Archive for April, 2008

Campaign to Fix your ARM

Both North and South Carolina have a tremendous number of ARMS that need fixing. Today I am launching a campaign to Fix your ARM! (adjustable rate mortgages)

- No longer must you live with a broken mortgage program that threatens your home’s security!

- No longer must you worry about what mortgage interest rates do… it won’t matter to you!

- No longer will the news of foreclosures scare you!

- No longer will you worry about your struggling budget and personal economy!

As your Charlotte mortgage lender, I will stive to Fix your ARM! I will work diligently to refinance your adjustable rate mortgage into a fixed rate mortgage with no surprises! I will not rest until your mortgage refinance saves you money and saves your personal economy! I will press on in Charlotte, Gastonia, Monroe, Matthews, Cornelius, Lake Norman, Huntersville, Concord and all of North Carolina and all of South Carolina until I have helped every single home owner I can refinance out of that adjustable rate mortgage they are struggling with!

I will work hard to bring you a lower mortgage rate. I will work with blood, sweat and even tears (yes, tears!) to lower your monthly mortgage payments! If you are in need to refinance your mortgage in Charlotte, or anywhere in North and South Carolina, I am here to be your mortgage lender!

I will not run a campaign based on negative smear campaigns, but I will speak the truth! I will find hope for you and help you overcome the financial challenges your adjustable rate mortgage payment has burdened you with! No, I am not able to walk on water, but I do one hell of a job in getting you a better, lower, cheaper mortgage in Charlotte!

So be sure to Vote Now! Cast your vote and apply to refinance your mortgages in NC and SC now!

Vanilla Mortgages now 31 Flavors!

In the past, conforming and FHA mortgages have been considered “vanilla” mortgages. The reason for that label is that for many years these loans were very easy to do. Simply put the information into the computer and voiloa! you had your approval. My have things changed!

Over the past several months, lenders have changed guidelines and added “layers” to the risks involved with creating a mortgage. Used to be if you put 20% down, you pretty much could get approved. Now, even with 30% down, some people are having trouble. Why is that?

I would tend to think that the biggest reason so many lenders are getting turn downs is because they don’t know how to structure the deal properly from the beginning. Too many loan officers are just trying to keep up and have no way to keep up with the changes in the marketplace. So more and more loans are becoming turndowns. And once turned, too many loan officers have no idea what to do next and can’t give any advice on how to improve the chances of getting approved.

The Carolina Mortgage Connection works with all loan appliacants. We have great success with the Good, the Bad and the Ugly! The Good still require more work that we have seen in the past, and while almost any monkey can get someone with a 720 credit score approved, we specialize in structuring the deal to get it closed quickly and efficiently. The bad and the ugly require more work, but our success rate in getting approved and closed is high!

If you are in the market to buy a home in Charlotte or to refinance your Charlotte mortgage loan, let the mortgage loan experts in Charlotte get your mortgage application approved! Call us now at 877-411-9327.

Something to Say? Feel Free to Comment

When this website was first created, in order to comment on the articles you were required to register. This was done to thwart spammers from overwhelming the website. But with additional security and spam guards, I have opened the comments up to anyone that visits the website.

To comment about mortgages in Charlotte, Charlotte mortgage rates or any other article that is posted here, you no longer need to register. Simply add your comment at the end of the article and click submit. Comments will still be moderated to catch spam that might still get through. Once the comment is approved, it will become a permanent part of the article for the world to read.

So please feel free to state your mind and add your opinion! After all, how many times in life does someone actually ask for your two cents?

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Going Beyond the Approval Limits

One of the goals of getting pre-approved for a mortgage loan is to help determine how much home you can qualify to buy. In the best situation your lender will go beyond a pre-approval and seek to provide you with an automated approval.

An automated approval uses the major underwriting systems in the mortgage industry to determine a yes or no for a mortgage application. If the system says yes, it will list the requirements needed to get the loan closed. This is great because the job of an underwriter is to simply check off the boxes. The yes or no has already been done. Now its a matter of making sure the lender is getting the required documentation in order to fulfill the approval.

If the automated system says no, then a mortgage application would need to be submitted for a “manual decision.” With a Manual Underwiting decision, the underwriter has to make the yes or no decision. And since the automated system said no, the manual underwriter will be more on guard. After all, there was a reason the loan was declined… so what is being submitted to prove that the automated system is wrong? Well, that is the job of your lender.

With all this being said, a common question is “can we get more?” In other words, a potential buyer is approved using the automated system up to a certain dollar amount, but wants to know if they can exceed that number when looking for a home. Maybe the approval limit is lower than they hoped. Or maybe there are a couple homes that are just a bit above the approval. Either way, the question is can they go bigger?

If your pre-approval is from the Carolina Mortgage Connection, and it was based on an automated approval, the answer is…. maybe, but proceed with caution! If I could not get an automated approval for the dollar amount you need, we can certainly seek a manual approval. but be aware that this can take a bit longer, there is a greater chance of being declined (and getting frustrated) and in some cases (such as FHA) you could be disqualified to apply again for up to 6 months. Personally, I advise against going for a manual approval when you have an automated one. Why make things more difficult? But if you just can’t find a suitable home within the approval limits and have truly exhausted all options, a manual submission may just work.

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Wachovia Bank, Charlotte Makes Changes

Wachovia Bank, based in Charlotte NC, announced that they will be adding new minimum credit scores to many of their mortgage products. This move is not surprising as most of the mortgage industry has imposed higher credit standards in wake of the current credit and mortgage markets.

Wachovia offers a limited range of retail mortgage products (typical big bank offerings) and is also well known for the “Pick a Payment” loan. Wachovia also offers their mortgage products on the wholesale market to lenders and brokers.

As a mortgage lender in Charlotte NC, the Carolina Mortgage Connection has the ability to broker mortgage loans to Wachovia’s wholesale division. The advantages of choosing the wholesale direction is that we can typically obtain lower mortgage rates than the retail side of their business. This is because the retail rates of any bank must account for the marketing and advertising the bank does to get you in the door. Just something to think about.

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Q&A: LLCs and Buying Investment Homes

Recently a reader asked the following question:

Q: This is a question regarding the ability to lend to an LLC for the purpose of investment properties: