Financing Your First Home

Financing Your First Home


Financing Your First Home- The Do’s & Dont's for getting approved for a Home Mortgage!

** PS-  It’s a good idea to start on this list before starting your home search!

DO -

Continue paying down credit card debt and other bills.

Get Pre-Qualified to learn how much mortgage you can afford.

Start saving for your down payment and closing costs if you have not begun this.

Keep all accounts current,including mortgage,car loans, and credit cards. Contact both your lender & Masha anytime a question comes up BEFORE you act on it!

Make all payments on or before due dates even if your loan is being paid off with your new loan.

Have any lender required funds to your lender’s office within 72 hours after your home inspection so that they can order your appraisal and keep the loan process moving on time.

Return any phone calls or emails from your lender, Masha, closing attorney, or anyone else involved in your purchase within 3 hours to avoid delays in closing.

Call Masha, your lender, your closing attorney if you have a question about something that is not on this list.



Do not change or quit your job. If this happens, notify your lender immediately.

Allow anyone to make an inquiry on your credit report except your lender.

Change bank accounts or transfer money within your existing account.

Charge abnormal amounts to your credit cards.

Open new credit cards.

Co-sign for anything

Purchase or attempt to purchase anything else on credit like a new or another vehicle,truck, boat, furniture,jewelry, or other real estate.

Apply for credit anywhere except with your lender. This can REALLY damage your credit score and lower your rating.

Send in late payments or incur late fees or miss payments on ANYTHING.


Some Quick & Easy Loan Terminology- Let’s get familiar with them!

FHA Loan- A mortgage that is provided by the Federal Housing Administration to enable qualifying Americans to borrow money to purchase a home. Typically this loan is used for buyers with little or no money for downpayment.

Fixed mortgage- A mortgage where the interest rate remains the same for the entire life of the loan.

Interest- A percentage of money deducted from your monthly mortgage payments for the use of the money borrowed from the financial institution.

PITI- Principal Interest Taxes and Insurance, together they comprise your monthly mortgage commitment.

Pre-Qualification- The process that the lender uses to determine what sales price you can afford to pay when buying a home.

Principal- The money used to pay off the loan balance.

Mortgage-  This is the financial lien against the property that you agree to pay in full at settlement. The mortgage document is recorded along with the deed at settlement.

Lender- Check out some lenders that have offered great customer service and loan programs. Select the one that best meets your needs!

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Contact Information

Photo of Masha Halpern - Boutique Real Estate Real Estate
Masha Halpern - Boutique Real Estate
Keller Williams Realty
101 Cosgrove Avenue, Suite 200
Chapel Hill NC 27514
Direct 919-951-1780
Toll Free 877-478-4669
Fax: 919-928-9030

Masha Halpern of Keller Williams Realty provides real estate services in the Chapel Hill, Carrboro and Durham, North Carolina area including real estate services for buyer, sellers and those relocating to the surrounding areas of Apex, Bahama,Cary, Efland, Hillsborough, Holly Springs, Mebane, Raleigh, and Wake Forest. Search for homes in Chapel Hill, Carrboro, Durham or the surrounding communities.  Request a market analysis for your North Carolina property.  I list and sell residential real estate, investment property, vacant land, lots for sale in Chapel Hill, Carrboro and Durham, North Carolina area.

Chapel Hill, Carrboro and Durham, North Carolina real estate and homes for sale in North Carolina - Masha Halpern & The Smart Move Team