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North Carolina Mortgage Rates 10-22-09

Today's Mortgage rates in N. Carolina (1)

Today it appears that mortgage rates are hovering round the 5% mark for conventional 30 year fixed mortgages. This assumes good credit scores and 20% equity in the property.

According to our sources(2), the average mortgage rate for North Carolina today is a super low 4.94% mortgage rate.

Now is one of the best times to get your North Carolina mortgage reviewed, and if possible refinance you current home loan into something better.

Sources: 1. Money, by twcollins @ Flickr 2.

Watch Mortgage Payments During Transfers

236/365 doing the sums: courtesy obo-bobolina @ flickr

236/365 doing the sums: courtesy obo-bobolina @ flickr

North Carolina Mortgage Loan Transfers

Mortgage lenders typically sell the servicing of mortgage loans shortly after closing a loan. The mortgage loan can still be sold at any time to another lender to allow the mortgage loan company to free up capital. In North Carolina, the mortgage lender is required to provide you with at least 15 days notice of the sale of your mortgage loan to another lender. This is supposed to provide adequate opportunity to ensure your mortgage payment is mailed to the right lender.

Charlotte Mortgage Double Paid

Here in the Charlotte, NC area, this procedure did not work as intended.  According to Channel 9 News (Charlotte, NC), a local Charlotte man was paying two mortgage companies for the same home loan! It seems that the mortgage was sold by GMAC Mortgage to another lender, but GMAC was still collecting payments that were being drafted from his bank account. Even after complaining to GMAC, they claimed they could not find any records of taking more than $2300 in mortgage payments. Finally, Channel 9’s “Action 9″ team got involved and got his money back.

NC Law and You

This highlights a couple things. Although North Carolina requires notice of the sale of a mortgage loan to another lender, this does not guarantee that the original lender will have their ducks in a row and follow through as they should. So one should keep an eye on the transition between lenders. NC mortgage law could not stop the problem from happening, so it is up to you to make sure they don’t run away with your money. Additionally, the Charlotte man paid his mortgage by bank draft, which allowed this to happen. If you are paying your mortgage (or any other bills) using a direct debit bank draft from your checking account, you are giving total control over to the party that you agree to pay. Errors happen, and even the best of money trails can get lost. With the age of online banking, one should consider paying their mortgage using online banking rather than bank draft. Then you are in total control over who gets that mortgage payment!

Article ID: cmc963

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Refunds for Bad Mortgages

Beazer Mortgage FraudBeazer Mortgage Corp, the home financing arm of Beazer Homes USA, Inc, has agreed to refund more than 1,500 North Carolina borrowers, including borrowers in Charlotte, NC. The grand total of the agreement is $2.5 million in refunds.

Back last year, Beazer Mortgage Corp was involved in a local scandal with alleged mortgage fraud that ended with Beazer surrendering their North Carolina mortgage license and leaving the state. This also caused a major black eye on the company and impacted other Charlotte home builders.

Mortgage fraud is nothing new, and the news media has taken every opportunity they can to use the term. While today the term “mortgage fraud” is used to practically describe any mortgage that isn’t a conventional mortgage from the 1960’s, the fact is that there are serious cases of mortgage fraud out there.

At least in this case, some home buyers in the Charlotte area will get some help. Although, I doubt it will make a major impact on the economy, local housing market, or for those facing a foreclosure.

Charlotte Mortgage Rates Rising

Charlotte Mortgage Rates are rising!Charlotte mortgage rates are rising!

With the economy still a little shaky, but with good news on the horizon, the bond market is gaining traction and that is impacting local Charlotte mortgage rates. The 30 year fixed mortgage rates in Charlotte rose slightly, but are still at all time lows!

This may be a signal of things to come, but with where things are, who knows? I will say this though, Charlotte home mortgage rates are simply amazing right now! And with housing prices having come down, a great selection of homes on the market and these current rates, NOW IS THE TIME TO BUY!

Will Charlotte mortgage rates continue to rise? In the long term, the obvious answer is Yes. But in the short term, expect a little up and down until the economy gets a bit more settled. However, the greatest home buying opportunity in Charlotte is now and time is limited… things will not stay this way forever, so don’t wait.

Get approved for a mortgage in Charlotte today and see where you qualify. Then go find that amazing deal that is just waiting for you!

UPDATE: Tax Credit as Downpayment for FHA

Tax Credit ConfusionYou have to admit one thing, confusion always seems to abound when the federal government is involved! That’s why it is important to keep connected to professionals that cut through the confusion to help sort things out for you. That is why I am bringing you this update to the new FHA approved first time home buyer tax credit of $8000.

According to the newest Mortgagee Letter from HUD, the $8000 tax credit provided for First Time Home Buyers can be applied towards the purchase of a home using an FHA mortgage. However, this must be clarified a bit. FHA mortgage loans require a 3.5% investment on the buyer’s behalf, and this can not be provided by any third party entity, including the Federal Government! This means that as a buyer, you still need to have your own funds for this 3.5% investment in your purchase!

You can still use gift funds and any other acceptable option provided by HUD and the FHA. However, you can not use the tax credit for the minimum downpayment.

There is another item one should be worried about when using this credit… fraud. There are specific ways to use the credit and get the funds, and in some cases not knowing the difference can result in fraud. I will share more information on that in a future article very soon.

So to summarize, the newest Mortgagee Letter from HUD clarifies that a borrower can NOT use the $8,000 tax credit to satisfy the 3.5% minimal investment for an FHA mortgage loan. It CAN be used as further downpayment on a home, just not for the minimal.

FHA to Use Tax Credit for Downpayment

First Time Home Buyer tax credit


Please read the article posted at for updated important information about this tax credit!

Original Article:

The $8,000 First Time Home Buyer federal tax credit passed by the Obama Administration may be useful after all! The FHA is going to permit that tax credit to be “monetized” and used as a downpayment on an FHA mortgage loan. So if you do the numbers, you could possibly purchase a $228,500 home with no money down! After all, FHA requires 3.5% of the purchase price to be committed to the deal by the buyer, and 3.5% of $228,500 is just shy of $8,000! Of course, you’d still have closing costs and points to worry about, but with the right negotiations, they could be covered by the seller.

You may not want to buy a home quite that size, but the good news is that with this new option to use the First Time Home Buyer tax credit as a downpayment for Charlotte FHA mortgages, many new home buyers in Charlotte will have access to a tremendous home buying program!

Shaun Donovan, secretary of the US Department of Housing and Urban Development (HUD) was quoted as saying:

We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment.

Regarding the housing market, Donovan said:

I do think we have some early signs hat the market overall is stabilizing. Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.

The National Association of REALTORS has been lobbying for the use of the tax credit for first time home buyers as a downpayment for some time now and it looks as though it will pay off. Some question if using the tax credit for first time home buyers as a downpayment will rekindle a “zero down” / “no money down” marketplace and risk further issues in the future, but in the mean time this should definitely help many Charlotte first time home buyers find another reason to get off the fence!


Reaching the Bottom?

Charlotte Real Estate NewsIf you believe the national news, the US Housing Market may be hitting or at least approaching its bottom. For the second time in three months, new home sales rose ever so slightly. With the abundance of real estate inventory and today’s amazing low mortgage interest rates, Charlotte home buyers, along with the entire nation, are beginning to take advantage of the opportunities.

With low mortgage rates in the Charlotte region, potential home buyers sitting on the fence are beginning to jump off and take the plunge. There are a ton of homes to choose from and the prices are just right for many. Now may in fact be the best time ever to buy a home!

If you are on the fence about buying a home, maybe you should take the next step and see where you quailify. By getting pre-approved for a mortgage in Charlotte, you can confidently know what you can afford and take advantage of the great real estate prices and low Charlotte mortgage rates.

Obama, Banks and Hostile takeovers

Obama taking over banks?In what could be viewed as a strategic move designed to orchestrate a complete banking takeover, the Bank Stress Test Results were released, showing that an overwhelming majority of our nation’s banks “need” more capital to survive. Nevermind that most of these banks are saying they don’t need the money… that doesn’t seem to matter! Is Obama hell bent on Socialism in America, but without the guts to just straight out admit it? Maybe… it seems he continues his “hope and change” ideas while a majority of America still basks in the afterglow of the promise of a new direction.

However, most Americans could not tell you SPECIFICALLY what that new direction is.. they just wanted something new. Not that I blame them for the feeling or desire for something new… I agree. But did we want this direction? Scared yet? Concerned?

So let’s review… Banks that don’t need money are Forced to take money (BOA is just one example), the Government gets a stake in the banks, tells the banks you “can not pay us back yet” and then creates a new test that most of them fail. Given that most Americans are tired of the “bailout” scenario, the new idea is to convert the TARP money to stock (government owned stock!). So the banks, which don’t want more money from TARP, now get a large portion of their stocks taken over by the government.

“But the government will get out as soon as they can!” Sure about that? Please tell me the last thing the government took over that it decided to give up? Should we go so quietly?

This is a conspiracy theory, right? Maybe… but the one area in which Obama is being blatant is student loans. He wants to cut out any lenders that are in business to provide them and make them direct loans to the government… As some see it, Obama wants college kids indebted directly to Uncle Sam! That could mean major control over someone’s life!

Agree or disagree? Tell me how you see all this….

Amazing Photos of Chernobyl

I know this has nothing to do with Charlotte home mortgage loans or real estate, but I ran across this awesome blog post and wanted to share.

These are photos today of the ghost town that remains… very intriguing and fascinating. I highly recommend you check it out.