From pre-approval to closing day — what to expect, what it costs, and what to ask.
There's no fixed number — it depends on market pace and how clearly you've defined your criteria, though most buyers tour 5-10 homes before offering.
BuyingA fixed-rate mortgage keeps the same interest rate for the full loan term; an ARM starts with a lower rate that adjusts periodically after an initial period.
BuyingWaiving inspection can strengthen a competitive offer, but it removes your ability to negotiate repairs or walk away over issues found — weigh the risk carefully.
BuyingAn appraisal gap occurs when a home appraises below the contract price, requiring the buyer to cover the difference, renegotiate, or terminate the contract.
BuyingEarnest money is a good-faith deposit showing serious intent to buy, typically 1% of the purchase price in North Carolina, held in escrow toward closing.
BuyingYes, buyers can terminate during the due diligence period for any reason, though due diligence money is forfeited; backing out afterward carries more risk.
BuyingBuyer closing costs in North Carolina typically run 2-5% of the purchase price, covering lender fees, attorney fees, taxes, and prepaid items.
BuyingYes — new construction homes can still have defects. Here’s why an independent inspection matters even on a brand-new build.
BuyingPre-qualification is an estimate based on self-reported info; pre-approval is a verified commitment based on documentation. Here’s why the difference matters.
BuyingClosing on a house in North Carolina typically takes 30-45 days from accepted offer, depending on loan type and how quickly conditions are met.
BuyingMinimum credit scores for NC home loans range from 500 for FHA to 620+ for conventional. Here’s what you need by loan type.
BuyingDown payment requirements in Fayetteville, NC range from 0% for VA loans to 20% for conventional loans without PMI. Here’s what buyers actually need.