At a minimum, talk to an Outer Banks lenders PRIOR to looking at home listings, even if you’re only “thinking about it” you may buy. In todays, market if you are not “ready to go” your dream home may be other too. 3,4,5 offers on properties is not that uncommon when the price is right, and the property is to boot. Pre-qualifying for an Outer Banks mortgage before you preview property will save you and your realtor valuable time by previewing properties that match closest. Talking to a lender doesn’t mean lender will hit the credit bureaus with inquiries. Instead, you can count on having a general conversation based on facts like your debt, income, and investments. Outer Banks lenders need to keep up with the Federal guidelines for Fannie Mae and Freddie Mac, as they are in a constant state of change.
Home loans encompass a broad range of products. On the Outer Banks you may get primary home, second home, investment home, or new construction. New construction loans covert to a permanent mortgage once the house is complete and that all obligations are satisfied by the lender. Including any government agencies.