The First-Time Homebuying Basics

If you are considering buying your first home, you’ll want to know the first-time homebuying basics. Let the Gillespie Group tell you what you’ll need to do first!

BUYING MY FIRST HOME

The Homebuying Basics

If you are considering purchasing your first home, you’ll want to follow these homebuying basics to get started.

 

  • Find the right real estate agent for you
  • Connect with a lender
  • Explore state and federal grant & assistance programs
  • Learn the advantages of new construction
  • Understand seller concessions
  • Discover Wilmington’s more affordable properties that offer lower estimated monthly payments and homes that qualify for down payment and closing cost assistance
Learn more from our team as they break down the essentials for first-time homebuyers.
Gillespie Group Real Estate Agents

Find the right real estate agent for you.

The process of buying a home can be simple or complicated. To make it easy and positive, we recommend finding a great buyer’s agent. The right agent will guide you through every phase and ensure everything goes smoothly.

How to Find the Right Agent:

  1. Recommendations: Start with recommendations from friends and family.
  2. Research: Check websites and social media profiles for agent specialities and client testimonials.
  3. Interviews: Schedule interviews to ensure they communicate in your style, understand your needs, and have relevant experience.

The right agent will make you feel excited and confident about your home-buying journey.

 

First Time Homeowner Agent Danielle Gillespie

Connect with a Lender

Before you start touring homes, connect with a lender to determine your price range. At the Gillespie Group, we can recommend local lenders we work with regularly.

Steps to Get Pre-Approved:

  1. Fill Out an Application: A lender will assess your credit score, income, assets, and debt.
  2. Compare Rates: Speak with a few lenders to compare rates and loan products.
  3. Pre-Approval Process: Often takes less than 24 hours and is a crucial first step in your journey.
Wilmington NC is Beachtown
Realtor Danielle Gillespie Wilmington NC

Explore State and Federal Grant & Assistance Programs

Many first-time homebuyers aren’t aware of the various grants and assistance programs available to them. These can help with down payments and closing costs.

How to Access These Programs:

  1. Research Early: Apply for grants and assistance programs early in the process.
  2. Get Help: Your real estate agent and lender can help identify and guide you through the application process.

These programs can significantly reduce your out-of-pocket expenses.

Learn the advantages of New Construction

New construction homes offer unique benefits for first-time buyers. Builders often provide financial incentives such as assisting with closing costs and rate buy-downs.

Benefits of New Construction:

  1. Personalization: Customize the layout and finishes to your taste.
  2. Modern Amenities: Enjoy energy-efficient features and comprehensive warranties.
  3. Financial Perks: Builders often offer incentives to make buying a new home more manageable.
Wilmington NC is Beachtown
Realtor Danielle Gillespie Wilmington NC

Seller Concessions

Seller concessions can be a significant benefit for first-time homebuyers. These involve the seller agreeing to cover some of your closing costs or other expenses.

Examples of Seller Concessions:

  1. Interest Rate Buy-Down: Seller may cover costs to lower your interest rate.
  2. Appraisal Fees: Seller might cover appraisal costs.

Your agent will work closely with you to negotiate these concessions.

Discover Wilmington’s More Affordable Properties

The Gillespie Group has helped over 100 first-time homebuyers find homes. We have a list of Wilmington’s more affordable properties that offer lower estimated monthly payments and homes that qualify for down payment and closing cost assistance.

Contact us to set up a buyer consultation and access our list of affordable properties.