The home buying market in Charlotte is Blooming but is the lender’s trees? There are so many condos and houses that have decreased in listing price all you need to do is open your eyes like a flower that is waking up to the sun and you’ll find what you want…and in your price range, too!
So what about the financing? Have you thought that far? Since it’s so easy to find a home, can you actually afford to buy it? The only way to find out is to contact a lender, and see if they’ll open up their lending tree to you. You can even take a preliminary step and use an online mortgage calculator like the one on this site. This will give you an idea of the price range of the home that you should be looking for. After all, you don’t want to get your heart set on something that is completely out of the realm of possibility for you. Not only for the simple fact that you would be in a financial bind each month, but keep in mind most lenders will not extend a mortgage to you based on your debt to income ratio if you will not be able to make ends meet on a regular basis. With the current situation our nation is in now, mortgage companies are being much more careful about who they lend to and how they do their lending.
When you approach a lender, be prepared:
· Have your proof of income ready. You’ll need at least the couple of years of tax returns.
· Get bank statements printed.
· Have stocks, 401k information, savings accounts, pensions, trusts, and anything else that generates income for you ready to show them. This includes child support or alimony payments.
· Prove you’re serious! How much money do you have saved for a down payment? Let the lender know exactly where it came from, if it was a gift from a parent or an inheritance, be prepared to show proof.
· Are you getting married? Get your fiancé in there with you! You’ll both need to apply for the mortgage even if you’re not married yet.
Even if you don’t have you eye on a home to purchase yet, get prequalified so that you know exactly what price range you should be shopping in. That way, you’re not wasting your time by shopping too low or too high. Also, your Realtor will be able to assist you much better by finding the right amenities and the right place in the area of town that you want to be in, all because you got that lending tree to open up and release the cash! Here are a couple of great lenders in Charlotte, NC that would get the tree blooming for you.
Terry Stutts
Senior Loan Officer
Office: 704-821-4115
Cell: 704-661-4885
e-Fax: 866-546-8949
tstutts@wrstarkey.com
Geoff W. Brown
Sr. Mortgage Consultant
“The Geoff Brown Team” @ New American Mortgage
6842 Morrison Blvd
Charlotte, NC 28211
Phone 704.926.2521
Cell 704.728.6286
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