Buying A Home? What You Need To Know About The Mortgage Process

Reblogger Roy Kelley
Real Estate Agent with Realty Group Referrals 16766

 In a multiple offer situation, sellers with often give extra consideration to those offers with solid mortgage pre-approval letters from recognized lenders. 

Original content by Nina Hollander

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 / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

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.com

2007, 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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Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Roy.  Excellent reblog by Nina Hollander.  She knows her business. 

Apr 09, 2016 07:54 PM #1
Rainmaker
4,797,386
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the re-blog, Roy.  I missed this the first time around.

Apr 09, 2016 08:40 PM #2
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good post to reblog. I hope home buyers will read it.

Apr 09, 2016 08:58 PM #3
Rainmaker
3,129,195
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Conrad Allen ~ thanks, Conrad... this is high praise coming from you! And I do appreciate it!

Apr 09, 2016 09:49 PM #4
Rainmaker
5,422,406
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks so much for stopping by. Please be sure to leave comments at the original blog by Nina Hollander

Apr 09, 2016 10:14 PM #5
Rainmaker
4,104,500
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Roy, great post to reblog, as Nina did a great job explaining this process to any buyer comtemplating a possible purchase.

Apr 10, 2016 12:23 AM #6
Rainmaker
2,266,641
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Roy. Nina Hollander does such a good job with this post and handled the topic very well. All agents should have a good handle on the mortgage process.

Apr 10, 2016 06:19 PM #7
Rainmaker
5,422,406
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Monday morning to all. Your comments and your continued support are very much appreciated.

Have an outstanding week!

Apr 10, 2016 09:20 PM #8
Rainmaker
5,422,406
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The sounds of this Monday morning in Kentlands are the calls of the mourning doves and the chorus of songbirds. Have a great day and an outstanding week!

Apr 17, 2016 08:39 PM #9
Rainmaker
5,422,406
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

We have a beautiful Saturday morning in Kentlands and life is good. Have a lovely weekend.

Apr 08, 2017 06:47 AM #10
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