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Licensed broker /
realtor: Charlotte, NC Real Estate
Dawn Castain 704-839-8117 704-393-0048
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. . . or you are an experienced home buyer, finding and financing your new home is a very exciting time. However, with a bit of preparation, you can help prevent the experience from becoming overwhelming or even disappointing. Before you start searching for your new home in the Charlotte, North Carolina or Upstate South Carolina area, the first question you'll want answered is . . .
You can find out the answer to this as well as enhance your home buying power by getting Pre-Approved or Pre-Qualified. What's the difference?
Pre-Qualification is an informal discussion between you and the mortgage lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The information you give the lender is not verified by them and therefore, there is no guarantee that you will be approved by them for the home loan amount. However, it will give you and your realtor a good idea of what your general price range for purchasing a new home probably is.
Pre-Approval requires that the mortgage lender
verify your financial information and serves as a commitment
from that home mortgage company
to lend a specified amount based on that verified information. This gives
you significant buying power with a seller who recognizes that you will be
approved for a home loan. If a seller knows that your financing is secure,
your home purchase offer is stronger.
To get an estimate of what your monthly mortgage payments would be based on sales price, down-payment, interest rate and term length, try this home mortgage calculator ... For current mortgage interest rates, click here ...
Here are some articles that you may find helpful as you start to think seriously about buying a new home ...
It used to be that when a realtor would work with a home buyer, the buyer automatically assumed that the agent was working in his or her best interests. In the course of looking at homes together, real estate agent and buyer would spend hours, weeks and sometimes even months working together, usually giving the buyer the impression that the agent was working solely on his or her behalf. In the course of all this time together, confidential information regarding the home buyer's private finances, family matters and more would often be disclosed. The truth, however, was that until recently, the buyer rarely knew that, by law, the real estate agent always automatically represents the home SELLER in any transaction. Theoretically, the agent was obligated to share any useful information learned from the buyer to the SELLER and to negotiate in the SELLER'S best interests. But now, with the Buyer Agency relationship, a realtor is required by law to disclose to a customer that he or she works for the SELLER, unless and until the buyer agrees to have that agent represent them as a BUYER AGENT. This can be a temporary oral agreement, if the buyer is not sure yet if they want to work exclusively with that agent. But once you are settled on which agent you'd like to work with, it is highly recommended that you and the agent sign a written buyer's representation agreement. In this contract, the realtor agrees to represent ONLY your interests, and he or she is forbidden from disclosing any information about you to the home seller or anyone else. Also, a real estate agent is not allowed to submit an offer from a buyer without first having a signed Buyer Agency Agreement with them. When you and I get together to look at homes for the first time or before we talk at length about your personal or financial situations, I am required to show you the brochure called Working With Real Estate Agents and make sure that you understand the buyer and seller agency relationships. After we've done that, you may choose one of three things: to sign a buyer agency agreement with me, to have a temporary oral agreement with me, or to have no agreement. If you choose to have no agreement, I will ask you to please sign a part of the brochure acknowledging that I went over it with you and that you have chosen to decline any buyer representation by me. To read the entire contents of the brochure, click here.
If you would like to contact me for help with
your Charlotte area home buying needs, please feel free to call me at 704-839-8117 or email me
at
dawn@dawncastain.com. |
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