Wilmington NC Real Estate Guide

1. Don’t apply for new credit card of any kind. Including those “you have been pre-approved” credit card invitations that you receive in the mail. Every time that you have your credit checked by a potential creditor or lender, you lose points from your credit score immediately.
2. Don’t pay off collections or charge-offs during your loan process. Paying collections will decrease the credit score immediately due to the date of last activity becoming recent.
3. Don’t close credit card accounts. If you close a credit card account it will appear to FICO that your debt ratio has gone up and it will affect length of credit history.
4. Don’t max out or over-charge your credit card accounts. This is the fastest way to bring your score down 50-100 points immediately. Try to keep your credit card balances below 30% of their available limit.
5. Don’t consolidate your debt into 1 or 2 credit cards. It seems like it would be the smart thing to do, however, when you consolidate all of your debit into one card, it appears that you are maxed out on that card and the system will penalize you.
6. Don’t do anything to cause a red flag to be raised by the scoring system. This would be adding additional accounts, co-signing a loan, changing your name or address.
7. Do join a credit watch program. You can then check your reports weekly, or even daily.
8. Do stay current on existing accounts. One 30 day late can cost you!
9. Do continue to use your credit as normal. If you change your pattern, red flags are raised immediately.
10. Do call your loan originator if you receive something in the mail from creditors or collection agency that you believe may affect  your score. Your broker may be able to supply you with the resources you need to stop any derogatory reporting to the bureaus.

Please email kay@cbbaker.com for more details on home mortgages. We can also put you in contact with a reputable lender to prequalify you for a home purchase or refinancing. To search for Wilmington NC real estate, please go to www. cbbaker.com.

So you have started your home search, but you really are not sure as to what price range homes you should be looking at. The first place to begin is with a knowledgeable local Realtor and a reputable lender. The combination will put you in the driver’s seat. The lender will pre-qualify you and tell you exactly what price range homes to be looking at. Therefore, you will not waste your time or your Realtor’s looking at homes that may not fit your budget. Also, with a pre-qualification letter in hand, you are in a much better negotiating position with the seller.

Now that you have found your dream home with the assistance of a professional Realtor, you will need to decide exactly what type loan best fits your needs.

Would you be best suited for a fixed rate 30 year mortgage?

A fixed rate mortgage simply offers the same payments for principal and interest throughout the term of the loan.

Adjustable Rate Mortgage

An adjustable mortgage may adjust at different intervals based on the exact terms of the loan. You typically get a teaser rate for the first year or so and then it increases based on the market rate.

Interest Only Mortgage

If you do not plan to live in your home long term, an interest only mortgage may suit your needs just fine. You only need to pay the interest monthly and the principal is due upon payoff.

FHA

First time home buyers reap the benefits of an FHA loan which offers lower down payments and easier credit and qualification guidelines.

$8000 Stimulus

Let’s don’t forget to take advantage of the $8000 tax credit for first time home buyers and some that have owned a home before.

Right now is the perfect time to be looking for your first home, or maybe a larger one and in some cases you might just want to scale down to a smaller one. You can start your search for Wilmington NC real estate at www.cbbaker.com. There you can search by price range, neighborhood, zip code, map and more. And, please give me a call or email kay@cbbaker.com for complete details on the home buying process. I can also put you in contact with a reputable mortgage broker to get you prequalified today.

531 Sea View Road

Your dream is just about to come true! A gorgeous custom built home with panoramic views to the intracoastal waterway and the Atlantic Ocean. For a limited time only, aggressive financing is being offered for clients who are looking to purchase this home in Wilmington NC.  Read the rest of this entry

Loans are Available

Now is the time to buy! There are great loans available under 5% and  some are 100% financing. First time home buyers can receive $7500 tax credit! In addition, there is a proposal in Congress for all home buyers to receive a $15000 home credit! Read the rest of this entry

Wilmington NC Real Estate Market Conditions

“The answer, my friend, is blowin in the wind. The answer is blowin in the wind” Bob Dylan. Where is the answer? While the Federal Reserve and the Treasury Department think they have the answer. Congress thinks they have the answer and Wall Street has a bailout, now the Auto Industry is looking for help. With so many plans and paths the consumer is confused and has no confidence in our economic system right now. So they sit and wait and hold on to what they have. What is the answer for the consumer? Read the rest of this entry

Loans are Available

Now is the time to buy! There are great loans available as low as 6% and some are 100% financing. First time home buyers can receive $7500 tax credit! Read the rest of this entry

North Carolina least expensive state for loan closing costs

Sometimes it pays to be on the bottom of the list. North Carolina ranked just that (number 56) by bankrate.com for loan closing costs. 2008 closing costs average $2650 for a $200,000 loan in the state of North Carolina. New York ranked first as the most expensive state for loan closing costs at $4015. Read the rest of this entry

Affordable Neighborhoods in Wilmington NC

There are numerous affordable neighborhoods in Wilmington, NC and New Hanover County that are peachy perfect for first time home buyers that would like to take advantage of the $7500 tax credit. They range in price from just under $150,000 to $200,000. Just to mention a few that you might want to take a look at: Whitney Pines, Alamosa  Place, Farrington Farms, Hollyfield at West Bay Estates. You can search all of these by neighborhood at www.cbbaker.com. Read the rest of this entry

Contrary to popular belief in the media, we aren’t having any trouble getting people mortgages.  Yes, they have to have a job, yes, they to have decent credit (but not perfect) but we are getting them done. The media has the public believing its impossible to get a mortgage because things are so tight.  Actually with many mortgage brokers going out of business, the landscape has changed in our industry.  Read the rest of this entry

Financing Your Home Purchase in Wilmington, NC

Best Ways To Finance

Fortunately, in today’s world, buyers still have many mortgage options. Contrary to media report, there is still plenty of liquidity in mortgage money. Yes, mortgages require more documentation than in 2007, but for those that can verify a job and income, money is still available. Always check with your mortgage lender to look at all options available and the different closing cost structures. Read the rest of this entry