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Archive for December, 2007

The Charlotte, NC real estate market is among the strongest in the nation. Despite the national news of major slow downs in real estate buying, homes in Charlotte still are selling quite well. New homes in Charlotte are still being built and the existing homes market is still going strong.

If you are considering a move and are in need of a real estate agent, let me introduce you to the right agent to help you find Charlotte NC real estate for sale. Finding a home in Charlotte is a lot easier with a professional to help.

If you already live in Charlotte, but are considering selling your home to move up, allow me to help you. I can get you pre-approved for a mortgage so you know exactly what you can afford before you list your home with an agent. Or if you are thinking of going the For Sale by Owner route, consider using a mortgage specialist to help you in your marketing efforts. As a mortgage loan officer, I can help you in qualifying potential buyers, create payment scenarios, and even let my network of professionals know that your home is for sale.

I hope you enjoy Charlotte and all it has to offer. I look forward to working for you in this move.

Sincerely,

Ed Nailor, Mortgage Specialist

Here are a few interesting facts found from the 2000 Census about Charlotte, NC. It will be interesting to see what these numbers look like when the new census is taken. With all the groth in Charlotte, I can imagine the numbers will be much different.

From the 2000 Census, Facts about Charlotte: 

Population: 540,828

Males: 264,978

Females: 275,850

Median Household Income: $46,975

Median Family Income: $56,517

Median Value of Owner-Occupied Housing Units: $134,300

A list of utility companies for Charlotte, NC.

• Electricity: Duke Power - (800) 777-9898
• Water: City of Charlotte - (704) 336-7600
• Gas: Piedmont Natural Gas - (800) 752-7504
• Phone: AT&T (formerly Bellsouth) - (888) 757-6500
• Trash: Charlotte Garbage Collection - (704) 336-7600
• Cable: Time Warner Cable - (704) 377-9600

If you notice anything out of date or that needs correction, please contact the author with changes.

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         “When Time and Money Really Matter”

Charlotte, NC is a complex city, with the charm you’d expect from a southern community. With its strong financial foundation and cultural diversity, Charlotte appeals to most anyone and has seen a great influx of newcomers to the city. The population in Charlotte has boomed, making it the largest metropolitan city in both North and South Carolina!

Charlotte plays host to several major financial powers, including Bank of America and Wachovia, and is now the second largest banking city in the US, second only to New York. More and more businesses and financial companies are moving into the area to take advantage great tax implications and a cost of living that entices a strong workforce.

Although much has been made lately of the housing industry, Charlotte has enjoyed a steady growth in housing and property values. Growth has been slightly above moderate, but with the constant addition of new residents to the area, Charlotte real estate should be fairly protected from any sort of housing “bubble.” Long term views put Charlotte among some of the best places to invest in real estate in the United States.

Charlotte offers many means of entertainment. With shopping, museums and sports recognized on a national level, Charlotte is highly regarded as a strong tourist attraction within the SouthEast. Shopping includes a great selection of local malls and outlets, while sports range from the NLF and NBA to the US Whitewater Center. There seems to be something for everyone in Charlotte.

If you are thinking of moving to the Charlotte area, you will be welcomed with open arms. The people are friendly and inviting. And while it is a major metropolian city, it still retains an old small town feel in many ways.

A local Charlotte, NC area Realtor has been netting a lot more listings lately. During what most agents see as the slowest time of the year, this agent has been adding more real estate listings. Right now, he has 10 listings and has plans to have up to 20 by March!

How to get more listings

There are many tools available to real estate agents and Realtors today. The key to getting more listings is Read the rest of this entry »

One of the ways I want to help others is by keeping up to date with what is going on in the news. Especially news that is related to mortgage and finance. To do that, I recently changed my home page on my browser to Google and requested News to be posted on my home page.

It did not take long Read the rest of this entry »

Yeah, its that time of year again. Where we sit back after Christmas and relax to enjoy the time off work and watch the kids play with the new toys.

Then a few days pass by and the mail comes once again… hmm.

“We spent how much?” Holy Cow!

That’s when it hits you… you are getting over your head and the bills are flooding in!

This is where the professionals of the Carolina Mortgage Connection can help. We can take the time to see if a Debt Consolidation loan would benefit you. In many cases, you coud use the equity in your home to eliminate the sea of debt and give yourself breathing room again.

But please, once you get this done, let’s also start a savings plan for next year so we don’t end up in such debt again! We want to be your lender for life, but not because of this type of cycle!

Apply now for a Debt Consolidation Loan and see if we can help you lower your monthly payments and get your head back above water!

Remember why you took out an adjustable rate mortgage? Lower payments, right? Well, with rates increasing, your ARM may be headed through the roof! Let the Carolina Mortgage Connection help you refinance your mortgage and get out from under the stress of that ARM. Today’s 30 year fixed rates are still amazing and could save you a lot of money! We can even get you cash out to eliminate Christmas debt!

Click here to apply today and refinance your mortgage.

In 2008, Fair Isaac Corp has announced that it will be changing the FICO credit scoring model. The new model, dubbed FICO 08, will make it easier on some and harder on others. Here are a few changes to expect:

• Bye Bye Authorized Users - In response to those that have charged up to $1,000 to add someone on their account to improve credit scores, authorized user accounts will no longer help boost credit scores. In fact, they could actually lower your score. No official word on this, but my expectation is that if MAJORITY of your credit is someone else’s credit, your score WILL reflect that. Also, if you are an authorized user on an account that is being sold for improving scores, expect to get hit hard! (again, no official word on that, but I expect this will be the case.)
• Occasional Slips Forgiven - So you have gone on forever making all your payments on time and then you have this one time late payment. Maybe it really got ”lost in the mail”, but the occasional random late may not hurt you quite as bad as it has recently. The word is that Fair Isaac is really trying to find out WHO is most likely to stop paying… the occasional late payment happens to most of us. But if most of your accounts are paid as agreed, the occasional late may not be such a big deal.
• Frequent Late Pays Hit Hardest - If you are late frequently, expect your score to be even worse that it was before. When this mew scoring model roles out, you will be penalized for constantly being late. The cure? Start making your payments EARLY and not waiting till the last minute.
• Variety is the Spice of Life (and now credit) - Those with a more diverse profile may see improvements. For example, someone with only 2 credit cards may not see the same gains as someone with a credit card, a loan, a car payment and a mortgage. I would still recommend credit cards for rebuilding as they do have a more instant impact on credit, however you will want to show more consitency across the board. One rule to remember… avoid Finance Companies if at all possible. They can still tend to hurt your score!

The bottom line is that lenders are more sensitive to risks right now and Fair Isaac is trying to help correct that. With other credit score models coming out, Fair Isaac wants to keep the FICO model on top of the market place. This new model will further seperate the good from the bad with little room in the middle.

If you do not understand how credit works, see a credit counselor immediately so that you can get yourself on top of things. Or, if you live in the Charlotte area, you can call me and I will try to help. If you are thinking about buying a home in Charlotte in the near future, start now by checking your credit profile and speak to a mortgage professional. You can never start that process too early!

Ed Nailor - dedicated to educating, inspiring and assisting in the American Dream! Apply for a Mortgage in Charlotte

Fannie Mae and Freddie Mac announced recently that they would be changing mortgage rate pricing due to increased losses in the mortgage industry. That has now gone into effect with majority of the major lenders.

If you put less that 30% down on a home purchase and have a credit score below 680, you will have a higher mortgage rate. How does this play out? Here is an example:

$200,000 Purchase with 5% down (full income documentation)

Standard Rate: 680 score and above: 6.25

If score was 660: 6.50

640 score would be: 6.75

620, rate would be: 7.0

This is just an example, and not a rate “quote”, but as you can see, credit score can make close to a 1% difference. (in some cases, it could end up as more than 1%)

So what does this mean? Well, getting with the right lender for one makes even more sense. Someone that understands credit and scoring and can help you determine if you need to improve your credit, and if so… HOW. Be careful… if the person you are talking to does not know how credit scoring works, the simple advice they give may hurt your score!

Let us take a look and see where you stand. We are experts in credit and mortgages and know what needs to be done.

Now, more that ever, when time and money really matter, call the Carolina Mortgage Connection.

877-411-9327