Charlotte Home Buyers Guide Step 6 – Obtaining Financing

With the details addressed and your Charlotte home shopping is complete, it’s time to put your lender to work.  Now that you have a ratified Contract (your Offer is signed by both you and the Sellers and everything is  mutually agreed upon), you’ll embark on a rapid-flow timeline.  Financing must be addressed, first and foremost.  Simultaneously, your real estate agent will be scheduling your Closing and inspections, based upon your choice of attorneys and inspectors.

If you’ve followed our recipe for a successful home purchase, you’ve already been pre-approved, which means that you’re well on your way through this step of the process.  Immediately contact your lender to finalize your down payment, interest rate, regular payment schedule and any other financial conditions which are associated with your new home purchase.  The lender will likely have you produce a few more documents as well as have you sign the mortgage documents for him/her.

Your Realtor® can review your Good Faith Estimate with you and explain the terms of the final HUD-1 (Closing statement) to you with regards to financing.  If you have purchased before, lending protocol is far more strict than ever before; banking regulations have changed the way that our HUD-1’s are structured, which is a good thing for a buyer.  Lenders are now held to higher expectations with regards to the amount which they can vary from their Good Faith Estimate and the final HUD-1 bottom line.  For Charlotte home buyers, this means that you will have a more concrete final figure, long before the Closing takes place.