Buyer Financing: Mortgages and Home Loans Guide

Use this page as a resource to answer all your home financing questions!


Get Your Home Financing Figured Out Early


Before you know what homes to consider in the Triangle Area, you need to figure out your home financing to know how much you can afford, and that comes down to the monthly payment amount. Between loan products and new lending rules, variable interest rates and credit score surprises, most buyers are looking in the wrong price range (too high or too low). We will refer you to a mortgage lending specialist with the right experience.

Based on your preferred monthly payment, income, and credit scores, he/she will review all your loan and down-payment options and write you a “pre-qualification letter” stating what purchase price you can afford. The seller’s agent will need this letter in order to consider your offer. A “pre-approval letter” (as opposed to a pre-qualification letter) requires more labor on your part to provide additional paperwork and verification, yet it will not help you at all when making an offer on a home, so skip it.

Finally, when your mortgage broker asks for additional paperwork, get it to her immediately. She cannot control what the underwriter will ask for or when, and if you are late, your closing might be also.