As part of a new ongoing series, the creative brains at Wyndham Capital decided it'd be fun to talk to homeowners who recently went through the home buying, refinancing, or equity process. What did they do that worked? When did they know it was the right time? What didn't go as planned?
We thought you could learn from their stories - we certainly did.
For this one, a young Charlotte family shared their thoughts and tips about the home buying process from the perspective of a first time homebuyer.
When did you close on your home?
- We closed this past July.
How long did it take from submitting your application to officially closing on your loan?
- The entire process took a month.
What was the listing price on your home versus what you actually paid?
- It was listed at $398,00 but we paid $392,500
What kind of mortgage did you choose? What rate and APR?
- We chose a 30 year fixed mortgage at 3.17%
What were the total closing costs when it was all said and done?
- We paid $8,500
So what does that leave you at for a monthly mortgage payment?
- We pay $2,444 for our four bedroom home.
What was the home search experience like for you?
- I found the house myself on Zillow!
Were you pre-approved or pre-qualified?
- Pre-qualified (To learn more about what that means, click here)
Did anything confuse/surprise you during the mortgage process?
- How extensive the process was and how important it was to choose a mortgage company I could trust.
Looking back, what would you do differently, if anything?
- We would have extended our closing and researched more interest rates.
Were there any questions that you asked that were helpful and that you would recommend others ask?
- If rates were negotiable. It was very helpful to find out the different options available to us that would lower our rate.
Were there any questions that you wished you had asked but didn’t know to/ didn’t think of?
- Not necessarily. I would have just shopped around more.
Do you have any advice for people currently shopping for a mortgage?
- Make sure to do your research on mortgages way ahead of even looking for a house. Also do not apply for a mortgage where it’s less than 80% of your house price
Thinking about buying your first home? Don't get overwhelmed - we've got you covered with our First Time Home Buyer Checklist.