of time allows you to focus your search on the right properties.
Work with a licensed real estate agent to find homes in your price range in areas you like. Remember to consider the features you want in your home and neighborhood, such as number of bedrooms and proximity to schools.
Your real estate agent should arm you with information on comparable homes in the area you like. Use these "comps" to help determine how much you should offer for a house in that neighborhood. Keep in mind the costs of necessary repairs or renovations when you are evaluating potential homes. Once you settle on a home you like, you should be ready to make your offer.
After the seller signs the contract, contact your BB&T mortgage professional. With a copy of the contract in hand, we can start the preapproval process. We'll walk you through your loan options and current interest rates and put together a good faith estimate.
Next, you'll sign documents that allow us to finalize the loan. We'll request additional information from you at this time such as copies of paystubs, W-2s and bank statements.
Your mortgage professional will order an appraisal which will determine the value of the home. In addition, we urge you to have an inspection completed by a professional home inspector who will look closely at the roof, the air conditioning and heating, the plumbing, the electrical systems and other areas of the property.
Be sure to discuss any items of concern found in the inspection with your real estate agent. You should be able to negotiate with your seller to fix these issues or lower the selling price.
You will attend the closing, along with the real estate agents, the seller and the closing agent (sometimes an attorney or a title company). BB&T Home Mortgage will ensure the funds for the closing are wired on time. After you sign all the paperwork you will be handed the keys and will be the proud new owner of your first home!
For generations, BB&T Home Mortgage has helped first-time home buyers achieve their dream of home ownership. We're here to help you too. Contact a local BB&T mortgage professional for more information about getting started.