Don't Wait to Get Pre-Qualified for an Iredell County Home Loan

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As a buyer, it's important to get pre-qualified in Iredell County. You're out looking for a home because you want to put money into your own pocket instead of renting. You come across a home you really love, so how do you know you can afford it unless you've already been to the lender and gotten pre-qualified? It's important to also know how much money you need for a down payment. Maybe you qualify for 100% loan financing or FHA. There are lots of options out there. Do you also have enough money for the closing costs?

“You need to know what your budget is.”

Another thing to consider with pre-qualification is that you may be approved for more money than you want to borrow. You need to know what your budget is, so you can stay within a payment range that meets your needs. The critical thing to remember in today's fast-moving market is that a pre-qualification lets the seller know that you can get the money to buy their house. If you're in a competitive situation, don't wait to get that letter.

If you have any more questions, don't wait to call!

Should Sellers Pay for Buyer Closing Costs?

Selling your Iredell County home? Get a free home value report

Buying a Iredell County home? Search all homes for sale

One of the issues we run into quite frequently with sellers is paying for a buyer’s closing costs. Sellers don’t understand why they are being asked to help pay for them when they are already paying their own. Let’s look at the issue a little closer.

Buyers ask sellers to help with closing costs because lenders advise them to negotiate help when cash is tight. The buyer doesn’t want to have to borrow money to pay for costs that will affect their loan, nor do they want to charge the costs to a credit card.

Another reason buyers ask for help is because seller closing costs are relatively less than what buyers pay. Some buyer costs can get pretty hefty; up to 3 to 4% of the loan, which can add up quickly. The seller and buyer can always negotiate the closing costs. By no means do you have to pay 100% of the buyer’s costs because there are always other options.

If you negotiate a higher sales price with the buyer to cover closing costs, you have to be very careful. Will the house appraise if you increase the sale price by X number of dollars to cover the closing costs?

It all boils down to negotiation, which is why you need a professional, experienced real estate agent on your side. Don’t assume that because buyers ask for closing costs that they can’t afford the loan.

If you have any questions for us about this or any other issues, don’t hesitate to reach out to us via phone or email. We look forward to talking with you soon!