Prequalification is a simple process where you tell the lender the amounts of your income and your debts, and the lender then runs a credit report to tell you "how much house" you can comfortably afford.

     Pre-approval is a more complex procedure. Once you find a home, you must then submit paperwork verifying and documenting your employment, your credit debt, school loans, etc. Once the lender processes all of this paperwork, you are then approved to get a mortgage on that home.

To get an idea of what your monthly payments might be for a given loan or how much home you can afford based on your income and and other financial information, just go to:

Mortgage Calculator

If you've been renting and are wondering about whether or not you should buy a home, you might want to read the following:

How does the cost of owning a home compare to that of renting?
 

     When you are serious about looking for a home, it is a good idea to have a BUYER'S AGENT.  What exactly is a Buyers Agent, you might ask?

     A buyer's agent is an agent who works solely on your behalf. They research neighborhoods for you, make appointments to view the homes that you select, negotiate for you on the sales price and the homes inspection report, they set up attorneys for closing the deal, attend the inspection and they suggest mortgage and insurance agents. You need someone who is in your " corner" and who will be there for you long after the sale.

     Realtors are self-employed professionals who may work under the umbrella of a large corporation or they may own their own business. Realtors receive their professional fee after you find the home of your dreams and actually close on the home.  At that time, the attorney will disperse checks to all parties involved and that's when the Realtor gets paid.

     "Buyer agency" begins when a buyer chooses to have a certain agent represent their best interests. In NC, you may have agents who represent the buyer, the seller or, in some cases, an agent may represent both parties at the same time.

     The agent will explain "buyer agency" to you with a brochure called " Working With Real Estate Agents". This is not a contract but explains and makes sure that you understand that the seller is actually paying the realtor's professional fee.  Therefore, until you enter into an agency relationship with a realtor, that the realtor is working for the seller. After this is explained, you may be asked to sign " An Exclusive Buyer Agent Agreement". This agreement says that you agree to work with one agent exclusively and the agent agrees to work on your behalf .  Once signed, any information given by you to that agent cannot be discussed with the seller or their agent.

BUYER'S GUIDE

    Here are some great articles that should help you better understand some parts of the buying process:

. . . on the home-buying process or would like a Buyer's Agent, you can call me at 704-609-4241.  Or you can send me a little information about yourself and your needs with the following form.  I will get back to you promptly!

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