Archive for March, 2008

FHA underwriting taking up to 2 weeks

When buying a home in the Charlotte area and using a Charlotte FHA mortgage loan, be sure to allow enough time for the underwriting process. Due to overwhelming demand, the time it is taking for underwriters to actually touch and review a file (known as turn time) is currently averaging 7-10 business days. This means that once your Charlotte FHA mortgage loan application is submitted to underwriting, you will not get an answer back for approximately 2 weeks.

When making an offer for a home for sale in Charlotte, be sure to ask for a little more time to close your loan. In the past 30 days has been sufficient. However, turn times then were 48-72 hours. While we are still closing majority of our FHA mortgage loans in Charlotte within 30 days, I am advising any clients to allow 45 days on the contract. This prevents any potential issues with going beyond the “close by” date.

With PMI companies turning off 100% mortgage loans, using FHA mortgages in Charlotte is a good move. Charlotte FHA loans are less restrictive, have better pricing, cheaper monthly mortgage insurance premiums and now allow loan amounts to over $300,000 for Charlotte FHA mortgages.

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Union County NC is 7th Fastest Growing County in US

According to new census data, Union County (just south of Charlotte NC) is growing. Not only is it growing, but Union County NC is the 7th Fastest Growing County in America! Union County is by far the fastest growing county in North Carolina. That basically means that more people are moving to Union County, including the cities of Monroe, Indian Trail, Weddington, Waxhaw, and Stallings. There are a number of smaller communities in Union County, all expanding from this explosion of growth!

Its no wonder why Union County is growing. With the proximity to Charlotte NC, the nation’s 2nd largest banking center, there are a number of great jobs. With the lower taxes, great schools and southern hospitality, Union County has a lot to offer anyone moving to the Charlotte area.

Here are the 8 North Carolina counties that ranked in the top 100 Fastest Growing (according to US Census data):

• Union #7
• Brunswick #17
• Cabarrus #29
• Wake #33
• Johnston #58
• Pender #71
• Mecklenburg #82
• Iredell #90

No Money Down… No More!

The day of the 100% mortgage loan in Charlotte is over, at least for now. While lenders are still offering Charlotte 100% mortgage loans, the private mortgage insurance companies are refusing to insure them. This means that zero down home loans are no longer available!

This change affects more than just Charlotte mortgage companies. This is a nationwide change from the PMI companies. So no matter where you live, no money down loans are done.

For those that really need 100% financing home loans in Charlotte, we still have options to work with. Many lenders still allow gift funds from family or work and the Charlotte FHA mortgage program has mortgage loans with as little as $100 down when buying a Charlotte HUD foreclosed home.

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Charlotte’s Jumbo Mortgage Programs Hold Steady

With the announcment of the Economic Stimulus package, many areas saw an increase in the Fannie Mae and Freddie Mac jumbo loan limits. However, since the Charlotte NC area is not a declining market, we have not seen any changes to the loan limits for Charlotte jumbo mortgages.

Currently, the jumbo mortgage limit in the Charlotte area is still $417,000 for single family residences, meaning that any Charlotte mortgage amount over $417,000 will be considered a jumbo mortgage. Jumbo mortgages in Charlotte and elsewhere in the US typically have a slightly higher rate than standard non-jumbo mortgages. This is due to the increased risk and the smaller number of potential buyers that could afford the home should it go into foreclosure.

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Finding the Right Mortgage Company in Charlotte

Charlotte’s real estate and mortgage markets are doing very well. If you are seeking to buy a Charlotte home, or currently own a home and need to refinance, you may soon find yourself searching for a Charlotte mortgage company to help you obtain mortgage financing. But who to choose and how to find them can be daunting.

Today the internet is such a powerful tool. By visiting Google, Yahoo or even MSN one can do a simple search for a Charlotte mortgage company. You will find thousands of results! But who do you trust?

You could always go with a “big name” lender, but most of the time you are limited to the few programs the big banks offer. You could just grab the first one you find and see what happens, but that’s not advisable. The best way to find a Charlotte mortgage company to help you in buying or refinancing your Charlotte mortgage is to read. Yes, read.

When you get the results of your search, check out the content of the lender’s website. If it is generic or minimal, expect the same in support, assistance and results. If the website is all over the place and disorganized, the experience you get will be the same. But if the lender’s website is current, relevant and offers continued updated information, you should be in good hands.

I certainly hope you have found this website from a search engine results page. We are near the top of the search engine pages for many common searches. I also hope that you will take some time and read through this website. It is my intention to provide content and information that will help and inform. And once you decide you have found the Charlotte mortgage company you need, contact us to move forward.

This year’s election has captured the attention of the entire country. In so many ways, we are on the brink of witnessing history, and that creates excitement. In addition, with all that is going on, this year’s election has been called the most important election in recent history. And while I am not a “political” person, I have also been watching and listening more intently.

So I am surprised at the latest moves by the Democrats. Am I the only one that is catching this? Read the rest of this entry »

Mortgage Qualification Tool for Home Buyers

So you are considering buying a home, but don’t want to be pressured by some salesperson. That’s fine. The Carolina Mortgage Connection has put together the Easy Qualifier program, designed to allow you to pre-qualify yourself!

Just enter some basic information and you can get an idea of how much of a mortgage you may qualify for. Once completed you can upgrade to a pre-approval, or simply go on about your business. Best of all, there is no cost and no pressure.

If you have questions about the mortgage process, you can always call us at 877-411-9327.  We look forward to helping you achieve your dreams.

More to Mortgage Problem than Subprime

When the “subprime” mortgage industry fell, it was easy to criticize. After all, providing high risk loans to people with credit challenges for a high rate of return is gambling. The problem was that the ones at the top did not hedge their bets at all. They eventually went “all in” and found themselves busted out.  Since then, both the mortgage and real estate industries have suffered. And it was easy to blame the Subprime”debacle.”

Yet, there is a disturbing trend still going forward. Fannie Mae and Freddie Mac, the nation’s government sponsored mortgage entities are having trouble. Long known for providing mortgage loans for only upper end credit, and for taking very limited risks, these groups are facing rising delinquencies and foreclosures. This is somewhat confusing… Read the rest of this entry »

Beyond Charlotte :: Mortgage Loans for North Carolina

 While best known for Charlotte Home Mortgages, the Carolina Mortgage Connection has the ability to offer home mortgage financing for all of North Carolina. Physically we are located in Charlotte, but our license covers the entire state.

So no matter where you are in North Carolina, you can get the same great service and mortgage programs as local Charlotte home buyers. As a matter of fact, we offer USDA mortgage loans in NC that are not as readily available in the Charlotte area!

So if you are seeking to buy a home anywhere in North Carolina, or need to refinance your North Carolina mortgage loan, feel free to call Ed Nailor at 877-411-9327, or toll free at 800-350-1119 ext 5671.

90,000 Union County Properties Notified of Revaluation

Around March 17, some 90,000 Union County property owners will be notified of the new property values by which the county will base their taxes. For many people, this could be mixed news. While a higher tax value on a property can be a good indication of the real estate’s appreciation, this can also mean higher taxes will be charged to the owner.

In North Carolina, counties are required to reassess the value of real estate every 8 years. In some counties with fast growth, counties are doing it more often. Union county is one of the fastest growing counties in the state and currently are reappraising the value after only 4 years.

Union County’s growth is due to the lower real estate taxes, great school reputations and the proximity to Charlotte. Some of the major towns in Union County include Monroe, Waxhaw, Weddington, Marvin, Indian Trail, Stallings, Wingate, and Wesley Chapel. There are over 80 communities within Union County. The Union County real estate market is solid right now and offers a great value and alternative to buying a home in Charlotte.

Property owners in Union County are permitted to challenge the assessment if they feel the value on their property is too high. For more information on how to challenge your property’s value, call Union County at 704.283.3546.