That’s not what you told me!
If you bought your last home more than three years ago, you can probably remember how much paperwork, verifications and frustration you encountered to obtain your mortgage. Just about the time you thought you had everything the lender needed, they were calling to ask for just one more verification!
If you are purchasing a house in today’s market you can expect to experience the same thing, only worse! The lenders are taking no chances lending money to any borrower that cannot prove they are extremely credit worthy. As a result, more and more paperwork is now requested from the borrower.
“A borrower can save themselves a lot of grief and frustration by talking to a lender, prior to their home search, who is able to advise them as to what type of verifications etc. they will need to obtain the loan,” says Heidi Hines, a local Charlotte, NC/Lake Norman/Highland Creek real estate expert.
Sometimes paperwork and verifications can take much longer to obtain than you expected, therefore causing the loan approval process to be delayed.
This is especially true when it comes to borrowing from one of your investments or retirement accounts, money that is to be used as a down payment, or if you are planning to pay cash in lieu of a mortgage. Someone may have said you could have your funds from one of those accounts within a couple of weeks when in fact it turns out taking six weeks or more.
So if you want to avoid added pressure and disappointment, be sure to verify the time it will take to obtain the investment money, and don’t get caught saying “That’s not what you told me”.
And here are Heidi's top picks for the week...
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641 Franklin Grove Drive
Fantastic four bedroom, two and a half bathroom home located in the subdivision of Franklin Grove. The inviting two-story foyer greets you with warmth offering a decorative plant ledge and a chandelier. The powder room offers a pedestal sink and bra...
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Lot 98 Sparta Drive
Glorious setting on over half an acre lot! Buy today - this is a big opportunity. Just minutes from exit 36 off I-77 and convenient to dining and shopping. Home sites will need private well and septic tank installed by buyer. Looks to be a crawl spa...
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17234 Pennington Drive
Magnificent four bedroom, plus bonus room, two and a half bathroom home located in the prestigious community of Birkdale Village. The inviting foyer welcomes you into this home offering hardwood flooring, a transom window, crown molding, pendant lig...
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102 Aurora Lane
Pristine three bedroom, two full bathroom ranch style home located on a wooded lot in the subdivision of Shepherds Vineyard. The welcoming foyer invites you into this home offering hardwood flooring, a side light in the door and a decorative chandel...
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21237 Pine Street
Attractive three bedroom, three and a half bathroom end unit located in Mulberry Street Townhomes near downtown Cornelius. The powder room offers hardwood flooring, a pedestal ink and silver fixtures. The great room offers hardwood flooring, crown m...
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18619 Victoria Bay Drive
Striking four bedroom, two and a half bathroom home in the subdivision of Victoria Bay. Enter the home through the inviting two-story foyer offering ceramic tile flooring, a palladium window, chair railing and a coat closet for your convenience. The...
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9615 Waltham Court
Fabulous three bedroom, plus a loft, two and a half bathroom home located in the sought after swim and golf community of Highland Creek. Enter this home through the inviting two-story foyer offering hardwood flooring, a transom window, side lights i...
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5819 McTaggart Lane
Stunning six bedroom, three and a half bathroom Saussy Burbank home with a finished basement in a great location within the sought after swim and golf community of Highland Creek, you can even walk to the neighborhood schools. Step-up the stacked st...
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6342 Old Meadow Road
Elegant three bedroom, two full bathroom ranch style home located in the subdivision of Timber Creek. The friendly entrance offers carpeting, chair railing and a coat closet for your convenience. The spacious great room offers carpeting, a ceiling f...
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3416 Passour Ridge Lane
Fabulous three bedroom, two and a half bathroom home located on a cul-de-sac street in the subdivision of Cresthill. The inviting two-story foyer welcomes you with hardwood flooring, chair railing, picture frame molding and a decorative chandelier. ...
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