Cornelius is a small suburb in northern Mecklenburg County in the Charlotte, North Carolina, metro area. Located on the shores of Lake Norman, Cornelius has a population of about 25,000 people. If you’re looking to move to Cornelius and purchase a home for the first time, then you probably need some tips and tricks for first-time home buying. Here are some of our top tips for buying a house as a first-time home buyer in Cornelius.
1. Set yourself apart
One of the best ways to set yourself apart when buying a home for the first time is to get a mortgage preapproval letter. A mortgage preapproval letter is an offer from a lender to loan you a specific amount of money under certain terms. Obtaining this letter up front will help show real estate agents and sellers that you are taking home-buying seriously. Make sure to apply for a preapproval when you’re ready to begin shopping for a home.
2. Find a good real estate agent
An excellent real estate agent will guide you through the process of negotiating and closing on the home. You can also get referrals from other home buyers for real estate agents. Ensure to interview at least a handful of real estate agents and get references from recent clients. You should also ask them about their experience helping other first-time home buyers in your real estate market.
3. Don’t put down 20% unless it makes sense
There are a few costs you need to think about when saving up for your first home, including the moving expenses, closing costs, and down payment. Most first-time home buyers know that they need to save for a down payment, but home-buying rookies often don’t factor in the moving expenses and closing costs when saving for their first house.
4. Be prepared to pay property taxes
No matter where you live, you must be prepared to pay property taxes on your home. According to the 2023 budget for Cornelius’ new financial year, all homeowners need to pay 84.89 cents per $100 of valuation on their home each year. Make sure to factor this cost into your budget when purchasing your first home in Cornelius.
5. Check out available loans and Homebuyer Assistance Programs
There are a wide range of different mortgage options available, including conventional mortgages, FHA loans, USDA loans, and VA loans. Conventional loans are geared towards first-time home buyers, and some of these loans only require you to put 3% down. FHA loans are mortgage loans that are insured by the Federal Housing Administration, and they allow as little as 3.5% down.
6. Complete a homebuyer education course
As a first-time home buyer in Cornelius, you should consider a homebuyer education course to learn more about all of the steps you need to take when purchasing your home. These classes are sometimes required for homeowners who want to participate in assistance programs.
7. Discover more tips for becoming a Cornelius homeowner
Determine what you can afford
Check your credit score
Compare mortgage rates and fees
Pay for a home inspection
Partner with a Cornelius real estate agent
Looking for a new home in Cornelius? Reach out to the trusted Cornelius real estate team at J. Cash Real Estate team for guidance.