Buying a home in Charlotte is a complicated task, and when it comes time to get a mortgage, it doesn’t necessarily get any easier. While many people are saying, “I want to sell my house fast in Charlotte,” it takes more than signing on the dotted line to get a new home. Below are some tips from a realtor in Charlotte, NC that will help guide you through the process of getting a mortgage.
First, you will need to choose a lender. This is a big decision and you will want to ask your real estate agent in Charlotte, NC if they have any suggestions. Take the time to talk to multiple lenders before choosing the right one for you. Some factors to consider:
Interest rates – Sometimes these can vary greatly between lenders. You might be able to find a lower interest rate from a smaller, boutique lender rather than going through a big bank.
Closing – How long will it take the lender to close. This can be an important factor when buying in a popular market like Charlotte.
Loans offered – There are a variety of loans to choose from and you will want to be sure to pick the right one. You might prefer a VA loan if you qualify or an Adjustable Rate Mortgage, just to name a couple.
Second, you need to know the difference between pre-qualified and pre-approval. Getting pre-qualified is good but it is not yet official, pre-approval means much more but requires more paperwork. To get pre-approval your financial history is evaluated, everything from your credit score to previous loans and your employment history. Getting a pre-approval letter puts you much closer to securing the house of your dreams.
Finally, after you’ve made an offer and selected your lender, you will need to sign lending disclosures. Your lender will then issue a loan estimate and request an appraisal, as well as collect bank statements, tax documents and any other information they need. If everything checks out you will be issued a mortgage in a matter of weeks.
If you are interested in buying or selling a home in the Charlotte area or would like any further information on getting a mortgage, contact Charlotte Home Experts. A local realtor in Charlotte, NC will be happy to answer any questions you may have and to set up an appointment for consultation. Call (704) 837-8236.