The Agency - Charlotte - Flipbook - Page 28
STEP 02
P re -Approva l - C omp et it ive re ad i ne s s w it h a reput able lender
Pre-qualification vs. pre-approval vs. full underwriting
• Pre-quali昀椀cation: Quick estimate based on self-reported info (least competitive).
• Pre-approval: Application + credit pull + document review, subject to property (standard for offers).
• Fully underwritten approval: Underwriter reviews your file before you shop (most competitive and
often fastest to close).
Common Loan Paths
• Conventional & jumbo: Broadly used in Charlotte; competitive rates, various down payment options.
• VA/FHA/USDA: Niche programs with specific eligibility; can improve affordability for qualifying
buyers.
• Portfolio/ARM/bank programs: Useful for complex income, unique properties, or certain jumbo
scenarios.
Rate Strategy & Payment Design
• Rate locks & 昀氀oat-downs: Time your lock; ask about float-down options if rates drop.
• Points vs. credits: Buy points to lower the rate, or take lender/seller credits to reduce cash to close.
• PMI strategies: Structure down payment/loan type to minimize or remove mortgage insurance
over time.
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T H E A G E N CY C H A R LO T T E
