Is Getting a Pre-Approval Before Purchasing a Charlotte Home Imperative?
The answer is a resounding YES! If you’re considering taking the plunge into homeownership, this first step is SUCH a simple way to get the process rolling and alleviates issues down the road of the homebuying process. Talk to a qualified mortgage professional to get pre-approved for a home loan. Armed with this pre-approval, you can make more precise decisions on the type of Charlotte real estate you can afford to buy.
Pre-Approval Steps for a Charlotte Real Estate Home Loan
Follow these 3 easy steps to obtaining a pre-approval for a mortgage:
- Get referrals. Ask family, friends, neighbors and your Charlotte real estate agent for referrals to a lender with whom they have had a good experience. Talk to several different lenders to compare service, rates and other options.
- Review your credit report. If anything unexpected appears on your report, do what you can to resolve the issues before you apply for pre-approval. Lenders will review your credit report before pre-approving you for a home loan. Many will also assist you in resolving any credit issues that you may have; some can even assist you in obtaining a ‘quick fix’ if you find a issue of which you were unaware.
- Provide financial information to the lender. This usually includes documentation of your income, recent statements for all your checking and savings accounts, assets and debt (for instance, credit card debt and car payments).
Even though the pre-approval process is rigorous, obtaining a pre-approval still does not guarantee that the lender will ultimately fund your loan. Lenders still need to look at property appraisals, verify your information and potentially check your credit again before agreeing to give you a mortgage.
Pre-approval helps you narrow the focus of your Charlotte real estate search to properties that are within your financial reach. It also helps you check out lenders to find one that is the best match for your situation. When you find the Charlotte real estate of your dreams, you’ll be ready to move to the next step!
If you’re looking for more information on the home buying process, I can help. Give me a call today at (704) 491-3310 or email me at Broker@TheCharlotteScoop.com.