Currency: USD

Financing

Scroll Down To Discover

PREPARING YOUR FINANCES

Questions
About
Financing?

Get Pre Approved
Probably the best advantage you can give yourself as a buyer. Learn why it pays to get pre-approved early in your home search. Read More
Looking for Assistance with your Mortgage needs?
Let us know how we can help you with your mortgage needs. We are focused on only one thing – to help you buy the home of your dreams! Read More
Mortgage Calculator
Calculate your mortgage payment and get insights of loans and payments. Open Mortgage Calculator
Moving to the Area
If you’re considering a move to Greenville, Pitt County or surrounding areas area, we can help. Our relocation team is here to help you find the right community, a great associate and the perfect home. Read More

GETTING PRE-APPROVED

How To Get
Pre-Approved

Pre-Approval

Getting pre-qualified helps you determine how much home you can afford, based on specific financial information you share with your lender. The lender does not verify this information, and consequently there is no guarantee you will qualify for the loan amount. Getting pre-approved requires that the lender verify your financial information, and does serve as a commitment to lend a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes you will be approved for a loan.

What is Pre-Qualification?

Pre-qualification is an informal discussion between borrower and lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The lender does no verification and is not bound to make the loan when you’re ready to buy. On the other hand, loan pre-approval is based on documented and verified information regarding your employment, your income, your liabilities, your assets and the cash you have available to close on a home purchase.

How is Pre-Approval Better?

To a seller, a lender’s pre-approval letter is considerably stronger than a pre-qualification letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home, knowing that you will qualify for the proper mortgage amount.

LENDING OPTIONS

Looking
For a Lender?

Let us know how we can help you with your mortgage needs. We are focused on only one thing – to help you buy the home of your dreams!

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”.

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.

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.

VA mortgages,  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.

Most lenders will take your application by phone or in person. The application interview typically takes 30-60 minutes.
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.
 
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.

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.

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.

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.

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.

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.

Looking for Financing?

Please let our Aldridge & Southerland agents know your needs. We can help put you in contact with the right agents to help fascilitate a great lending experience.

TESTIMONIALS

What Our Clients Say