Charlotte NC Home Buyers: Be Prepared for the Lender
Although most Charlotte home buyers would prefer to initiate their home search before speaking with a lender, reversing your steps and consulting a lender first is the only way to go. You don’t want to set yourself up for disappointment should you later find out that you may not qualify for that dream home that you’ve located, simply because lending standards have changed so drastically. Conversely, because interest rates are currently at historic lows, you may qualify for more than you think and you may find that you’ve spent countless hours/days/weeks/months searching for a home in the wrong price range. It’s nice not to have to settle!
Your meeting with a lender can be quick and painless–generally a 10-30 minute phone conversation gets the ball rolling and has you equipped with a better price range in which to view homes as well as getting that pre-approval ball rolling.
What to you need to provide the lender when obtaining that pre-approval?
- A copy of your drivers license
- A copy of your Social Security card
- The past 2 years of W-2’s or 1099’s
- The past two years of Federal Tax Returns
- All pages of your most recent 401K statement
- All pages of your 2 most recent banking statements
Other items that may apply to your application process:
- Social Security Award Letter
- Retirement Award Letter
- Copy of all pages of your Separation Agreement or Divorce Decree
- The HUD-1 (Closing Settlement Statement) showing the sale of your property
- Gift letter, including amount being gifted for the purchase, if applicable
Now that you’re armed with a pre-approval letter from your lender, you can begin the home search process. You’ll be better equipped with this document to make a strong Offer on your new dream home and will not be surprised as many are when these two steps are reversed. Need a Charlotte home lender referral? Give me a call at (704)491-3310.