What Are Your Lending Options When Buying a Home?
The Savvy Synopsis
Whether you are buying a home later in life or interested in what you would need to know about buying a duplex, there’s always something more to know about the homebuying process and even how it relates to your financing. Angie answers a few of your questions from the mailbag this week.
When it comes time to buy a home, you want to know what you’re doing. You want the best realtor, the best loan options, and the best long-term plan. Angie answers three questions from the mailbag today all related to buying a home.
Phil from Durham is 85 years old and looking to move closer to kids. Even though he’s on the older side, is he still able to get a 30-year mortgage? The good news is, there is no discrimination based on age when it comes to getting a mortgage. Angie has two lenders she can recommend.
Sandy in Holly Springs is interested in buying a duplex and then renting out one side while living in the other. Is there anything different about buying a duplex compared to buying a single-family home? When it comes to financing, the guidelines may be tighter, but you’ll have to talk with a lender about the right loan for you. Your home owners insurance may be different. Also, don’t forget that if there is an existing lease agreement, it exists until it expires.
Joe in Smithfield wants to know how to find a good real estate agent (especially when there are a lot of good ones in the area). Angie says to ask a lot of questions of your prospective realtor. Find out what their experience is but also make sure their personality matches yours. You’ll want to enjoy spending time with them and be able to trust them to guide you through the process. On Angie’s team, there is an agent named Pam who is very experienced in the Smithfield area who would be happy to help.
Listen to the full episode or click on the timestamps below to hear Angie answer these questions from the mailbag.
0:38 - Mailbag: Can you get a 30-year mortgage even when you are older?
3:07 - Mailbag: Is there anything different about buying a duplex?
6:57 - Mailbag: How do you find a good real estate agent (especially when there are so many)?
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Note: This is an automated transcription. Please forgive the robots as they tend to make some (a lot of) mistakes...
Speaker 1: (00:02)
It's time for the savvy real tour podcast. I'm Walter Storholt alongside Angie Cole, the owner and broker in charge of ACole Realty serving you throughout the triangle, teaching you about the ins and outs when it comes to buying or selling a home. You can find the team online by going to eight Cole realty.com. That's a C O L E realty.com or by calling (919) 578-3128 that's (919) 578-3128 and now it's time for one of the top real tours in the triangle, Angie Cole and the savvy real tour podcast. All right, Phil is going to kick us off this week. Angie over in Durham and Phil says, this might sound a little funny, but I'm 85 years old and looking to move closer to my kids. Can I still get a 30 year mortgage even though it's pretty obvious I'm not going to be around that long?
Speaker 2: (00:54)
Yeah. What Feld there is of course no discrimination. Um, as far as when it comes to getting financing or purchasing a home and for all, you know, you might live to 115, right? So many who knows, who knows. I mean, you know, shout out to you for living probably a healthy lifestyle. D it even be, you know, active right now at 85 so that's impressive and wonderful. So, um, yes, you can definitely still get financing at your age and if you need to be connected with a lender, I have two amazing preferred lenders and I would love to have one of them contact you. Uh, we actually work with Jonathan Ellis and he's with fairway mortgage and we also have, I don't know how tech savvy you are as far as on your phone goes, but if you would like to download his mortgage app to your phone, where straight from there you can get pre-qualified, you can look at interest rates, you can just have questions answered.
Speaker 2: (01:51)
Um, I would love to give you that info. So if you are needing help in regards to financing and you want to download the mortgage app from our preferred lender, Jonathan Ellis at fairway mortgage, just text the word lending to the phone number five five five eight eight eight. So once again, to download the mortgage app to your smartphone, text the word lending to the phone number five five five eight eight eight and Phil, if you just want his information directly, um, just give me a ring at (919) 538-6477 and I can share his info with you as well.
Speaker 1: (02:25)
That's a great question. And a that's the great news Phil is yeah, it doesn't matter. You know, really what your lifespan is when it comes to mortgages, there's, there's no real concern there. So you can be 105 and still get a 30 year mortgage if uh, if that's what you want to do. So that's the good news. So yeah, no concerns, no worries about that. If you're looking to move into a new home and need that mortgage assistance still. So not a big deal. Feel great question. And again, if you want to get that mortgage app on your phone and that goes for anybody who's interested in maybe getting prequalified or finding out more information about mortgage rates and mortgage news. Find out from a local source. You could download that app by texting the word lending to the number five, five, five eight eight eight. All right, Sandy has another question for you. Angie. Sandy's in Holly Springs and says we're interested in buying a duplex and renting out one half while we live in the other. Is there anything different about buying a duplex compared to a normal single family home?
Speaker 2: (03:20)
D does a great question and we actually have a decent amount of buyers looking to do the exact same thing. And I think it's such a smart concept and idea, you know, let the tenant of your, you know, adjacent home pay for the overall mortgage. Um, so as far as financing goes, um, you know, guidelines are probably going to be just a tad bit tighter when it comes to purchasing a duplex versus a standard like single family detached home. I don't, and I feel bad that I don't 100% know this answer, but you might be limited to where you cannot do an FHA or VA loan. You might be only able to obtain a conventional financing. And I hopefully I'm not wrong there. I need a double chocolate, my lender, but I would be pretty positive, pretty sure that, uh, when it comes to financing and duplex, uh, the, the terms are going to be a little bit tighter versus just a traditional standard home.
Speaker 1: (04:14)
That's interesting to know. Yeah. So a little bit maybe different standards there.
Speaker 2: (04:18)
I'll tell you what, I learned something new. Yeah. And I, it's funny cause I've been in business for going S you know, 13 years now and there is something new that comes up every day. And I'm like, yeah, I don't know. Um, and you know, this one caught me off guard. I don't 100% know the answer, but I, of course I'm Sandy. I can confirm that with our lender, but that's why we have our lenders, right. Um, I'm the real estate expert and when it comes to something specific with financing, you know, I definitely trust our preferred lenders to answer those exact questions, but I'm pretty positive. You'd probably need to get a conventional loan for a duplex. Hopefully I don't get a call from a million people tell me I'm wrong.
Speaker 1: (04:54)
Yeah. You learn something new every day though, that's for sure. And uh, it's a good question to ask Sandy and uh, we appreciate that. Uh, any other things that aren't from a mortgage standpoint, Angie, that would be good for Sandy to know about buying a duplex? I mean, I guess just the realization that your, your neighbor is also going to be your, you know, person you're renting the home to. So you're going to need to just kind of realize that that's a dynamic and a different kind of relationship.
Speaker 2: (05:18)
Most definitely. Yep. Um, the, you know, type of insurance might be a tad bit different. So that's important to check with your homeowner's insurance company or agent to see the type of homeowners coverage that you need on a duplex. Also remember that if you're buying a duplex and it is currently being leased, you cannot kick out that tenant. Um, I've, I've had people question that or say, Oh well we'll just, we'll buy it, we'll let one tenant stay and we'll kick the other one out. We'll move in. We'll unfortunately it doesn't work that way. Um, and that's the same for any property that is currently be a lease that uh, that lease agreement, you know, is going to exist until it is terminated in the sense of eight expires. Um, so just make sure that if you're thinking about buying a duplex and living in one side of the duplex, um, make sure that it is, they can or maybe the lease agreement is coming to an end, uh, because you must fulfill the full lease agreement that's currently in place.
Speaker 1: (06:14)
Very cool. Great question Sandy. Thanks for sending that one to us. Um, if you have any questions about buying a home in general, it might be a good thing for you, Sandy or anybody else who's a first time home buyer. If it's been a while since you've been through that process, you can pick up a guy that Angie has put together for you. It's a downloadable guide that tells you about the home buying process, teaches you some of the important terms to know and walks you through all the steps of buying a home. You can get it on your smartphone right now by texting the word contract to the number five five five eight eight eight that's all you have to do. Text the word contract to the number five five five eight eight eight will text you back. Click on the link and you can then view that downloadable home buying process guide. Joe has another question for you, Angie, over in Smithfield, if you're just joining us, by the way, you're listening to the savvy real tour with Angie Cole. Local real estate agent runs a fantastic team serving not only the triangle but also the greater Fayetteville area as well, and Joe is over in Smithfield and says, how do I find a good real estate agent in the area? So many of you folks out there, no offense.
Speaker 2: (07:19)
Yeah, you're right. There are a lot of us out there and it drives me crazy. Um, now it's, um, there are a lot of amazing real estate agents in our market for sure, but there's also a lot of real estate agents out there that took the test and they don't quite know what they're doing. So make sure that you, that a real estate agent, um, ask them questions, ask them about their production, asks about their experience, really make sure it's a good fit for you as far as overall experience and knowledge goes. Um, but also personality wise too, you want to make sure that you are working with someone who you like and you trust because you know, we always say it's kind of like a marriage. I mean you're, you're married to that agent, uh, for a little while. I would say at minimum, probably a good 60 days if not a lot more.
Speaker 2: (08:05)
And so make sure that you enjoy hanging out and speaking with that person because, um, you need to have the confidence in them when it comes to guiding you throughout the real estate, you know, transaction and process. So, um, we have actually an amazing agent that covers your market, um, in that Smithfield kind of Fayetteville market. Uh, Pam who is, uh, has had a real estate for quite some time, a little bit newer to our team, but she is amazing. She's already helped several clients with, you know, going under contract closing. Um, and so if you would like that direct connection to be connected with, uh, our agent that services your area, I would love to connect you to,
Speaker 1: (08:42)
you've been listening to the savvy real tour podcast. I'm Walter [inaudible] alongside Angie Cole. She's the owner and broker in charge of Aiko Realty here in the triangle. And if you have questions for Angie, we invite you to go online, a Cole realty.com. Listen to past podcast episodes on the website, read the blog and all the great information, including the option to find a home right there on the website. That's a Cole realty.com. And you can also call Angie with your questions. Nine one nine five, seven, eight 31 28
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