Archive for the ‘Refinance’ Category

Welcome to Joe’s Mortgages & Equipment Leasing.

(and credit card processing, and commercial loans, and small business loans, and credit repair service, and foreclosure negotiators, and payoff accelerator services, and cash advance store… and you name it, we’ll do it!)

What in the world am I talking about?!?!

Looking through one of the major publications aimed at mortgage professionals I began to notice a disturbing trend. The articles and the ads are all geared towards mortgage lenders offering everything BUT mortgages. These items range from offering clients cash advances to equipment leases! What in the world do these have to do with the financing of a person’s home?

When a lender can not find a way to write a mortgage, they begin to look for alternatives. Those that offer all types of services never get really good at any of them. And believe me, the mortgage business is a full time, ever changing business. Especially today!

Be sure the mortgage lender you are working with is focused on what they should do… mortgages. While I can offer advice on credit issues, I do not operate a credit repair company. While I can write commercial mortgage loans, my focus is on the residential market. I have no desire to lease equipment (what?) nor credit card processing. I have associates that I can refer that stuff to.

I write mortgage loans. I work to find my clients the right mortgage for their home ownership needs. And working with both home buyers and current home owners, I can offer purchase and refinance mortgages in the Charlotte area. I am fully licensed in North and South Carolina. I am focused and that keeps me busy.

So beware the jack of all trades, master of none. After all, its about more than a mortgage… its about your family… your life! Don’t trust it with someone who’s not focused on finding you the right solution.

Little Help Available at Foreclosure

Attention Charlotte area home owners:

If you are behind on your mortgage payments 30, 60 or even 90 days, do not wait to ask for help! Often times as a mortgage lender in Charlotte, I get calls from homeowners asking if I can help save their homes from foreclosure. In many cases, these homeowners have a good amount of equity they are at risk of losing. But once the notice of foreclosure is issued, it is very difficult to help them.

If you are currently 30 days behind and see that you may get 60 days behind, call me now! Do not wait until you get any further. There are programs out there that can help, and with today’s low Charlotte area mortgage rates you may be able to get a better mortgage program and use the best rates in Charlotte to lower your monthly payments!

Avoiding the issue will not make it go away. Avoiding the collection calls will not make the mortgage company holding your mortgage forget you exist. All this will do to signal to the lender that you don’t want to work with them and that they will need to go forward with foreclosure.

If you have equity in your home and are getting behind on your mortgage, call now as we may be able to structure a better mortgage solution for you. When you begin to get behind, time is of the essence. Don’t wait until the lender serves you with foreclosure papers. Unfortunately, at that point I would need to refer you to a good attorney (which I can do.)

Answers to your Mortgage Questions

So Dear Reader,

What is it you would like to know?

I could write a hundred different articles and posts on this website, but in all honesty if it is not helping you, it is all a waste. While I know the information here has benefited many Charlotte home buyers, I am curious as to what is on your mind.

So to make it easier, I have installed the “Ask the Lender” page, specifically set up to handle your questions. Feel free to use this page and email your questions. I will do my best to provide your answers as quickly and efficiently as possible. In addition to having your questions answered, you may inspire other articles that will help your fellow Charlotte area home buyers.

No topics are off limits. If there is a question you need answered, ask.

Ask the Lender

FHA Loans in Charlotte - Loans to $303,750

One common misconception about FHA mortgage loans is that they are mortgage loans for the “poor man.” That is far from the truth. Even before the new economic stimulus package, the FHA mortgage limit in Charlotte was $230,470. Now with the stimulus package, the FHA mortgage limit for a single family home in the Charlotte area (including the cities of Concord, Monroe, Matthews, Gastonia, and Huntersville) are $303,750.

However most home buyers over the $150,000 mark don’t seem to give the FHA mortgage a real thought. Maybe its because of the image that has been associated with using Federal funds. Maybe its the fact that over the past several years there was a big push to avoid mortgage insurance (which FHA mortgages have), but now that mortgage insurance is tax deductible, that is a moot point. Whatever the reason, one should seriously consider the advantages of an FHA mortgage loan when buying in the Charlotte area.

The low monthly mortgage insurance, the low downpayment requirement (only 3%), the easier qualifications and easier documentation all make compelling reasons to consider the FHA mortgage. That being said, FHA mortgage loans are not for everyone. I will address those considerations in another post.

But for now, one should understand that the FHA mortgage loan is not just a “poor man’s loan.” There are great advantages to use the FHA mortgage program in Charlotte. And with our expertise, we can help you determine if a Charlotte FHA mortgage loan is right for you.

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A Step Forward 

Dear friends, clients and partners;

It is with great excitement and anticipation that I am pleased to announce that the Carolina Mortgage Connection has joined Residential Mortgage Center in Charlotte, NC.

Residential Mortgage Center is a licensed Mortgage Lender serving both North and South Carolina and is located at 205 Regency Executive Park Suite 200 Charlotte, NC 28217.

With this move to Residential Mortgage Center, we will continue to offer the best mortgage rates and service in the Charlotte area! In addition to that, there will be on site loan processors to get your mortgage loans closed faster than ever!

Greater Flexibilty

Working with a mortgage lender will give us greater flexibility in the marketplace. In today’s volatile mortgage market, flexibility will be a key difference in getting results! With the ability to adapt mortgage programs to fit the individual needs of our borrowers, the Carolina Mortgage Connection can custom tailor the right program just for you! And because you are working directly with the lender, mortgage rates will be more competitive than ever!

Focused on You 

Change can be a scary thing. But in this case it is very exciting! This business maneuver will allow us to focus on providing our clients and partners with unparalleled service while allowing us to pursue our mission of educating, inspiring and assisting in the American Dream!

As always, you can always contact us by calling 877-411-9327 or via the website at www.EdNailor.com

Sincerely,

Ed Nailor

Charlotte Jumbo Mortgage Status Avoidance

With the release of the economic stimulus package, we all hoped for an increase in Charlotte’s Jumbo mortgage limits. However, since Charlotte’s luxury real estate market is holding well, we did not see any changes in Charlotte’s jumbo mortgage market. Currently a jumbo mortgage loan in the Charlotte area that is a mortgage loan amount over $417,000. Sometimes this is also referred to as the luxury mortgage loan.

The biggest question I hear is “Can we avoid the jumbo mortgage status in Charlotte?” Well, the answer to that is… “That depends!”

In the past, one way to avoid Charlotte’s Jumbo loan classification was to split the mortgage between a first and a second. Today however, many lenders are doing away with or cutting back on second mortgage loans, especially on a purchase. They want more of the security PMI can offer them. Yet there are still a few lenders that offer the 2nd mortgage and this can prevent your mortgage in Charlotte from being considered a luxury jumbo loan.

If you can not get a second mortgage at the time you purchase your home, you may consider putting just enough money down at closing to keep you under the Charlotte jumbo mortgage loan limits. After closing, you can look into options that would allow for a home equity line and draw the money back out that way. You would have to float the downpayment money for a short time, but with prime rate being so low, this could be a great alternative.

These are just a couple ideas of how luxury loan status in Charlotte can be avoided. With a free mortgage needs consultation, we can help determine if you have an opportunity to avoid the jumbo mortgage status in Charlotte. We will provide you with advice and guideance tailored to your own unique needs.

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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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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.