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RSSMortgages in Mecklenburg County
Applying for a mortgage is a daunting process, especially if you are a first-time home buyer. Before you even step into a bank, there are a few things you can do to make the process simpler for you. It is important to be informed, so go online and grab a credit report on yourself (these are often free). If there is anything on it that you have a question about or think may be a product of identity theft, call the credit bureau and take care of the issue. Once you have your credit report cleaned up, you need to gather all the information the mortgage company will want. This includes information on the house you are purchasing (address, square footage, etc.), proof of your income (pay stubs, W-2, or tax returns if you are self-employed), as well as general information such as contact information and social security number.
Each bank operates differently, but if you are prepared applying for a mortgage should be a painless process. Most banks today even take your application over the phone, so if you have all the necessary information in front of you it can only take 15 minutes to apply. Be prepared to pay a few hundred dollars up front as an application fee and to cover any appraisal that may be necessary. Once the mortgage company has all this information, your application fee, and you have signed the necessary documents the rest of the mortgage process is relatively simple. Short of providing additional information or connecting the mortgage company to your realtor for more details, your only important job is to show up and sign the final papers.
FHA Mortgage Loans in Mecklenburg County
One of the excellent programs offered by the FHA is down payment assistance for first time home buyers. This can be especially beneficial if you can afford the monthly payment for a house, but have not had the opportunity or extra funds to set aside enough cash for a down payment. Once you find a lender that participates in FHA programs, notify them that you plan on using down payment assistance. To qualify, the house that you choose has to appraise at least 3% higher than the price you are paying. The seller must then agree to pay closing costs in exchange for selling their home for 97% of its value. This also gives you a good start of 3% equity without any extra money.
Mecklenburg County Loan Modifications
Since the mortgage crisis began, there has been a lot of talk about loan modifications, but how do you know if one is right for you? Modifications typically apply to specific type of homeowner: one that has fallen behind in their mortgage payments or has the potential to fall behind. A loan modification is not the same as a refinance because loan modification candidates typically do not have the credit or income to refinance. If the lender decides that you are a in a place where modification is required, they will examine your entire financial situation. Before they will commit to the modification or any new terms the lender often determines whether or not will you will be able to meet the modified loan requirements. If the lender feels that any help they could give would simply not be enough to make your house affordable, they may offer you an alternative such as a short sale to get you out from under your house.