Mortgage Information Center:

Do You Know Your Home-Buying Budget?

The Process & Rules Have Changed

In October 2015, the process for getting and closing on a home mortgage changed as a result of the Dodd-Frank Act passed by Congress. Most of the challenges of the new process impact mortgage lenders and closing attorneys. But, it also affects home buyers when it comes to the approval process and the timing of closings. It is more important than ever to talk to a Lender and get a full loan approval early in the process. It is also wise to work with a local, hands-on lender; rather than a Big Bank or other large national lender where you'll just be a "file in a pile." You want a Lender that really cares about your needs and can respond quickly to last-minute surprises. 

Talk To a Lender Before You Start To See Homes:

  1. This is a strong housing market. Multiple, competing offers are not uncommon. You want all your ducks-in-a-row before looking at homes.
  2. It strengthens your offer to purchase. The home Seller can see where the funds are coming from and is more likely to accept your offer if they see you are prepared. 
  3. It prevents frustration. When you discuss all of your mortgage options with a good Lender you will understand exactly how much house you can afford as well as all of the the costs involved in purchasing. Avoid the stress and frustration of looking at homes before you truly understand where your comfort zone is. Avoid surprises.
  4. It speeds up the process.Time is critical if you love a home. While you are trying to get approved, someone else could submit a offer with an approval and steal your favorite home from you.
  5. Lenders can often suggest simple things you can do to improve your credit score so that you qualify for lower rates.
  6. It is absolutely essential if you are even considering buying a foreclosure, short sale, or other type of distressed sale. Most of these will require that we submit your approval letter with the offer. The ability to close quickly can be almost as important to a seller as the price offered.

It is never too early to talk to a Lender about your plans and options.

If you are looking at higher-end homes, the sellers and their listing agents are likely to require an approval letter or proof-of-funds (for cash sales) before a showing can even be scheduled.

Plan to officially select which Lender you are going to use on or before the day you make an accepted offer.

You can use any Lender licensed in North Carolina and agents are never compensated for recommending Lenders, but we do know which ones provide the best customer service and have the most stress-free, on-time closings.

For friendly personal attention you might try contacting any of these local Mortgage representatives:

Our #1 Recommendation:

Waugh-Shapiro Team @ Fairway Mortgage
Lisa Marie or Jonathan Shapiro  C: 704-458-9898   C: 704-907-5355

Fairway Independent Mortgage |
O : 704.200.2323 F: 704.765.4367 
16930 W. Catawba Ave., Suite 200
Cornelius, NC  28031

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Click HERE to Apply Online! 
Call Jonathan today.



Others Good Options: 

Brad Roche
Element Funding
100 Fairview Rd.
Charlotte, NC   28120
Phone: 704-728-0191

Robert O'Bday
Monarch Mortgage
Phone:  704-621-0721

Jeff Trout
Certus Mortgage
Phone: 704-971-6145
(Formerly Myers Park Mortgage)

Each will gladly answer all your mortgage questions and explain all of your options; Conventional, FHA, VA, USDA, and all other funding choices.