Loan – Pre-qualification

It’s important to take the time to find out your credit score, determine an affordable monthly payment and get pre-qualified for a loan. There’s nothing worse than finding the home of your dreams and not being able to afford it. So, enhance your buying power by getting pre-approved/pre-qualified.

There are many qualified Mortgage Specialist in the Charlotte area. Here are two:

Carolyn Blondin, CMPS®
Certified Mortgage Planning Specialist Fairway Independent Mortgage Corporation
8430 Rea Road, Suite E
CHARLOTTE,	NC 28277
OFC:	(704) 541-1205
CELL:	(704) 491-3899
FAX:	(866) 835-7153
EMAIL:	CarolynB@FairwayMC.com

Real Estate Terms

Appraisal:	As applied to real property, it is an opinion as to properties value, marketability, usefulness or suitability.
Buyer Agency:	A contract between a prospective buyer of real estate and a real estate broker to act as the agent for the prospective buyer in locating a particular type of property for purchase.
Closing:	The consummation or completion of a transaction involving the sale or exchange of real estate.
Counteroffer:	An offer made in reply to an original offer which contains new or different terms or conditions not included in the original offer.
Encumbrance:	An encumbrance, as it pertains to real estate, means anything that burdens title to the property. An encumbrance can be a mortgage (loan), a lien (voluntary or un-voluntary) an easement or a restriction that limits the title. An encumbrance can involve money, but not always. The saying is all liens are encumbrances, but not all encumbrances are liens.
Exclusive Right-to-Sell Listing:	An exclusive right-to-sell listing is the most commonly utilized instrument. It gives the broker the exclusive right to earn a commission by representing the owner and bringing a buyer, either through another brokerage or directly. The owner pays both the listing and selling broker fees. The owner cannot sell the property herself without paying a commission, unless an exception is noted in the contract.
Home Protection/Warranty Plan:	The last thing a home buyer wants to worry about after closing is what could possibly break or malfunction in her new home. Since that can cover a multitude of items and systems, for peace of mind, it's a good idea to get a home protection plan. It's especially a good idea to obtain a home warranty if you're a first-time home buyer with no experience maintaining a home.
Market Value:	Definition: The price at which a seller is willing to sell and an able and willing buyer is willing to buy. Generally speaking, the value is close to what similar homes have sold for within the past six months.
Multiple Listing Service (MLS):	A cooperative listing agreement operated by brokers who are members of the National Association of Realtors.
Offer:	A promise by one party to another to perform a specified act provided that the other party promises to perform some specified act in return.