charlotte nc real estate broker

Clear and Simple Finance information is crucial to a stress free real estate transaction.

As a Buyer's Agent, I've seen financial requirements become more stringent and access to credit become much tighter. Real estate transactions now require a lot more paperwork, verification and time.

I can help you navigate the mortgage process. If you need a lender, I keep in contact with great loan officers who have done excellent work with former clients. 


Before you look at homes, you'll need a pre-approval letter from a lender. You'll also need your pre-approval letter to submit an offer.

Your pre-approval letter is sent to the seller's agent with the contract. It let's the seller know you can afford to buy the home. It's an important piece of negotiations.


The three most common types of financing are the Conventional loan, FHA loan, and the VA loan. Each one requires a different set of criteria to qualify. Most lenders can help qualify you for these loan types.

Before we look at loans and the criteria to qualify, let's look at what a mortgage is.  


What is a Mortgage? A mortage  is made up of 4 Parts

Principal

Interest

Taxes

Insurance


The 3 Most Common Loan Types

The 3 most common types of loans are the Conventional loan, FHA and VA loan. In order to qualify for a loan, you and the home must meet the minimum standards set by the mortgage guidelines. Let's look at each loan type first, then check out the guidelines.

Conventional Loan

What is a Conventional Loan?

FHA Loan

What is an FHA Loan?

VA Loan

What is a VA Loan?

Qualifications

Now that we've taken a look at each of the three loan types, let's look at the lender requirements for you to qualify.

Conventional Loan

Conventional Loan Qualifications

FHA Loan

FHA Loan Qualifications

VA Loan

VA Loan Qualifications


Which Type of Mortgage Will Minimize Your Costs?

Want to know which type of Mortgage will offer the lowest cost?  Check out this calculator by The Mortgage Professor.

It will help you find the best mortgage type for your situation. You can also look at how much the mortgage will cost during the time you live in the home. As a buyer's agent I highly recommend you explore this calculator.