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Old 03-04-2009, 04:30 AM
 
148 posts, read 492,722 times
Reputation: 83

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Quote:
Originally Posted by teebopop View Post
Eerie ... isn't it?

What State do you live in? I'm in PA but buying in NC.

I ask because the house I am buying is only the third one to be built in the development (only 20 will be built eventually). And only one other one has a contract besides us.

Good luck on your process ... keep me posted!
I live in eastern NC and we're buying in Charlotte, the other side of the state.
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Old 03-04-2009, 06:38 AM
 
3 posts, read 3,864 times
Reputation: 10
Hi,

I am not a real estate pro. I'm also looking for a new house. thought this would be helpful.

Use this handy checklist to guide you through the home buying process.

1. Get pre-approved for financing.
2. Make an offer on a house, with the assistance of your buyer's agent.
3. Finalize offer and sign the Purchase and Sale Agreement.
4. Work with your mortgage broker to provide all documentation that is needed
to close the loan.
5. Get a home inspection.
6. Pay for the appraisal.
7. Wait for the Final Review and Final Loan Approval.
8. Sign Loan Note, Deed of Trust and other loan papers.
9. Wait for Deed of Trust to record with the county recorderís office, and for the loan to fund.
10. Get the keys from your real estate agent and move in to your new home.

cortesy- bizymoms expert in Mortgages and Real Estate Loans -Carolyn Warren
You can read more of her professional tips and guidlines below.
Mortgage Advisor: Get Advice from Carolyn Warren an Expert Mortgage Advisor
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Old 03-04-2009, 07:31 PM
 
87 posts, read 347,734 times
Reputation: 35
I think you forgot: work with your attorney for the contract review and for title work
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Old 03-04-2009, 07:50 PM
 
Location: Cary NC
553 posts, read 2,081,945 times
Reputation: 303
Quote:
Originally Posted by beckycat View Post
Are there many factors that can go wrong with obtaining financing after you've been pre-approved?

YES! FYI I am a mortgage broker in NC

A pre approval is nothing more than an opinion made by a loan officer with the information provided. Now, there are different types of pre approvals:

1) You tell the LO about your income/assets etc. and they type up a pre approval letter. This one usually blows up in everyone's face since an opinion is being made without proof

2) The LO collects all of your income/asset info and pulls your credit. Using this info the LO writes a pre approval letter- this too could blow up in everyone's face unless the loan officer is experienced and knowledgeable in underwriting guidelines (which you as a consumer have no way of knowing). I have run into LO's with 20 years experience that did not know underwriting guidelines (rare)...sad but true.

3) The LO collects all pertinent info and uploads it into Fannie Mae / Freddie Mac automated underwriting (AU) engine what we call (DU, DO or LP) If the information entered into the (AU) is accurate and the computer spits out an approval you have a slight chance of things going wrong but probably not.


#3 is about the best any LO can do to "Pre approve" someone since most lenders will not look at a file unless it is in contract.

What could go wrong on your end:
1) Appraisal could come in lower than agreed purchase price forcing the seller to either lower the price or you pull out of the purchase

2) Lenders guidelines could change (nobody's fault except the lender) and they could be jerks and not honor your AU approval

3) The LO averaged your income / asset info instead of being precise or YOU or the LO omitted pertinent info on the loan application like child support payments, alimony payments, other properties owned that were not disclosed etc.. and when the lender pulls a 4506T (check your tax returns vs. what you put as your income) and a MERS (to see if you have any properties in the USA not listed on the loan application).


Other than that you should be good to go. Anything else would pretty much be contract related and you would deal with your agent on this.
Here is a link to HUD which has just about everything you want to know about buying a home and better yet it is from a government agency not someone hoping to profit from doing business with you. http://www.hud.gov/buying/index.cfm Hope that helps and good luck with your home purchase!
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Old 03-04-2009, 11:11 PM
 
305 posts, read 1,483,520 times
Reputation: 149
We'll practically be neighbors. We're moving just north of Charlotte in Statesville. Small world!

Quote:
Originally Posted by mrsclmn View Post
I live in eastern NC and we're buying in Charlotte, the other side of the state.
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Old 03-04-2009, 11:18 PM
 
305 posts, read 1,483,520 times
Reputation: 149
We went to the bank to sign the application today. Mortgage person said "With your credit scores and debt to income ratio you should expect to receive the final papers in 10 days."

I had already provided her proof of income before she gave the preapproval letter, she'd already pulled our credit reports, so this was merely a formality.

She already made the appointment with the appraiser. Even if there is a slight difference in contract price and appraisal, we've got the money in savings to make up the difference provided it's not more than $3k.

We had been working for 3 years to get the high credit scores, pay down and/or off our bills, and put money in the savings to cover closing costs.

So we know the preapproval letter was based on facts because she had everything she needed to make more than an educated guess.

But, still ... I won't believe it until I have the keys in my hot little hands!
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Old 03-07-2009, 08:07 AM
 
3 posts, read 3,864 times
Reputation: 10
Thank you for all the helpful Tips!
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Old 03-07-2009, 08:12 AM
 
3 posts, read 3,864 times
Reputation: 10
Quote:
Originally Posted by NellyG View Post
Hi,

I am not a real estate pro. I'm also looking for a new house. thought this would be helpful.

Use this handy checklist to guide you through the home buying process.

1. Get pre-approved for financing.
2. Make an offer on a house, with the assistance of your buyer's agent.
3. Finalize offer and sign the Purchase and Sale Agreement.
4. Work with your mortgage broker to provide all documentation that is needed
to close the loan.
5. Get a home inspection.
6. Pay for the appraisal.
7. Wait for the Final Review and Final Loan Approval.
8. Sign Loan Note, Deed of Trust and other loan papers.
9. Wait for Deed of Trust to record with the county recorderís office, and for the loan to fund.
10. Get the keys from your real estate agent and move in to your new home.

cortesy- bizymoms expert in Mortgages and Real Estate Loans -Carolyn Warren
You can read more of her professional tips and guidlines below.
Mortgage Advisor: Get Advice from Carolyn Warren an Expert Mortgage Advisor
Thank you Fant
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