This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See myth #7 here.
Many buyers resent the lending process and don't understand why they need to provide a pre-approval and start jumping hoops before they find a house they like. In troubled mortgage markets, lenders take more precautions before lending money. Lenders must be certain that a borrower is creditworthy which requires quite lengthy application process and documentation verification. Given the changing guidelines, it's important for a buyer to cross this hurdle first. In the Charleston market, many of the lenders I'm working with are putting the file into underwriting upon receipt of all documents. This has saved a few borrowers when guidelines changes. Since the file was in underwriting they were grandfathered in so to speak assuming a ratified contract followed soon. Without this step completed, a seller will not consider a contract without a pre-approval. If the property is a hot buy for you, it probably is for another buyer and you could be losing the opportunity on your dream home due to a delay in getting the necessary documents to your lender and the time they need to review it. It's important to have a full pre-approval in hand. When you find the right house, you'll be thankful you have it in hand.
Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Realtor®, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at email@example.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.