Marianne Howell Wright Your first time buyers agent for Chapel Hill, Carrboro, Durham and Chatham County Contact me Call, Email, or text me. 919-274-4365
It's a smart time to buy.... Low rates, large inventory, and good deals!
Laura Hall with Corporate Investors Mortgage Group tells you what to expect from your first meeting with a lender for prequalification. You can reach Laura at Office: (919) 929.6116 x 236
First Time Buyer Stories Kathy's first house. Kathy was referred by a friend. We looked at lots of houses from Chapel Hill to Durham to Chatham County. When we saw this cute home in Chatham, just 10 minutes from UNC with a big lot, screened porch and hardwood floors Kathy knew this was the one. After a couple of years Kathy met the man of her dreams and called me to sell the home. It sold quickly at a good price to a young couple buying their first home.
Erin's first home, a Chapel Hill condo. I helped Erin find this condo when she came to Chapel Hill as a medical resident. She loved her cozy home and hated to leave it when she finished her residency.When it was time she called me to sell it and we found the perfect couple to buy it. It's their first home too and they love it like Erin did. Erin had a great return on her investment and a great place to live. The new owners, Aaron and Megan, will too.
Tax benefits of home ownership for first time buyers
1. The interest you pay every month is tax deductible (up to a million dollars for tax payers filing jointly). During The first years of your loan your payment is mostly interest. The amount of the deduction depends on your income..
2. Points are deductible. One point is equal to 1% of the loan amount. You may want to pay a point or more when you close on your loan to get a better interest rate. This is called buying down your rate.
3. If you are required to pay PMI (private mortgage insurance) the premiums are tax deductible (through 2010). PMI is required when the loan is for more than 80% of the purchase price. PMI doesn't last forever, just until you have more than 20% equity in the home either by making payments or appreciation.
A Story of Two Couples Allison and Steve's new town house~A story of two couples
Courtney and Robert just got married and are moving to their first apartment. The rent is $1000 per month and they plan on living there for 3 years while Courtney is in graduate school.
Allison and Steve are in a similar situation but a friend told them to call me to help them buy a home. I put them in touch with a wonderful lender who explained what was involved in financing their first home. I showed them homes until they had a really good idea of what was available in their price range. They found and made an offer on a cute little house. After some negotiations the offer was accepted and they were thrilled that the payment was only $1000 a month. They didn't have much money saved but the contract required the seller to pay their closing costs. Three years later both couples are ready to move. Courtney and Robert have spent $36,000 for rent. Its gone forever. Allison and Steve have spent the same amount but they have saved lots of money on taxes and their house has appreciated. They have lived for free and have the money from the sale of the house to put into their next home.
Take Allison and Steve's advice and call me today to help you! 919-274-4365
Dana's first home, a cute condo Dana called me from Chicago when she decided to come to UNC for graduate school. She wouldn't have time to come to Chapel Hill to look so asked me to preview properties for her. I took lots of photos and Dana bought this condo without even coming to town. It was an excellent price and a fixer upper. She arranged renovations before she moved. She only stayed a couple of years but we sold it quickly at an excellent price to a young woman who lived in it for a while and now keeps it as an income producing rental property. Buying a Home: Step by Step Call me, I'll help you:
1. Pre-qualify for a loan. I'll take you to see one of the local lenders who I know and trust. You will find out how much you can afford to spend on a home and what your monthly payment will be.
2. Make your wish list.
3. Look at different homes and neighborhoods
4. Evaluate the homes, price and resale potential
5. Help you make and negotiate an offer.
6. Make loan application.
7. Schedule inspections and negotiate repair requests.
8. Contact an attorney for the closing.
9. Schedule movers.
10. Change utilities.
11. Attend the closing and sign loan documents.
Kathy's first house Kathy's first house. Kathy was referred by a friend. We looked at lots of houses from Chapel Hill to Durham to Chatham County. When we saw this cute home in Chatham, just 10 minutes from UNC with a big lot, screened porch and hardwood floors Kathy knew this was the one. After a couple of years Kathy met the man of her dreams and called me to sell the home. It sold quickly at a good price to a young couple buying their first home.
First, get your credit score What your credit score means and how to get it free once a year.
Do You know how important your credit score is? For many years lenders considered many factors in assessing the credit worthiness of an applicant including income to debt ratio, work history, bank records and general references. Things have changed and your credit score is all important. It's not hard to make an improvement in your score and this will affect the rate you are charged, the kinds of loans available to you, the down payment and the amount you can borrow. Read my tips for getting your credit score up and keeping it up. Andrew and Marnie's first house Time goes by fast. I helped Andrew and Marnie buy their first house over 10 years ago. We kept in touch over the years and after three children they needed more room for a 4th. Selling their home was an exciting experience (I wrote about it in my blog) that turned out great. They are now in a home the right size for their family and a young couple are enjoying their former home and neighborhood.
Try out these five simple steps to improving your own credit score, you could see dramatic results! If you would like to meet with one of my favorite lenders and discuss your credit and buying options just let me know.
1. PAY YOUR PAST DUE ACCOUNTS.
Yes, this sounds obvious, but understand that credit scoring software severely penalizes you for having accounts with a past due balance. Making sure all of your accounts are current, and paying the amount that shows as being past due on the credit report can increase your credit score by a significant amount.
2. TRY TO "GET RID" OF YOUR LATE PAYMENTS.
Contact all creditors that have reported late payments on your credit and request a good faith adjustment that actually removes the record of late payments reported on your account. Be persistent, if they refuse to remove the late payments at first, remind them that you have been a good customer that would deeply appreciate their help.
3. REQUEST TO HAVE YOUR CREDIT LIMITS INCREASED.
Contrary to popular belief, having low credit limits on a credit card can actually hurt your credit score when the balance owed is 50% or above the limit assigned. The lower the percentage of debt to available credit the better, as it shows you are able to handle having credit available without running it up to the max.
4. DO NOT CLOSE YOUR OLD CREDIT CARDS, KEEP THEM ACTIVE.
15% of your credit score is determined by the age of the credit file. Therefore, even if your old credit cards have horrible interest rates, closing those cards will decrease the average length of time you've had credit;as well as increase your "debt to available credit ratio" as discussed in point 3. Use the old card at least once every six months to avoid the account rating to change to "Inactive". An inactive account is ignored by Fair Isaacs credit scoring software, so you will not get the benefit of the positive payment history and low balance that card may have had in the past.
4. BECOME AN "AUTHORIZED USER"If you have a short and limited credit history, you can ask someone to add you to their credit card account as a joint account holder or an authorized user. When added, the primary account holders credit card will appear on your credit report. Credit scoring software will treat the added account as though it is your account and you will benefit from the low balance and the long payment history for that account. Being an authorized user is potentially detrimental to your credit score if the person giving you the card either maxes out the credit or pays late, since this would report on your credit report too.
Danny and Jacque's first house Danny called me a few years ago to look at property to build his first house on. His budget was limited and this was a new experience for him. Danny is a quick study and soon understood lot surveys, perk considerations, topography and drainage. He designed the first home himself and he and his wife and two children lived there for 2 years before calling me to sell it. After two years he wouldn't have to pay capital gains tax on the profit. We put it on the market and sold it just as we were entering this tough market. I helped Danny and Jacque with the purchase of their new 5 acre lot and they are planning to build their second home soon. Free Mortgage pre-qualification
Laura has worked with many of my first time buyers and really understands the different available programs. Your information will be confidential and secure with Laura.
Laura Hall Sr. Mortgage Consultant Corporate Investors Mortgage Phone: (919) 929-6116 x 236 Cell: (919) 417.6869 lhall@cimginc.com www.cimginc.com Karen's first house Karen worked at Duke and wanted a newer home within 15 minutes of work. We found this home while it was still under construction so Karen was able to choose finishes. Buying early in a neighborhood is a good move because the prices usually go up as the neighborhood is built out. After a few years Karen decided to move back to Chapel Hill. I put her home on the market and it sold easily because Karen had made good decisions when she purchased with price, features and private lot. Call me and let me help you make good decisions. 919-274-4365
How I work and how I get paid I will work with you and represent you as your buyers agent. After we have talked with lenders and you feel comfortable with your price range well start to preview homes first on line then by scheduling appointments. I have found that it is much better to just see a few homes in a day and really pay attention to what you like and dislike in a home and neighborhood. The price range will be your decision. What you qualify for in a loan and what you feel comfortable with may be completely different. I will never pressure you to spend more than you specify. We will look at lots of properties on the market until you have a good idea of what is available. Then we will start to narrow our search down to neighborhoods or areas that you especially like. When we find THE home we will look at past sales in the area and come up with an offer price. See "From offer to closing below"
It will be helpful to take a few minutes to read over "Working with Real Estate Agents". This brochure describes the different agency relationships in real estate in North Carolina. It describes my duties to you as your buyers agent. It does not address compensation (my fee). The fee is addressed in the "Buyers Agency Agreement". I can be your buyers agent with an oral agreement but we are required by the NC Real Estate Commission to have it in writing before closing of the sale. Having an agreement is important to me because it ensures I get paid for my work. My company does not pay me a salary or provide benefits so I only get paid when a sale is concluded.
How I get Paid I am almost always paid by the seller and you have no cost to you representation . This is how it works. When a seller lists a home for sale they sign a listing agreement which details the fee they will pay to the listing company to sell their home. The agreement shows the fee that the listing company(representing the seller) will receive and the fee that they will pay to the company who brings the buyer. In our area 6% is a common seller fee and it is usually split 50-50 between the listing company and the selling company. You do not have to pay me unless the seller is offering less than my standard fee.
It is rare rare but sometimes occurs. (actually I have never had to ask a buyer to make up a portion of my commission) The minimum fee I charge for buyer representation is 2.5% of the sales price and is almost always paid by the seller. The amount of compensation is shown in the MLS listing. If the offer of compensation by the listing company is less than 2.5% I will ask you to make up the difference. Before we view a home I will tell you if the fee is less than my minimum so you can decide if you want to see it. The other situation where the fee may be less than my minimum is a "for sale by owner". Often the sellers are happy to pay a buyers agent because they are planning on saving money on the listing side by doing the marketing themselves. I always ask that you let me contact a FSBO seller so I can arrange the fee before we see the home.
If you visit a new home neighborhood bring your agent with you. If that isn't possible always let the on site agent know you have an agent so you can have representation with the builder paying the fee. Read about buying new construction
Kristin and Allen's first house Kristin is my daughter. When Kristin and Allen, her husband now but fiance then, told me they wanted to buy a home I really felt the pressure. I wanted to guide them in the right direction but didn't want to be a pushy mom. We looked at a lot of areas around Chapel Hill until they decided Highland Forest was right for them The lots are over an acre and private but it is still a neighborhood where they could walk their dogs and visit with neighbors. They didn't get the first home they offered on. There were multiple offers and it went for over asking price. That was lucky for them because the perfect home was just reduced within their price range. We negotiated from there and soon they were living in their new home. Allen worked hard on the yard and the house looked great. After two years we put it on the market (no capital gains). It sold quickly for an excellent price. They used the profit to buy a lot and rented an apartment while they built their new home. They loved their first home and it helped them on the way to their next home.
The Process: From Offer to Closing Every state seems to have a different process. This is generally how it is done in The Triangle.
Make an Offer: When you find the right home, the next step is to make an offer. Your agent plays a critical role in this process and will advise you if the asking price of the home is acceptable, given current market conditions. Their knowledge of the market and expertise is invaluable during the negotiations. They will do a competitive market analysis, to not only make sure the home price is right, but that it will retain its resale value. When you arrive at the offer amount, your agent will write a purchase agreement. Your purchase agreement includes any conditions that need to be satisfied including inspections and loan qualifications. At this time, you will be asked for a check for "earnest" money, which will go to toward your down payment at closing. This amount, set by the seller, may be non-refundable if the contract falls through.
Order an Inspection: When an offer is accepted, we will order inspections. Any conditions that have been placed on the agreement must be satisfied and removed. An inspection may reveal repair items that may be another condition of the offer. Notify Loan Officer to Begin Appraisal, Lock-In Interest Rate & Send Good Faith Estimate: After the offer has been accepted, your loan officer must begin the processing of your loan. They will take your application and verify your sources of funds and other information and prepares a good faith estimate that indicates how much money you will need to bring to closing. This is also when you can lock-in your interest rate. Have a homeowners insurance policy in place prior to closing. Notify Your Phone, Utilities and Other Service Providers of Your Move-In Date: You must have all of your utilities disconnected and reconnected in your name at your new address.
Go to Closing: In North Carolina we don't normally use an Escrow or Title company for the closing, we use an attorney. Your agent will help you select a closing attorney. At the closing, he/she will represent you and help explain all of the settlement statements and individual charges and fees and assure all your contract conditions have been met. You must bring a certified check for your down payment and closing costs. When all of the settlement papers have been signed and when the deed is recorded in the court house, you will be given the keys to your new home!
Buyers Closing Checklist: A certified check made payable to your attorneys trust account, for the amount specified by your attorney (if applicable) Your personal checkbook in the unlikely event other charges come up at closing Your new homeowners insurance binder with receipt of one years payment Your lender's good faith estimate and your drivers license.
Make Your Move! Through our Coldwell Banker Concierge program and our many local contacts, we can assist you with all of your move-related needs including moving van lines, boxes, home warranty, security, locksmith and more. We reduce time and stress my recommending trusted companies who provide great service and value. We will make your move simple! Congratulations on the purchase of your new home! John and Kathleen's first house John and Kathleen were in graduate school at UNC and expecting their first child. They were excited about moving from an apartment and to their first home. They decided on Southwest Durham because it was a quick drive to UNC and they would be able to afford a home with a yard rather than a townhome or condo. As usual times flies and after another child and a job offer in the midwest they called me to sell their home. They had to move quickly and a vacant home is harder to sell. I went in after they left and staged it with accessories and made sure things were kept up. It sold and I took care of the closing details because they couldn't come back and attend to things. They went on to buy their second home and used the proceeds from their first home for a good downpayment.
March 13th- March 27th 30 Yr. Fixed Rate
Conv 30 yr Fixed4.625 - 5.000 Conv 15 yr Fixed4.375 - 4.750 FHA 30 yr Fixed5.000 - 5.500 Conv 5/1 yr ARM4.000 - 4.500 JUMBO 5/1 ARM4.500 - 5.000
ABOVE RATES ARE FOR PURCHASES.
RATES ARE AT HISTORIC LOWS!
NO COST AND LOW COST REFINANCES & PURCHASES AVAILABLE CALL TODAY FOR A FREE QUOTE!
Laura Hall Sr. Mortgage Consultant Corporate Investors Mortgage Phone: (919) 929-6116 x 236 Cell: (919) 417.6869 lhall@cimginc.com www.cimginc.com
About the Photos
Kristin and Allen's first house The photos are of homes of buyers I represented when they purchased their first home. I have the photos because they are also buyers who called me to sell their home when they were ready to move up to their next home. Part of my job is to make sure my buyers don't over pay so I will be able to sell the home for a profit when the time comes. When I sell a home I go in and really get it ready for the market to get top dollar. I will be happy to provide email or phone contacts for my past clients.
Call, Email, or text me. 919-274-4365 
Kathy's first house.
Erin's first home, a Chapel Hill condo.
Kathy's first house
Allison and Steve's new town house~A story of two couples
Dana's first home, a cute condo 
Andrew and Marnie's first house 
Danny and Jacque's first house 
Karen's first house 
Kristin and Allen's first house 
John and Kathleen's first house
Kristin and Allen's first house