First-Time Homebuyer

First-Time Homebuyer

HERE FOR YOU. EVERY DAY.

HERE FOR YOU. EVERY DAY.

We’ll help you get the
right home
for you.

We’ll help you
get the right
home for you.

Click to expand these
questions that first-time
homebuyers usually have.

Click to expand these
questions that first-time
homebuyers usually have.

Can I afford a mortgage?

Buying a home can be an exciting, yet trying experience. Your credit score, income and the cost of the home are just a few factors that could determine if you can afford a home. At Carolina Alliance Bank, our mortgage lenders are some of the most experienced in our markets. Speak to one today to get you started on home buying adventure.

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What does prequalified and preapproved mean?

“Prequalified” and “preapproved” may seem like the same thing, but they are different. Prequalified is just an estimate of how much you may be able to borrow. Preapproved, on the other hand, indicates that you have been approved for a set loan amount prior to property selection.

Get prequalified or preapproved >>

What should my down payment be?

Your down payment is dependent on many variables. Your credit score, income and the cost of the home are just a few factors that could determine how much of a down payment you want or need to put down. Use our down payment calculator to see how much of a payment you may need for the home you want.

Go to calculators >>

What type of mortgages are there?

Carolina Alliance Bank offers a variety of loan programs to meet your needs including FHA, Fixed Rate Mortgage or Adjustable Rate Mortgage are perfect for first-time home buyers.

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How much of an impact does my credit score have?

Your credit score helps the lender determine risk [if any] in lending money. More possibilities of obtaining a better mortgage rate is greater when your credit score is maximized. There are some loans that don’t require a high credit score and you should speak to a loan officers for more information on those options.

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What documents do I need to have?

Providing as much information as possible is necessary in committing to such a big purchase like a home. There are a number of documents you must have ready for when applying for a mortgage.

Go to checklist >>

What should you do, rent or buy?

Are you having trouble deciding whether to rent or buy? Don’t worry. We
have answered some common first-time home buyer questions to
help you decide which may work better for your situation.

Are you having trouble
deciding whether to
rent or buy? Don’t worry. We
have answered some common
first-time home buyer
questions to help you decide
which may work better
for your situation.

WHAT ARE BUYING BENEFITS?
  • Homes increase in value, builds equity and lead towards ownership
  • Payments remain the same amount through the length of the loan
  • Interest and property taxes are tax deductible
  • Close ties to the community, yet maintain greater privacy
WHAT ARE RISKS OF BUYING?
  • Home ownership is long-term commitment that requires a down payment, closing costs and moving expenses
  • All maintenance is the responsibility of the homeowner
  • Mortgage payments are fixed, but higher than rent payments
WHAT ARE RENTING BENEFITS?
  • At times, monthly payments may be lower than a mortgage payment
  • There is more flexibility renting because it is a short-term commitment
  • All maintenance is the responsibility of the landlord
  • It’s easier to be approved for a lease than a mortgage

 

WHAT ARE RISKS OF RENTING?
  • Unable to claim interest and property taxes on tax returns
  • Rent may increase from year to year instead of a fixed rate a mortgage offers
  • Landlord may enter and inspect property, as well as having own set of rules and regulations
  • More difficult to stay away from unruly and unsavory neighbors

 

Have any more questions?

Our experienced mortgage lenders will help answer any question you may have.

Have any more questions?

Our experienced mortgage
lenders will help answer any
question you may have.

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