By Joe Rogers, CRP, GMS Chapel Hill Real Estate
(The Rogers Team @ RE/MAX Winning Edge)
It has never been more important to be pre-approved for your mortgage before beginning to look for a new home. Sellers are seeing transactions evaporate as lenders renege on lending commitments and borrowers who thought they were in good shape - and six months ago would have been - are finding financing difficult to obtain. This is making sellers very cautious even in what is considered a buyers' market.Two important points to remember are to work with a local mortgage lender in the location where you are buying and have all of your documentation in order ahead of time.Local lenders are far less likely to "evaporate" at the last minute. We have always had problems with Internet lenders making closing deadlines. This year, we have had increased problems with out of town lenders who ...