Buyers
The buyer's guide
Nothing here is a secret. It's just rarely written down in one place, in language that assumes you haven't done this before.
1. Get pre-approved, not pre-qualified
Pre-qualification is an estimate based on what you told the lender. Pre-approval means they pulled credit and verified income. In a competitive offer, listing agents read the difference immediately — and a pre-qualification letter is the fastest way to lose a house you could have afforded.
2. Know your real monthly number
Principal and interest are only part of it. Add property tax, homeowner's insurance, mortgage insurance if you're under 20% down, and HOA dues. In Wake and Durham counties that stack can add several hundred dollars a month to the number a mortgage calculator shows you.
3. Down payment help exists
FHA loans start at 3.5% down. VA loans go to zero for eligible veterans. NC Home Advantage and its first-time buyer programs can supply down payment assistance. Ask before you assume you need 20% — most buyers in this market don't put down anywhere near it.
4. Writing the offer
In North Carolina you'll put up two separate checks: due diligence money, which the seller keeps regardless, and earnest money, which is refundable if you cancel during the due diligence period. The size of the due diligence check and the length of the period are usually what wins a competitive offer — not just price.
5. Due diligence is the real work
Inspection, appraisal, survey, insurance quote, HOA documents. This window is when problems get found and renegotiated. I schedule it front-loaded so there's still time to walk or renegotiate if the inspection turns up something structural.
6. Closing costs
Budget 2–3% of the purchase price on top of your down payment: lender fees, attorney (North Carolina is an attorney-closing state), title insurance, and prepaid taxes and insurance. Seller-paid closing costs are negotiable and are often a better ask than a price reduction.
If any of this raised a question, that's the conversation to have before you start looking — not after you've found the house.