Buying A Home? What You Need To Know About The Mortgage Process
Nina Hollander offers a great updated version of the mortgage process, which, post TRID is quite different these days. If you have never bought, you wouldn't know the difference, however you repeat offenders will see a more stringent process than you may remember. I rely on some trusted lenders to get my clients through this process with minimal pain; my number one lender is here on Active Rain: Jason E. Gordon.
I use great posts like this to educate my clients, it's great to create blogs that address every part of a buyer or seller's process, so you can e-mail them links to the details after each conversation. It also helps promote your blog! Please be sure to comment back on Nina's original blog too!
If you're planning to buy a home in 2016, here's what you need to know about the mortgage process. With significant home inventory shortages in many areas of the country, it's more critical than ever to be prepared with a solid mortage pre-approval when you're ready to make an offer on your dream home if you want a home seller to take your offer seriously; many sellers outright reject an offer without a solid mortgage pre-approval accompanying it. In a multiple offer situation, sellers with often give extra consideration to those offers with solid mortgage pre-approval letters from recognized lenders. Getting preapproved before you shop for a home also allows you time to fix unexpected errors on your credit reports.
If you're a first-time home buyer or if it's been many years since you went through the mortgage approval process, the infographic below provides important information about what you need to qualify in today's market and the five important steps you need to take to get approved. Keep in mind that a pre-approval is not a guarantee of a loan, but it can speed up the underwriting and loan approval process once your offer has been accepted.
And in case, you were wondering about the difference between a loan pre-qualification and a loan pre-approval: with a prequalification, lenders rely on information provided by you, the buyer, to estimate how much of a loan you could qualify for. With a preapproval, lenders verify the information you've provided to determine just how much they would be willing to lend to you based on your specific credit, income, assets, liabilities.
IF YOU'RE THINKING ABOUT BUYING A HOME IN THE CHARLOTTE METRO AREA AND NEED HELP WITH FINDING THE RIGHT LENDER TO HELP WITH A MORTGAGE
CONTACT CAROLINAS REALTY PARTNERS
WE WORK WITH SOME OF THE CHARLOTTE AREA'S TOP LENDERS AND WE CAN HELP!
SEARCH ALL CHARLOTTE METRO AREA HOMES HERE
Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 Charlotte Magazine 5-Star Customer Satisfaction Award Winner
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Disclaimer: Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice. For legal advice see an attorney. For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.
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