Waxhaw Home Buyers Need Loan Before Buying Home

Waxhaw Home Buyers Need Loan Before Buying Home

Home buyers need a loan before buying a home in Waxhaw.  

Despite what some commercials these days may lead you to believe, this is not rocket science!

Most home buyers know that unless they are paying cold hard cash when buying a home, they will need a loan, a.k.a., a mortgage, in order to complete the sale.

What every home buyer does not know is that you actually need a loan before you start looking at homes to purchase.

To be more precise, home buyers need to be pre-approved for a loan tHome buyers need a loan before buying a home.o purchase a house by a certified lender before any serious consideration can be made for purchasing a home.

There are three reasons why home buyers need to be pre-approved for a mortgage prior to shopping for a home.

First, without being pre-approved for a loan, home buyers do not know how much money they will be able to secure in the form of a loan when purchasing a home.  

If a home buyer has $25,000 saved for a down payment and qualifies for a $225,000 mortgage, she should only look at homes her Realtor® believes can be purchased for $250,000 or less.

Second, a home loan pre-approval lets the buyer know how expensive a home he or she can truly afford based on the amount of his or her down payment, the prevailing mortgage rates, monthly payments, available financing options, and other factors..

To use a $250,000 house as an example again, if the home buyer’s monthly payment will be $1500 and he can only afford - or only feels comfortable with - a $1200 payment, he may need to consider a less expensive home.  

Additionally, if the buyer is comfortable with a higher monthly payment, he may be able to consider homes at a higher price point.

Finally, in the current real estate market in Waxhaw, North Carolina, and throughout much of the Carolinas, we are in a seller’s market. This means home buyer demand exceeds the number of homes currently available for sale.  

A quick review of Economics 101 will remind you about the rule of Supply and Demand.  

When demand is higher than supply, price and competition among buyers increases.

In today’s real estate market, most home sellers will not consider an offer to purchase their home without confirmation from the buyer’s lender that the buyer is qualified to purchase their house.

If you are considering buying a home in Waxhaw, the first thing you should do is contact a local Realtor® who knows the market for an initial consultation and ask him or her to refer you to at least two or three reputable lenders who will have your best interests in mind.

For more tips on buying a home in Waxhaw, call, text, or email Bill Cormier and Jimmy Grappone — CG Group at Skyecroft Realty —  today!

Jimmy Grappone
CG Group, Simplifying Real Estate

 NC & SC Broker / REALTOR

101 Waxhaw Professional Park Drive, Suite C

Waxhaw, NC 28173

(C) (980) 298-9385(O) (704) 412-3222

(F) (704)-412-3233(E) jgrappone@skyecroftrealtygroup.com

Click Here to Access NC's Working With Real Estate Agents Brochure:


To download our mobile app please click the link below


Want to know your home's value?


"CG Group at Skyecroft Realty is committed to Simplifying Real Estate.  Your referral is free to give, but it is priceless to receive.  Who do YOU know who is planning to buy or sell a home?"

Mark Hendel - Broker In Charge Headshot
Phone: 704-909-8688
Dated: January 25th 2018
Views: 574
About Mark: Mark Hendel Broker In Charge NC & SC Broker, REALTOR® As President and Broker-In-Charge for Sk...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Dont Let Your Luck Run Out Buy A Home This Spring - Don’t Let Your Luck Run Out.
Why Homeownership Matters Now More Than Ever - Why Homeownership Matters Now
Four Reasons To Sell Your House In The Winter - Four Reasons to Sell Your House
Six Tips To Sell Your Home - Six Tips To Sell Your Home BY

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Skyecroft Realty Group
101-C Waxhaw Professional Park Dr