226 Commerce Street, Greenville, NC 27858
Office: 252-756-3991 Ext.290 Mobile: 252-341-1567
Chad Aldridge is a native of Greenville, NC. Chad is married to Courtney Aldridge and they have three children. Sarah Grace, 8, Henry, 4 and Walker, 2. Chad and his family are active members of Covenant United Methodist Church. Chad is a graduate of JH Rose High School and of East Carolina University with a bachelor's degree in communications. He is also a member of University City Kiwanis. Chad has been a mortgage lender for more than 5 years and has more than 10 years of sales experience.
1. How can I determine what mortgage amount I might be eligible for?
Based on your income, your current debts and estimated down-payment, Chad can usually help you determine the maximum mortgage amount for which you could qualify. You may also reference our mortgage calculator. This process is frequently referred to as a "prequalification analysis".
2. What is the difference between a prequalification analysis and a preapproval application?
A prequalification analysis is typically the result of information shared between a mortgage lender and a potential mortgage borrower and usually does not incorporate information obtained from a credit report. The end product for a prequalification analysis will be a "ballpark" estimate of the maximum loan amount you may want to consider. Typically there is no cost or obligation on behalf of either party for a prequalification analysis.
A mortgage loan pre approval application typically results in a written loan decision following a complete mortgage application. You can typically apply for a preapproved mortgage prior to signing a purchase agreement for a home. Many lenders will also allow you to lock your pricing
at the time you apply for a preapproved mortgage. A preapproval can also add to your negotiating strength when you are ready to make an offer on a home.
3. What is the minimum down payment for conventional, FHA, and VA loans?
Conventional loans (those not backed by a government agency) usually require a minimum down payment of 5%.FHA mortgages
, insured by the Federal Housing Administration, are available for as little as 3.5% down.
, guaranteed by the Department of Veterans Affairs, have a no-down payment option for eligible veterans buying a home.
Contact Chad Aldridge
for a specific down-payment requirements and programs for qualified applicants.
4. How do I apply for a mortgage?
Most lenders will take your application by phone or in person. The application interview typically takes 30-60 minutes.
5. How do I determine which mortgage product will meet my needs?
Everyone's situation is different. Most people will benefit from either consulting by phone or in person with a mortgage professional who is committed to discovering your needs, and helping you match those needs with a mortgage product that's right for you.
6. Do most mortgage lenders provide construction loans?
Many mortgage lenders have construction-to-permanent financing loan programs. Programs will vary with each individual lender. Typically, a construction loan is an interim loan secured by the property on which a dwelling is being constructed. The funds are usually disbursed throughout the construction period and replaced with permanent financing once the construction is completed. You may also choose to utilize separate lenders for the construction financing and the permanent financing.
7. Do mobile homes need to be permanently affixed to receive financing?
Some lenders may provide financing for mobile homes which are not permanently affixed to a foundation. Most lenders will finance double-wide homes that have been permanently affixed to a foundation.
8. Do I need to fill out an application?
Yes, but some lenders will allow you to complete the application verbally right over the phone. A copy of your application will be provided at the closing, which you will need to review and sign at that time.
9. What documents will typically be requested when I make application for a first mortgage loan?
Frequently lenders will request: W2's, paystubs, bank statements, and the purchase contract on the home you are buying. Documentation requests vary by loan type and lender.
10. Do most lenders require a homeowner's inspection?
No, a homeowner's inspection is generally requested by the buyer as a condition to the purchase of the home. Many homebuyers, however, will make the purchase of their home contingent upon a homeowner's inspection. A homeowner's inspection should not be confused with an appraisal, which is required by most mortgage lenders in order to support the value of the real estate to be used as security for the mortgage.
11. Do I need an attorney?
The decision to use an attorney or not is up to you. In general, real estate attorneys are typically involved in purchase transactions due to the complexity and number of parties involved. Refinance transactions usually do not involve attorneys. In addition, there are many areas of the country where attorneys are not normally involved in any real estate transaction. Your real estate agent and / or lender may be able to provide information on what is typical for your area.