Unless you have a mattress full of cash or an extremely wealthy - and possibly well-medicated - relative willing to give you the funds, chances are strong you will need to obtain a mortgage in order to purchase a home.
For many people, it’s a fairly simple and easy process. This is partially due to the fact that Wilmington home prices are incredibly reasonable compared to the rest of the country. The value that you can get here is really unbelievable!
Before I get too off-topic, though, I think it’s worthwhile to mention that the sheer variety of options for financing and their various implications can make it impossible for many borrowers to make a decision.
Some important first steps to remember when seeking financing include acquiring a free credit report from a reporting agency, such as Experian, ensuring that your payments with all of your current financial obligations are up to date and avoiding taking out new lines of credit.
Many of the questions I receive from buyers are centered on down payments, closing costs, monthly payments and pre-approval amounts. Understanding the process is essential to avoiding hassles and costly mistakes, so here are a few handy bullet points about each topic.
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The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.