Millennials could spend about $97,000 in rent by the time they turn 30 according to this CNBC article. That’s more than enough for a healthy down payment on a home or condo.
Last week’s blog post covered steps to take before you start the process of buying your first home. Every agent we asked had one common answer – Get pre-approved for a loan before you dig into your search.
So, what does it take for a first- time homebuyer to get pre-approved for a loan in the Charlotte, NC area?
We asked our Realtors® who they would recommend if they were a millennial looking to get pre-approved for a loan. They immediately referred Christina Mauney with Team Lending by Design out of American Securities Mortgage.
Christina does most of her business over the phone, so people don’t have to take time out of their day to go to her office, but she is always available for an in-office consultation as needed.
After a 15 minute phone call and 14 simple questions later, Christina said that she would call us back the next business day with a pre-qualification for a loan. A loan pre-qualification tells you the amount of money they will loan, assuming the information you give them in the initial phone call is correct.
We hung up feeling like it was too easy.
Sure enough, the next day, she called back to say she “comfortably preapproved” us for a healthy conventional loan.
She even broke down the numbers for us laying out how much cash we would need to close and how much to expect for a monthly payment.
These are the 14 questions she asked
- Full Name
- Date of Birth
- Social Security Number
- Married or single
- Do you have any dependents?
- Work history and compensation
- Down payment ability
- Email address
- Cell Phone Number
- Did you file taxes the last two years?
- Do you owe any money to the IRS?
- Have you ever filed for Bankruptcy?
- Pick a security question
Playing the Numbers Game
After we received the pre-approval, we sat down with Christina to play some numbers games. She helped us see what it would look like if we put more money down, had a bump in income, or what a 15 year versus a 30 year loan would look like to a consumer.
The entire process was simple and easy. Christina made us feel comfortable and relaxed, like someone we would consult with again and again on home loans in the future.
Are you ready to turn your rent money into a down payment for a home? Contact our director or relocation, Catharine Pappas at (704) 661-2402 to get connected with an experienced agent.