Great Smoky Mountains - Newfound Gap

Rent v. Own: Making The Decision To Buy A Home

One of the greatest decisions in life is the purchase of a home. Whether you are a first-time home buyer, or an experienced real estate guru, making the decision to say "Yes" to a home purchase can be daunting. Making the decision to work with a Professional REALTOR® like Carolyn Schofield should be at the top of your to do list when beginning your search for a home in the Smoky Mountains of East Tennessee. The primary areas she serves for buying and selling Smoky Mountain Real Estate include: Sevierville, Pigeon Forge, Gatlinburg, Wears Valley, Kodak, Douglas Lake, and Seymour, TN.

If you currently rent, please contact Carolyn Schofield. She will get you in touch with Lenders who specialize in helping First Time Home Buyers get into their first home. As a renter, you may feel like there is no hope in ever owning your own home. In many cases, this simply is not true. Call now. 865-898-1047

Choosing A REALTOR®

Making the decision to work with a REALTOR® is imperative throughout the entire real estate transaction. Not only is a REALTOR® bound by local real estate laws, but is also bound by a strict code of ethics set forth by the National Association of REALTORS® (NAR). Carolyn Schofield is a REALTOR® and is a member of the National Association of REALTORS®. Call Carolyn today. She is ready to assist you when you are ready to buy Smoky Mountain Real Estate. Carolyn Schofield is truly an agent of smooth real estate transactions.

As a buyer when you make a decision to work with Carolyn Schofield, here is what you can expect:

  • Knowledge of the local area
  • Professionalism
  • A list of lenders that can assist you through the home buying process
  • Title company (Closing Attorneys)
  • Access to a list of Home Inspectors
  • A breakdown of recently sold properties with similar qualities
  • A list of suggested additional inspections if you are purchasing a home on a well or septic system

First Time Home Buyers

For first time home buyers, the task of finding the perfect dream home can quickly become an out of control downward spiral. Working with an agent who can help you scope out "needs versus wants" in the home buying process is critical. Oftentimes, a lack of clear communication is the issue. Carolyn Schofield is here to assist you in the purchase of your first home in Sevierville, Gatlinburg, or Pigeon Forge. If a cabin or condo is more your style, she can help you with this too.

Where To Begin: For some home buyers, knowing the exact steps to take to begin the home buying journey can be overwhelming and confusing. Below, I have listed the recommended steps for your journey into home ownership.

  • Finances: Scrutinize your finances now to save yourself from grief in the future. This can be the most painful part of the process because oftentimes buyers have no idea where they stand financially. Do you know your credit score and what is on your credit report? These 2 things are vital to your home buying success.

    Do you have a checking and savings account? Lenders like to see abundant savings and very little debt. What is your debt to income ratio? This is important to know because it plays a role in the lender’s determination of your ability to repay the loan.

    Formula: Debt To Income = Monthly Debt Payments (Everything you pay out) Gross Monthly Income (All monies received). Ideally, your score should rank somewhere around 36% or less. If not, you need to take a serious look at your finances before you decide to purchase a home. Yes indeed, it is better to own than rent. However, with home ownership, you must be prepared for when things break and they must be fixed or replaced. As a homeowner, you are now the “landlord” of your domain and the without proper preparation and savings, homeownership can be a nightmare.

  • Partner with a Lender: Finding the right lender to guide you through the loan process is like having the right map to guide you to your unknown destination. If you need a list of lenders, call Carolyn Schofield at 865-898-1047. It is imperative that you touch base with a lender before you begin searching for a home. The reason why is because you do not want to look in a price range that is more or less than you can afford. Also, with the new regulations via the Consumer Financial Protection Bureau, making contact with the lender must be a priority. The guidelines have changed and we must have order in what we do now.

  • We're Off To The Races: Once you have your finances and monthly budget figured out and have partnered with a lender and know how much you can afford, it is now time to find a REALTOR® to work with so you can purchase your dream home.

Real Estate Gurus

For the real estate Gurus...Carolyn Schofield is here to help you find your investment rental cabins in Gatlinburg, condos in Pigeon Forge, or new residential homes in Sevierville, TN. Carolyn will work diligently to find you what you are searching for. If she cannot find what you are looking for in the current market, Carolyn Schofield can assist you in partnering with a Builder who can build your dream home in the Smoky Mountains. If you choose to have a cabin or home built, Carolyn will assist you in finding the perfect spot to have your Smoky Mountain Cabin built upon. Call Carolyn Schofield today so she can begin helping you make your dreams come true.

Just one more thing... Although, as a real estate guru you have travelled down the path to home buying more than once, Carolyn Schofield wants you to know that she will still put her professional skills and expertise to work for you throughout the transaction. She wants your home buying experience to be filled with great memories that you will share with friends and family for years to come.

A Quick Tip: If you are not pre-qualified for a home loan, this is your first step. If you are unsure of whom to call for a home loan, please call Carolyn Schofield. She will be happy to assist you.

With the recent changes to the Mortgage Industry (Introduction of TRID), it is more important than ever to get pre-qualified prior to searching for a home. When a Purchase and Sale Agreement is accepted by both parties, the Buyer has only 3 days to make a loan application.

What does this mean to you as a Buyer? You must be ready to supply the lender all requested documentation during this time. Pre-planning is key and knowing up front what documents you must provide will allow a smoother home buying experience.

Sevier County