Pre-Qualification & Approval

Many Charlotte Home buyers apply for a loan and obtain pre-approval before they find the Charlotte Home they want to buy, Why?

Pre-qualifying will help you buy a Charlotte Home or Charlotte Real Estate in the following ways

We will know in advance exactly what your payments will be for Charlotte Home offers you choose to make
We won’t waste any time considering Charlotte Homes you cannot afford

Pre-approval for a Charlotte Home or Charlotte Real Estate will help you in the following ways

A seller may give you closing costs for you Charlotte Home if they know that your financing is secured by a lender this makes your Charlotte Real Estate offer a lot stronger
You will be able to select the best loan package without being under pressure

HOW MUCH CAN YOU AFFORD FOR YOUR CHARLOTTE HOME?

Three key factors to consider:

The down payment for your Charlotte home
Your ability to qualify for a Charlotte real estate mortgage
The closing costs associated with your Charlotte real estate transaction

DOWN PAYMENT REQUIREMENTS FOR CHARLOTTE REAL ESTATE:
Many loans require a very small down payment of between 1% and 5% depending on the type and terms of the Mortgage loan. If you are able to come up with a 20-25% down payment for your charlotte home, you may be eligible to take advantage of special fast-track programs and possibly eliminate mortgage insurance for your charlotte home.

CHARLOTTE REAL ESTATE CLOSING COSTS:
Some times you will be required to pay fees for loan processing and other closing costs for your charlotte home. You can also ask for the on your offer for your charlotte home. These fees must be paid in full at the final settlement, unless you are able to include them in your financing

Typically, total closing costs will range between 2-5% of your charlotte home mortgage loan.

QUALIFYING FOR THE MORTGAGE TO BUY YOUR CHARLOTTE HOME:
Most charlotte home lenders require that your monthly payment range between 25-28% of your gross monthly income. Your mortgage payment to the lender includes the following items:

(P) is the principal on the loan
(I) is the interest on the loan
(T) is property taxes
(I) is the homeowner’s hazard insurance

The monthly PITI and all debts (from installments to revolving charge accounts) should range between 33-38% of your gross monthly income. These key factors determine your ability to secure a Charlotte home loan: Credit Report, Assets, Income, and Property Value.