Pre-qualification is a quick estimate of what you might be able to borrow based on unverified information you provide. Pre-approval is a formal commitment from a lender after they verify your financial documents, and it holds much more weight when making an offer.

While 20% down is ideal to avoid private mortgage insurance (PMI), many loan programs (like FHA, VA, or conventional loans) allow down payments as low as 3% to 5%. There are also local first-time homebuyer down payment assistance programs available in North Carolina that we can explore.

Closing costs are the fees associated with processing and finalizing your real estate transaction (lender fees, taxes, insurance, title fees). They typically total 2% to 5% of the loan amount. While buyers usually cover their own closing costs, we can sometimes negotiate for the seller to contribute toward them.