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Charlotte First Home Buyers-Tips to Getting Your First Mortgage Loan in Charlotte
We’ve talked about finding a lender, and we’ll talk more, but let’s suppose you’ve been pre-qualified, and are now looking for your first home a bit more seriously since the November 30, 2009 tax credit deadline looms, sound familiar? You’ve waited long enough!
Here are a few musts, I invite my lender readers to add additional thoughts in the Comments:
Mortgage (Charlotte) Lenders these days are VERY sensitive, their sensitive everywhere, so tell the truth, and
- DO NOT, do not increase your credit card balances and or loan balances
- DO NOT apply for additional or new credit, or put balances on a paid credit card
- DO NOT ignore late payments and/or collection notices that you may get during the course of your loan
- DO NOT purchase anything that is “the same as cash” – it will show on your credit report as a debt
- DO NOT buy furniture, cars, or appliances until after closing. There will be special sales that happen throughout the year. What good is furniture if you don’t have a new home to put them in!
- DO NOT lend money to family members, friends, etc. if you need it for closing.
- DO NOT store your money at home. Place it in a bank account so that it can be documented as savings throughout the loan process.
- DO NOT have overdrafts on your checking account
Once you’ve been pre-qualified for a mortgage loan, or pre-approved, you don’t want to do anything that could change that. Every Realtor knows a buyer who put a contract on a house, applied for a loan, was approved, and then went out and bought furniture a few days prior to closing, for delivery after closing- only to find, that the lender re-pulled their credit the day before the closing, and they no longer qualified. They will stop the loan and home sale.
Also- a word about documentation, if the Lender asks you for 4 items, then you need all 4 items. These are “Conditions” and Conditions aren’t negotiable, so if any are an issue, talk with your lender, and ask what they really need their, what else might work to satisfy the condition, etc… don’t ignore it OR put it off. Oh, and sometimes these requests for doc’s come a 2nd time… it happens, they are not picking on you, so just roll with it.
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We work for our Buyer Clients as Exclusive Buyer Agents- we won’t show a house with our name on it, so we’ve got your back covered every step of the way, A -Z. We’ll work at your pace, help you to understand the process as much as you want and need to understand and make an informed decision, we’ll keep the other players on track, and help get you into your first home. And at a great price too!
Integrity + Competence = a good Buyer Agent… and a good Buyer agent and smart buyer make GREAT deals happen! Call us today, there is no time to lose, 704-351-1519
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{ 1 comment }
Good stuff Terry! Homebuyers need to take special care with their bank accounts and how they handle their money leading up to a purchase. Moving money between accounts can complicate the processing stage of your mortgage approval. Lenders want to see what you have, how long you’ve had it and where it came from! I know that sounds overboard to some, but remember this… you can always prove where you got money but you can’t always prove where you didn’t get it! That is what the loan underwriter is looking for.
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