Posted by: Roby Robertson | October 13, 2008

Lake Norman Real Estate, House Hunting Tip in Today’s Market

Buying A Lake Norman Home in Today’s Mortgage Market

The times they are a changing in the mortgage world and it is for the good.  However, for home buyers here are a couple of tips to assist.  Also, your real estate agent should be able to recommend a few mortgage lenders to speak with so you can find one you are comfortable with. 

For most mortgages, home buyers are now required to have good credit. They need to provide verification of employment (W-2s or tax returns), verification of the funds needed to close (down payment and closing costs) and verification of reserve funds.

It’s a good idea to start pulling together all of your financial documents as soon as you’re serious about buying a home.  Our NC Purchase contracts have ‘time of the essence’ dates regarding dates to apply for and report findings concerning mortgages.  Before you write an offer, you and your Lake Norman Real Estate Agent should  check with your mortgage contact to find out how long it will take to process and fund the mortgage. Some lenders are taking 35 to 40 days from acceptance.  So, you wouldn’t want to commit to reporting the answer in 30-days, if chances are it will take longer to obtain underwriting approval.  There are ways to work through these issues that your Lake Norman Real Estate Agent will know how to handle.

Your lender or mortgage broker will order the appraisal of the home you’re buying. It should be ordered as soon as possible. If you end up not buying the house, you might owe an appraisal fee. However, waiting to order the appraisal could cost you time.  Keep in mind that the appraisal contingency is part of the  financing contingency unless the sale is a cash deal.

Sometimes second appraisal’s, are allowed when problems exist, however it is important that your real estate agent communicate any date changes so the contract can be kept accurate.  Often times this requires asking for an extension on the mortgage date.

Always be  prepared to provide additional documentation that the lender might request, even if it’s at the last minute.  This is something that just happens and preparing yourself will make it let frustrating.

Work with a good loan agent or mortgage broker who will help keep you on track throughout the process. And, as outrageous as the lender’s requests might seem, don’t let it get to you.

Lenders have a lot of due diligence work to do to restore their credibility with investors. The housing market is dependent on investors buying mortgages so that buyers can buy homes.

Your Lake Norman Agent, with the use of a good mortgage lender can also guide you through this whole process .

If you would like information about any of our fantastic Lake Norman Communities,just call your Lake Norman agent at 704 451 7051 or contact by email.

See Also:

Be The First To See Lake Norman Hot New Listings as soon as they become available.

What would my Lake Norman Home Sell For?

Lake Norman Relocation, You Will Want to Consider It

Why Lake Norman is such a great Destination

Roby Robertson

 

Saving My Clients Thousands

Broker/Owner

 

Real Living In Style
Davidson NC

 

roby.robertson@realliving.com
www.LakeNormanRealLiving.com

 

Ph: 704 451 7051
Fax: 704 892 9766

Committed to Saving My Clients Thousands When Buying and Selling Real Estate


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