AtHomeCharlotte.com Charlotte Real Estate as a Baseball Game

Shop around for a mortgage company. Besides interest rates, there are other factors like costs and service record: ask about their batting averages. Always...always...be sure to get and sign a Good Faith Estimate. This is a federal requirement. And a great reference point when you receive your closing statement.

Pitch 2 - Loan Types

Decide on the type of loan that best suits you. Be open to listening to all types of loans and know the advantages of each. Ask for the details in writing. Details mean costs of each. Including conversion, re-financing. Get everything in writing. Ask your broker to review these figures with you and explain each.

Pitch 3 - Delivery

Service record is the most important element after interest rate
and costs. Being ready to close on time is critical. Why?
If your interest rate is locked in and you are delayed beyond that "lock-in date" you will might not be able to keep that rate without paying. In some cases a delay could work for you.

Coach's Tips

Real Estate Pros

Mortgage Calculator

What's Needed at Loan Application

Pinch Hitters

The Rate Lock
If you don’t lock the rate, rates can go up significantly enough to change your ballgame.
Get your lock in writing.

The Buy Down
You go for the buy down. Payment looks good now, but study the increase especially first timers.
Make sure it includes everything. Taxes, insurance and mortgage insurance if applicable.

The Service
The mortgage company doesn’t get their paper work complete by closing, you can’t close as planned, and interest rates have gone up.
It happens. Your job and the job of your broker is to follow up and get all of the information to the mortgage company in a timely manner.

Learn more from your Angel Advocates

Angel Advocate 1
You got a lower interest rate with JunkFee Mortgage, but at closing
see that the fees are more than
you expected.
How could you avoid this?

1. Get a detail of closing costs from each mortgage company and compare.

2. Pay cash

Angel Advocate 2
You are going to stay in Charlotte for 5 years and then go to California.

What type of loan makes sense?

1. Adjustable Rate Mortgage

2. Buy down

3. 30 year fixed

Angel Advocate 3
The mortgage company you picked (because of their below market rate)
did not get your loan to underwriting
in time for closing and the rates have gone way up. Is there anything you can do to retain your rate and still get to closing?

Answer:
Both.

Answer:
#1. Adjustable rate mortgage
in most cases.

Answer:
Buy the rate down or try another mortgage program.