Getting A Mortgage Pre-Approval Is The FIRST Step In Buying A Home: Take It Today
If you've been planning on buying a home this spring, getting pre-approved for a mortgage is the first and most important step. This is true even in normal circumstances... but more so today during the current corona virus crisis. While in some areas, in-person home showings are totally prohibited, in others they are allowed under limited circumstances.
One of the limitations we've been seeing more of in the past few weeks is home sellers not approving a showing unless the prospective buyer provides a mortgage pre-approval letter at the time the showing request is made. For safety reasons, home sellers want to show their homes only to serious buyers with the means to buy a home. Your pre-approval letter is what gives the seller that security you are a serious buyer. It's also worth keeping in mind that top Buyer Agents typically won't show homes before the buyer has a pre-approval letter in hand even when there is no pandemic.
And as things slowly get back to "normal," you'll be a step ahead of many other buyers in the market by being pre-approved -- with a mortgage pre-approval you can make an offer with confidence. The video below provides more reasons to be pre-approved first.
Why Pre-Approval Is A Great Step To Take Today: Video
If you need a mortgage pre-approval, we can introduce you to some of Charlotte region's finest mortgage lenders. Don't hesitate to let us know if you'd like an introduction.
5 Things You Will Need To Get Pre-Approved For A Mortage
Your pre-approval letter assures a home seller that a lender has reviewed your documents, verified your credit score, assets, income, and is prepared to lend you a specific amount of money assuming nothing in your financial situation changes between the time you've been pre-approved and when you make a final application for a loan for a specific home.
To be pre-approved by a mortgage lender, you will need to provide 5 things:
- Proof of assets, which will include copies of your bank and investment portfolio statements.
- Proof of income, which will include W-2 statements for the past two years and recent pay stubs; any additional income sources; two most recent tax returns.
- Good credit, which will include the lender checking your credit... your credit score impacts your interest rates.
- Employment verification (usually done via most recent pay stubs).
- Copies of your driver's license; your social security number.
Home Buying Checklist (Infograhpic)
Free Home Buyer Guide
The process of buying a home can be overwhelming at times, but you don’t need to go through it alone. You may be wondering if now is a good time to buy a home… or if interest rates are projected to rise or fall. Our Free Home Buyer Guide: Things To Consider When Buying A Home will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.
Looking for a home in the Charlotte metro area? Let us put our 45+ years of experience to work for you. Nina Hollander/Carolinas Realty Partners with Coldwell Banker Realty can help you find your dream home.
Free Charlotte Relocation Package
If you're relocating to the Charlotte region... be sure to ask for our FREE Charlotte Relocation/Newcomer Package.The Charlotte area is now the third most moved to metro area in the USA! This is an exciting time and can be stress-free when you have an agent who can answer your questions and guide you through the home buying process in both North and South Carolina.
In Charlotte, we like to say “Charlotte’s Got A Lot!” Our free Relocation/Newcomer’s Package for the Charlotte metro area is a great way to begin exploring the Charlotte region and everything it has to offer.
We've been opening doors for Charlotte area home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and show you how:
"The Right Broker Makes All The Difference."
Original blog post can be read at: www.GreatHomesInCharlotte.com
Comments(32)