Getting a Mortgage

Savvy buyers in today’s hot South Charlotte NC real estate market are PREPARED to begin their journey by getting a mortgage and solidifying their financial position.  To put you in the strongest negotiating position possible, I strongly recommend that you speak with a trusted mortgage advisor to determine how much home you can afford BEFORE you start looking for homes.   There’s nothing more deflating than falling in love with a home which you are not qualified to buy!  If you plan to pay cash for your South Charlotte NC home, you can proceed to looking at homes with your South Charlotte NC buyer agent!  Most sellers will, however, require proof of funds so be prepared to provide that with your offer to purchase.

I have several trusted mortgage lenders who I would recommend highly.  All of my preferred lenders offer my clients competitive loan packages to fit each buyer’s needs, and incredible customer service.  They flat out get the job done ON TIME, thereby removing a great deal of stress for my clients.  Contact me for a list of my trusted mortgage professionals to get started on getting a mortgage.

Getting a Mortgage – Pre-Approval Letter

Your lender will provide you with a mortgage pre-approval letter stating that you are conditionally approved to buy a home at a certain price.  Most South Charlotte NC home sellers will require such a pre-approval letter from a reputable lender before they will even consider your offer to purchase their home.  In order to obtain a mortgage pre-approval letter, your lender will pull your credit scores and discuss your income and debt.  Be forthcoming, because all of this information will be verified in the mortgage process!  If your credit scores are not in great shape, read my blog post entitled “Your Credit Score – What You Should know Before Buying a Home in Charlotte NC.”

Getting a Mortgage – The Process

Because of the recent financial crisis in our country, banks are more strict than ever before in approving mortgages.  The pendulum has swung 180° in the opposite direction, from approving mortgages for anyone who could fog a mirror to verifying EVERYTHING in your financial life.  Your lender will discuss what types of documentation you must provide – do what they say, and do it in a timely manner!   When the bank’s underwriters ask for clarification or more details – provide it!  Just remember – you are not alone!  Lenders are just as stringent with everyone else!

Here are some of the types of documentation you may be asked to provide to your lender at loan application.  Ask your lender if there is any additional information required before you meet:

• 2 – 3 most recent bank statements (ALL pages, even if blank)
• 2-3 most recent paycheck stubs
• Past 2 years W-2s
• Copy of social security numbers (borrower and co-borrower)
• Copy of NC Drivers Licenses (Borrower and Co-Borrower)
• List all checking account information
• List all Savings Account Information
• All credit card account information
• Identify any past or present credit concerns
• Be prepared to explain any large deposits or withdrawals in your accounts over the past 3 months
• Identify any deposits or withdrawals expected during the buying process
• If you are taking your down payment/closing costs funds from another account, be prepared to document the withdrawal as well as the deposit into your checking account

Getting a Mortgage – Appraisal and Underwriting

Before your mortgage lender will approve your loan, an appraisal will be ordered by an independent appraiser (this is a buyer expense).  The lender wants to make sure that the South Charlotte NC home being financed is valued at the purchase price.  If the home appraises, the loan moves into the underwriting process, in which underwriters review all of your documentation.  The underwriters may ask for additional information or clarification from you – give it to them!  But once you are past the underwriters, you are in the home stretch!  Your mortgage advisor will keep you informed of your loan’s status.

Getting a Mortgage – Loan Commitment and Closing

After all conditions have been satisfied with your loan, your mortgage lender will issue loan COMMITMENT, and will send closing instructions  and wire your mortgage funds to your real estate attorney.  Everything is in place for you to buy your new home!  You will need to bring a certified check to closing which will cover your down payment and closing expenses.  You must also bring your drivers license to closing!   Once your home purchase is settled and your new deed and deed of trust are recorded at the courthouse, you are a new owner of a home in South Charlotte NC!

South Charlotte Real Estate Expert

South Charlotte NC is definitely a popular destination for people moving into the area.  You’ll find beautiful neighborhoods and a thriving shopping, dining and recreation scene.  Some of Charlotte’s best public schools are located in South Charlotte!

I’m a South Charlotte Realtor® – I live and work here, and it would be my pleasure to help you with your South Charlotte real estate needs.  If you are thinking about selling your South Charlotte home, I would love to share my 21-point marketing plan that combines new technology with good old hard work!  If you’re looking to buy a home in South Charlotte, please contact me so we can talk about finding the best home and neighborhood for YOU!

Come have a chat with me at my Helen Adams Realty office in the heart of Ballantyne at Ballantyne Commons East. I look forward to meeting you!