Mortgage Information
Welcome to the mortgage resources page. Below you will find articles related to mortgages and buying real estate in Charlotte NC. We have also included a Free Pre-Qualification Calculator that can help assist you in determining how much home you may qualify to buy!
Related Articles:
For home buyers looking to buy a home in Charlotte NC, before choosing a home and making an offer it’s a really good idea to have at least a preliminary good faith estimate from your mortgage professional.
Just as an aside….if the mortgage professional you’re working with is evasive OR tells you they need a purchase contract to even give you an estimate, that’s a huge red flag!!!
A good faith estimate from your mortgage professional will help you the home... Read more →
Even if you have a fixed rate mortgage (or plan on using one to buy a home), your monthly payment
isn’t necessarily set in stone.
If your mortgage has an escrow account set up to pay your real estate taxes and/or home insurance, you’re not just paying the principal and interest on the amount you financed when you bought your home. Each month, you’re also paying a portion of your real estate taxes and home insurance (when those bills come due they’re paid from... Read more →
For many Charlotte NC home buyers looking to move up from a first home, times have most definitely changed. For anyone who bought their home in the past 2-5 (or so) years, the landscape and atmosphere of home buying has changed tremendously since that time.
Aside from current elevated Charlotte NC real estate inventory levels (which is increased opportunity for current home buyers looking to purchase another home in Charlotte NC, more choices!!!), the biggest shift that’s taken... Read more →
For buyers looking to purchase a home in Charlotte NC one of the most often overlooked topics during the mortgage pre-approval phase relates to property condition. I won’t go back into
pre-approval what it is and why it’s mandatory in this post.
What does the condition of any given real estate for sale in Charlotte NC have to do with a buyer’s mortgage? Actually, it can have a huge impact on what Charlotte NC homes are viable options for a buyer.
The one must-ask... Read more →
Going house hunting for real estate in Charlotte NC without a mortgage pre-approval is like going driving without a license. “Could” you get in a car and drive without a valid driver’s license? Sure, but there’s consequences you’re taking a risk at incurring. Same thing with going out house hunting to buy real estate in Charlotte NC without having a solid pre-approval.
You could be the safest, most conscientious and careful driver on the road but without... Read more →
Before buying real estate in Charlotte NC, put the credit cards away. Lock them up, freeze them, whatever it takes to remove the temptation to use them before buying a home in Charlotte NC.
It can be tempting once you’ve found a great house to be dazzled by the idea of new furniture and appliances. Don’t let that tempt you!!!! In the time between going under contract and actually closing on that home in Charlotte NC it’s more critical than ever to not make ANY large... Read more →
When buying a home in Charlotte NC, the purchase contract has multiple key deadlines related to financing, many of which are “drop dead” dates (if the deadline isn’t met, there’s consequences).
Local lenders (or local mortgage professional contacts for a lender) are critical team members when it comes to buying a home in Charlotte NC. The mortgage professional on your team should not only be aware of deadlines but should be familiar with the purchase contract... Read more →
When buying real estate in Charlotte NC, the mortgage process and application will require some personal documentation from you, the buyer.
Before applying for a mortgage to buy a home in Charlotte NC, it can be helpful to know what documentation your lender may request so that you don’t have to go digging through old files trying to locate the required mortgage application documentation.
- Your most recent pay stub (for the past 30 days) from your employer including your year-to-date... Read more →
Credit card debt can have an impact on your ability to qualify for a mortgage when buying real estate in Charlotte NC. Carrying credit card debt raises your monthly payment obligations which can reduce the maximum monthly mortgage payment you’ll be approved for.
Carrying credit card debt is also an added monthly expense that can reduce the amount you have left over to contribute to savings, luxuries and other living expenses.
Simply paying the minimum required monthly payment is... Read more →
Are lenders still loaning mortgage money in Charlotte NC? Yes!!! I’ve noticed some online postings indicating that lenders either aren’t lending or will only lend to borrowers with perfect credit and 20% down payment. Not true!!!
While having 20% down and also having an excellent (as in over a 750) score will most likely make obtaining a mortgage easier, it’s not true that the only Charlotte NC mortgage loans being approved are to those borrowers.
When buying real estate... Read more →
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