To preapprove or prequalify? Is there a difference?

You want to have your financing lined up when you first start looking for a 1st, 2nd or Vacation home on the Outer Banks, but is there a difference between if you get preapproved or prequalified? A prequalify is only worth the paper it’s written on. If you call a lender and give information over the phone, the lender may give you a PRE-qualification based ONLY on the information given to them at that time. There is nothing documented and none of your information is confirmed. You could tell them you are the Queen of England and POOF you are PRE-qualified. Not anything to take to the bank – … [Read more...]

What goes into Closing Costs on the Outer Banks?

According to Bankrate, North Carolina ranks 6th highest in terms of closing costs when compared to other closing costs throughout the United States. You can expect to pay about $1,887 in bank origination fees; $714 in third-party fees, appraisals, and title insurance; for  $2,602 in approximate closing costs. You may see fees by the Lender like this: Origination points (not discount) - $857 Application - $343 Doc prep - $68 Mortgage Broker, originator or lender - $1,061 Processing - $495 Tax Service - $72 Underwriting - $200 Wire Transfer - $25 Here is a breakdown of the *average 3rd … [Read more...]