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Buying a Home |
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Home buying can be an enormous challenge — so
much to think about, options to consider, facts to remember, things to
do, etc. — it can almost be overwhelming and it certainly shouldn’t be
rushed. Whether you’re buying your first home, retiring or moving to
this area or buying a second home, the most important thing to do first
is your homework. Because of the geographical nature of the Wilmington
area, there are factors to consider in buying a home that you probably
won’t find in other locations. Ordinary homeowner’s insurance does not cover damage from hurricanes, and separate coverage that is fairly expensive is required. In the beach areas, this insurance may be available to you only through the state’s "Beach Plan." See www.ncjua-nciua.org. If your prospective home is in a flood plain, your lending institution may require you to buy flood insurance. See www.fema.gov/. In any event, a reputable insurance agent will be able to help find the proper insurance combination. Some people buy beach property with the idea in mind to rent the property during tourist season to cover the cost of the mortgage. While this has been possible in the past, the rapid escalation of home prices has far outpaced the increases in rental rates, making this a risky undertaking. Property management companies and real estate agents can advise you on going rental rates and the number of weeks you can expect to rent the property. Because of the complexities and possible pitfalls involved with buying a home, it’s well worth the added cost of having your own attorney to represent you, and it’s wise to work with a reputable real estate agent to represent you as a buyer. Be sure to get a copy of "Working With Real Estate Agents" from your agent. Further information is available at www.ncrec.state.nc.us/pdf/LicensingBooklet/Rules.pdf. For financing, many fine banks and mortgage brokers are available to help you with a wide variety of mortgage plans. Finally, before buying any home, have it
inspected by a licensed home inspector. Look into the North Carolina
Licensed Home Inspector Association (www.nclhia.com)
and The National Association of Certified Home Inspectors (www.nachi.org).
General advice on home buying is available at
www.hud.gov/buying/index.cfm or
www.pueblo.gsa.gov The local newspaper, the Star-News, has
excellent resources for home buyers, both in their print and online
editions, including real estate tips, frequently asked questions about
buying, selling and moving, special real estate tabloids, classifieds
and a two-day Fall Tour of Homes. |
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Finding a mortgage lender today is easier than ever before. Through the Internet, home buyers have access to a variety of tools to find and screen lenders. Your home builder or Realtor may make recommendations as well. In many cases, using one of their preferred lenders can speed the application approval process. Perhaps someone you know has had a positive experience with a certain broker or lending institution; talking with past clients will help you decide if the lender is right for you. Today's mortgage financing environment is complex and confusing, with a wide range of options available. Fortunately, there are loans to fit people with vastly different income levels and credit histories. To assure you find the mortgage loan that best fits your own situation, you'll probably need someone to help you navigate through the myriad programs available. If you elect to work with a mortgage broker, choose one who is well-versed in analyzing, structuring, underwriting, packaging and negotiating loan proposals. The National Association of Mortgage Brokers, (703) 342-5900, www.namb.org, offers information for consumers and can help you locate certified brokers in your area. As many folks do, you may decide to work with the bank or credit union where you maintain your accounts. You feel comfortable with the loan officers and trust the establishment to give you the best deal possible. Or, you may shop around to see where you can get a good mortgage package with the lowest interest rate. Whatever you do, do your homework! Here are some basic talking points when searching for a loan from a bank or mortgage company: 1) I am buying a house for $________ and
I plan to put _______% down. Because most of these banking institutions
have multiple offices, we're listing only one Wilmington branch and, if
applicable, a Carolina Beach branch. |
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AAXA Discount Mortgage
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As a discount broker, AAXA Discount Mortgage
promises to deliver the lowest interest rate possible. By providing
in-house underwriting, AAXA is able to offer the best deals that save
their customers money over the life of the loan. Headquartered in
Wilmington with offices in 26 states, AAXA offers numerous types of
traditional and specialty loans, including FHA loans, VA loans and new
construction lot loans. They also provide USDA rural housing loans,
which can be ideal for customers in Brunswick and Pender counties. In
addition, they offer unique options such as 100 percent financing,
stated income/no documentation loans for the self-employed and zero
closing cost options. Let an experienced AAXA loan adviser determine
which mortgage program is the best fit for your individual needs. |
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Alpha Mortgage
Corporation |
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In 1983 Michael Lopez started Alpha Mortgage
Corporation with two loan officers. Today, this locally owned and
operated mortgage banking firm has grown to 20 loan officers and
presents a refreshing alternative to run-of-the-mill mortgage companies.
As the largest private lender in the area and second largest in the
state, Alpha Mortgage Corporation offers the best rates anywhere for
mortgage loans of all types and sizes, specializing in loans of more
than $1 million. In addition to fixed and adjustable rate loans, they
offer FHA, VA & Government loans, fixed rate and equity line second
mortgages and even loans for second homes and investment properties.
Their in-house processing, underwriting and funding means that you can
have same-day loan approval for your first home or that dream vacation
home, and you can close in ten days or less. Alpha Mortgage is an
independent mortgage lender with local offices in Wilmington, Southport
and Topsail Beach, as well as five other locations statewide. |
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American Home Mortgage Atlantic Coast
Financial Services, Inc.
Azalea Coast Mortgage Company
Coastline Mortgage Consultants, LLC
Irwin Mortgage Corporation
Mortgage South
Plantation Mortgage Consultants |
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Port City Mortgage Group |
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A locally owned and operated company, Port
City Mortgage Group has built a reputation for providing outstanding
customer service, leading them to establish a great rapport with real
estate professionals and a strong repeat client base. Whether you are
buying your first home, considering refinancing or debt consolidation,
or looking for a low-interest home equity line of credit, Port City
Mortgage Group offers a full array of mortgage services. Some highlights
of their loan programs include 100 percent financing, stated income
loans for self-employed borrowers, and fixed and adjustable rate
mortgages at low rates. Their knowledgeable and friendly loan
counselors will work with you to find the best loan product to fit your
needs. Port City Mortgage Group is a member of the North Carolina
Association of Mortgage Professionals and the National Association of
Mortgage Brokers. |
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Stevens Mortgage Consulting |
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For more financial
information, please visit our Commerce and
Industry Chapter. |
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Continue to Home Inspectors | ||||||||||||||||
