Just as the housing market has seen big changes in the COVID-19 environment when it comes to how we can or can't show homes, meet with out clients, etc. we are also seeing changes in the mortgage markets as a result of COVID-19. Here's what I've been hearing from some of my best Charlotte area lenders -- 9 changes you need to be aware of as they might very well impact your ability to get a mortgage or close on a home on time.
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 … (32 comments)
mortgage: 4 Things To Consider Doing After Paying Off Your Mortgage
- 12/26/16 10:28 AM
Did you know there are 4 things you should do if you've paid off your mortgage, but are still living in your home? Below, reprinted with the permission of Hutchens Law Firm in North Carolina from their blog, is their recent post about the four things to consider doing after you've made that final mortgage payment. While the first of these suggestions refers specifically to how money is borrowed in North Carolina, the basic advice holds even if you're located in another state.
"First of all, Congratulations! Paying off your mortgage is a big event. Signing the check for that last payment is every … (40 comments)
mortgage: Buying A Home? What You Need To Know About The Mortgage Process
- 03/26/16 02:07 AM
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 … (47 comments)
mortgage: Taking The "Spooky" Out Of The Mortgage Process
- 10/31/14 01:34 AM
Great infographic below from Keeping Current Matters about understanding the mortgage process. Many home buyers find the mortgage process very complicated--or to put it in other words with today being Halloween, downright "spooky." Yes, the mortgage process can be lengthy and detailed, but if you understand the steps you need to take and work with the right professionals, rather than being "spooky," it becomes a "piece of cake." (A treat instead of a trick!) Contact us at Carolinas Realty Partners if you need a referral to a top Charlotte area mortgage lender, who will help you take the "spooky" out of the mortgage process … (8 comments)
mortgage: What Do New Rules On Qualified Mortgages Mean To Home Buyers?
- 01/28/13 01:27 AM
What Does New Rule on Qualified Mortgages Mean To Home Buyers? An update from Ed Butler with New American Mortgage. The Bureau formed to help protect consumers, The Consumer Financial Protection Bureau (CFPB), created a new Qualified Mortgage Rule--"affectionately" referred to as the QM Rule. The first thing to know about the new QM Rule is that it doesn't take effect until January 2014 (an entire year from now). The second thing to remember is that there may well be changes to the "ability to repay portion" of the rule before next year when it's due to take effect.
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