Three steps toward making the most of your mortgage

Making the most of your mortgage

CHARLOTTE, NC (WBTV) - For many people the most intimidating part of buying a home, particularly for first-time home buyers, is finding the mortgage that is right for you.

Charlotte, in recent years, has had more first-time home buyers than many other cities.  42% of buyers in 2013 were first-time home buyers.  Compare that with the national average which is 38% of buyers being first-timers.

Because of those numbers, we turned to a local realtor for advice on venturing out of the rental market into owning something of your very own.

Realtor Michael Nester says there are three things to think about when it comes to mortgage payments.  First, beware the convenience of online shopping for a mortgage.

"A lot of people use online, but a seasoned broker can better help you through the pitfalls you might have," Nester said.

Nester adds that you want to work with a mortgage broker who is willing to give you his or her cell phone number or willing to take calls at odd hours.

"Think about it, most people are making home-buying decisions on the weekends or at night, not Monday through Friday from 9am to 5pm," he said.

Nester also warns about becoming "house poor".

"Many times people qualify for more than they actually might want to pay per month.  They can afford the mortgage payment but they can't afford to buy furniture for the house," Nester said.

If you are in the market for a home, or trying to sell yours, the most recent numbers on how quickly homes are selling all across our area and for how much will be really interesting to you.  You can see them by clicking here.

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