What You Need to Know About Mortgage Loans

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Today I have Brandon Colberg with me and he’s going to be speaking about what you need to know when you’re applying for a mortgage loan in Charlotte. Brandon is a Branch Manager for Element Funding and he is also a loan officer. He thinks there are a lot of misconceptions about what it actually takes in order for a loan to come through, so he’ll be clearing up some things for us.

One major misconception is that you need 20% down to make a good down payment. Some programs only require 3% down, and some require no money down. It just depends on what kind of program you get into. 

When it comes to credit scores, Brandon recommends that no matter where you think your score is, you should consult a professional and have them check your score and then strategize ways to improve it. 

What sort of documentation is required to get a loan?

• Last 30 days of pay stubs
• 2 years of W-2’s and tax returns
• 2 months of bank statements
• A photo ID

These are standard documents needed on the front end, but an underwriter may need more from you, so prepare to dig around for documents. 

Also, prepare to wait for at least 30 days for your loan to be processed, but Brandon can sometimes speed up that process if clients are pre-approved on the front end.

If you have any further questions about this, please don’t hesitate to contact me!

Tips from a North Carolina Family Law Expert

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Today I’m here with attorney Rhonda Patterson from the Patterson Law Office. Rhonda will talk to us about some of the most common questions she receives as a family law practitioner. 

One of the most common questions people have about child custody is what the court considers when deciding which spouse gets custody. People often have a binder full of evidence showing their former spouse’s infidelity, but a lot of that information is not relevant in a custody determination. Just because someone was a bad spouse does not mean they are a bad parent.

Another thing people often misunderstand is marital property. In North Carolina, any property acquired during marriage is marital property. If you purchase a car or a house in your name, your spouse can still make a claim on it if you divorce. A prenuptial agreement is the best way to avoid trouble down the line. 

It’s very easy to get a prenuptial agreement. You simply sit down with an attorney, talk about what you want to protect, and make some concessions for the other side. You don’t want the process to be too contentious, because you are, after all, planning a wedding at the same time. 

Finally, if your child is at your spouse’s home, you may want to try to control what happens in the former spouse’s home. For example, you may not want your child around your former spouse’s new girlfriend or boyfriend. However, unless you can prove that this new girlfriend or boyfriend is harming your child or not making decisions in your child’s best interest, there’s nothing you can really do. You do have to let go of a certain level of control when your child is in your former spouse’s house. 

Likewise, there may be different rules that your former spouse has for your child in their home. Again, unless these rules are harmful or not in the child’s best interest, there’s nothing you can really do. People parent differently, and what works for you may not work for your former spouse. 

If you have any questions, give Rhonda a call at 704-749-3106 or email her at rpaterson@thepattersonlawoffice.com. You can also visit her website. 

As always, if you have any questions, give me a call or send me an email. I would be happy to help you.

What Does the Charlotte Market Look Like?

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Clients oftentimes ask me whether the current Charlotte market conditions favor either buyers or sellers. Right now, we’re in a seller’s market and we’ve seen this for over a year.

What does that mean for you? If you’re a seller, buyers are paying close to the listing price. Currently, we see a 3.5% difference in asking price and selling price. Depending on location and desirability, buyers should expect to pay close to retail price. For your offer to stand out, it should be competitive and aggressive.

Secondly, clients ask me how this happens. What happens to inventory to make it favor buyers or sellers? Well, we currently have three months of inventory and we don’t expect this to change anytime soon. Typically, a balanced market has approximately six months worth of inventory. For the market to favor sellers, inventory would have to be up to seven months and above.

How do these things affect the market as a whole? Prepare for multiple offer situations on more desirable homes. The market is competitive right now, so you should plan accordingly.

If you’re thinking about buying or selling a home in the surrounding Charlotte area, please reach out to me by phone or email today. I’d be happy to answer any questions you have! I look forward to hearing from you.

Your New Real Estate Resource

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (704)996-2613  for a FREE home buying or selling consultation

I wanted to take a moment today to welcome you to my new YouTube channel! You can expect to learn great buyer and seller tips, in addition to local market updates. I want this page to be a resource for a real estate needs. If you’re interested in a specific topic, please reach out to me by phone or email with your suggestion! I’ll make a video about it. Stay tuned!