Q: I want to get a mortgage. What do I do first?
A: To get started, click on Apply Now and take 10 minutes to complete the application or contact one of our Uwharrie Bank Mortgage loan officers. Either way, we can quickly help you get prequalified. This takes the guesswork out of shopping for a home because you will know how much home you can afford. We will help you all along the way, at every turn, so that you are comfortable understanding the mortgage process.
Q: What is the lender going to review when I get prequalified for a mortgage loan?
A: In order to qualify for a mortgage loan with Uwharrie Bank, four factors are taken into consideration:
-Creditworthiness - A history of good credit and a positive credit rating are essential to obtaining a mortgage loan.
-Income & Employment - Lenders will look at your employment history and your current employment to support your employment stability. The lender will also look at your current income as it relates to historical income and your income stability. The goal here, is to make sure you can afford your home payment in conjunction with other living expenses.
-Sufficient Funds for Closing - As part of the prequalification process, we want to make sure you have the money for the down payment and closing costs. The amount you will need varies, depending on the mortgage loan program you choose.
Q: What happens after I'm prequalified for a mortgage?
A: After you're prequalified, you and your Realtor can start shopping for a home! We can provide prequalification letters to submit with your offer. This prequalification letter is very important in today's market. A Buyer that has not been prequalified is much less likely to have their offer accepted by the Seller.
Q: What happens when I find a home I want to purchase?
A: When it comes time to make an offer on a home, your Realtor will guide you through this process. It typically starts with submitting a formal offer to the Sellers or their agent. This letter would include the amount of your offer and any conditions you'd like to include. Before you make an offer, your Realtor will make sure the asking price is in line with other homes in the area. A good Realtor will know this process well and can provide solid advice.
have their offer accepted by the Seller.
Q: How long will it take to close my loan from start to finish?
A: Ideally, your Realtor will help you negotiate the contract to allow ample time (45 days) for home inspections, the appraisal, loan processing, underwriting and final loan approval. We can close your mortgage quicker, if needed, but you don't want to rush a transaction that is this important to you. The entire process at Uwharrie is done in-house, enabling us to control the process and close your loan on time, every time.
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