Archive for the ‘Refinance’ Category

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.

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.

Concord NC gets increased FHA mortgage loan limits

Earlier today, HUD released the updated FHA mortgage loan limits for the Charlotte-Gastonia-Concord metropolitan area. Now FHA mortgages in Concord can go up to $303,750. That is terrific news for this area, for both home buyers and home owners.

Home buyers should really enjoy this. Concord NC is a great area to live.  According to information from City-Data.com, the new FHA mortgage limits for Concord will now allow roughly another 1,500 Concord homes to qualify for great FHA mortgage financing. With low rates, easy financing terms and affordable low monthly mortgage insurance payments, Concord FHA mortgages can open a new door for those that might not otherwise qualify to buy a home!

Concord FHA loans also allow a home buyer to purchase a HUD foreclosed home in Concord with only $100 down. This special program waives the required 3% down payment, making home ownership even more affordable!

Homeowners in Concord now have more options. With the new FHA loan limits in Concord, home owners can qualify for a cash out refinance loan up to $303,750 and up to 95% of the property’s value! With the FHA cash out refinance in Concord, there are no major interest rate adjustments for cash out, making the FHA mortgage rate in Concord much more appealing than conventional mortgages. And conventional mortgages can limit you to only 90% of the property’s value!

This is the best time ever to look into a Concord FHA mortgage loan.

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Rates Flucuate Dramatically

If you are rate shopping, get ready to get confused! Charlotte mortgage rates have moved up and down and all around. If you are able to keep up with them, you will get dizzy from the movements! Right now things are turbulent. When you are riding in turbulent weather, you are advised to buckle up and lock yourself in.

Right now, with rates moving around so much, one must seriously consider locking in if what you find is comfortable. And with such a variation in the market, it’s time to shift from “rate shopping” to “lender shopping.” Find a Charlotte mortgage lender you feel you can trust and let them watch the rates for you. Shopping rates in an unstable market will lead to unstable results!

Check the Rate Watch to see how things are moving!

New Minimum Credit Scores for Conforming Mortgage Loans

Effective immediately, borrowers with weak credit will need down payments or equity in their homes. All mortgage loans higher than 80% of the property value (less than 20% down payment or 20% equity) will require a 620 credit score. Anyone seeking a 95% loan or higher will required to have a credit score of 680 or better. This is the result of changes implemented by the private mortgage insurance companies that insure conforming mortgage loans. This affects all Fannie Mae and Freddie Mac mortgage products.

For the time being, FHA mortgage loans still do not have minimum credit scores… HOWEVER, many lenders have chosen to impose their own minimum score requirements. In many cases, lenders are seeking a minimum credit score of 580 for an FHA mortgage loan. This is good news for many still looking to buy a home or refinance their higher rate mortgage loans.

With these changes, we may see a comeback of the “subprime” market, but do not expect the types of loans we saw 2 years ago. If and when the subprime market begins to return, they may allow lower scores, but will require money down (or equity) along with a higher mortgage rate.

If you are considering buying a home in Charlotte, or refinancing your exisiting Charlotte mortgage, you need to speak to a mortgage professional right away. You can get qualified and find out where you stand. If you do not qualify today, you may discover what you need to correct in order to qualify tomorrow.

Charlotte FHA Mortgage Rates
as low as 5.875%!!! (6.178% APR)

Great news for the Charlotte area! FHA Mortgage Rates in Charlotte have dropped for the 2nd day and are awesome!

If you have been waiting for the best time to buy or refinance your Charlotte mortgage, your time has arrived! Hurry. These rates will not last forever!

Call 877-411-9327 to Qualify today!

Apply online Now

Consider Mortgage Options Carefully

Most Charlotte home buyers will need mortgage financing to buy a home. When considering a mortgage lender be careful that you don’t fall in to the “big name” syndrome. In other words, don’t make a decision on your mortgage based on the name of the bank or lender. Just because a bank has branches or ATM’s on every corner does not mean they have the best mortgage option for you.

After all, McDonald’s sells the most hamburgers in the world…. but that doesn’t mean they make the best hamburgers, now does it?

When you are searching for a lender, I recommend that you make a decision based on how you are treated and cared for, not on the rate quoted. I am not saying you don’t need to care about the rate. But honestly, gone are the days of any lender being able to sell a rate that is not competitive.

With the internet, the vast array of lenders and products and the general media itself, the average consumer is much more informed than ever before. Its sad to say, but many consumers know more about the mortgage business than some new loan officers or even real estate agents know.

What you want to seek is someone that will take the time to discover your needs, desires, goals, fears… all the things that make you… well, you! The instant rate quoter doesn’t care about what is best for you. That type of lender is looking out for one thing… their pocket. They believe that by throwing out some rate that stops you in your tracks, they can slam you into a loan regardless of its fit for your life!

Here is an example…

Joe wanted to buy a home and planed to keep the home for at least 10 years. Over those 10 years or so he expected to start a family and grow his business. In about 10 years though, the contract for his business allows him to sell the franchise and with the expected growth he can really make a move in life. But until then, money and his budget would be tight.

Joe called Tommy at Instant Quote Lenderand Tommy right away starts talking about this great loan with a super low rate of 5.00%. Joe thinks that rate is amazing, but called one more lender before making a decision.

Next he called Ed Nailor at Residential Mortgage Center and together they began to discuss his goals. After listening to Joe’s plans and goals, Ed advised Joe that a longer term mortgage at 6.00% with an interest only payment option may be the best mortgage solution for Joe’s needs. This gave him the lowest payment possible, with the option of making principal payments as Joe’s budget allows.

This made perfect sense… but what did Tommy offer Joe?

Without taking the time to get to know Joe, Tommy automatically assumed that the best rate he could quote would be what was important to Joe. So he quoted the rate of a 10 year mortgage loan. Although the rate was a full point lower, the payment would have strapped Joe and wrecked his budget.

Another example:

Sally wanted to buy a home for her and her daughter Tina. Sally started by calling one of those big national banks. The bank was offering this “no fee, no mortgage insurance” program. As a matter of fact, the bank was spending millions of dollars to advertise the program! (RED FLAG FOLKS!) Loan officer Stanley informed Sally of how great the loan was and how no one else could offer a better loan for her!

Sally also called Ed Nailor at Residential Mortgage Center. After getting to know Sally, Ed discovered that Sally was buying a home for the long haul, but the home was in a great area that was getting great appreciation, even in a down market! Sally planned on paying a bit more towards the monthly payment each month to pay it off early, but wanted a longer term mortgage so her budget had flexibility. The program Ed offered had some closing cost and even required PMI. Which did Sally choose?

She went with Ed! The reason? Even though the big bank offered a “no fee, no PMI” mortgage loan, the rate was higher that the mortgage loan Ed offered.

You see, a no closing cost mortgage does not mean there are no charges. Attorneys don’t work for free, neither do appraisers. However, if you raise the interest rate on a loan, the long term yield is better and a lender can use that yield to pay for the closing costs. And I have never ever seen free insurance! So again, the mortgage insurance needs to be paid in a higher rate. Ok, so the rate was higher… so what?

Well, with PMI, if you reach a point in which your loan balance is less than 80% of the value of your home, you can request the PMI be cancelled. For Sally, the appreciation and accelerated payments she planned to make could have allowed the elimination of PMI in as little as 4 years! Afterwards, she would still have a much lower rate and save thousands of dollars in mortgage interest! The additional monthly savings could also be applied to her mortgage payments allowing the mortgage to be paid off 10 years early!

This is the difference you will find when you work with a lender that takes the time to listen. Again, McDonald’s may sell the most hamburgers, but that doesn’t mean they are the best. After all, this is about more than just a mortgage… its you home!

Charlotte Mortgage Rates Drop!!!

“Treasury prices rallied Thursday after new reports showed the economy barely moved forward at the end of last year and that jobless claims rose last week,” this according to CNN Money. The report shows that Treasury bonds reacted in a favorable way for Charlotte mortgage rates early this morning.

By the end of the day, rates had increased slightly, but very minimally! So by the end of the day, the same rate as yesterday would cost a lot less, or even allow for a lower mortgage rate!

If you have been on the fence about your mortgage rate options, now is the time to make your move. Rates are not as low as they were just a few weeks ago, but they are very close. I personally believe they will begin to rise again, so now is the time to fix your adjustable mortgage rate, refinance your Charlotte mortgage with a lower rate, or buy that dream home in Charlotte with lower payments!

Save Money by Refinancing Your Mortgage

Charlotte mortgage rates are low. Charlotte real estate values are stable. Right now may be the best time to refinance your Charlotte mortgage!

There are several ways refinancing your mortgage could benfit you.

The first and the most obvious benefit of refinancing your Charlotte mortgage is the ability to obtain a lower mortgage rate. With mortgage rates in the Charlotte market being so low, you could easily drop 1, 2 or even 3% or more! And as everyone knows, a lower mortgage rate can mean a lower mortgage payment.

The second benefit of a Charlotte refinance is the ability to shorten your mortgage payment term. In other words, you could use the refinance of your mortgage to get a shorter termed loan and cut years off your mortgage! In many cases you can get a much lower mortgage rate with shorter term mortgages. A 15 year mortgage is normally cheaper than a 30 year mortgage. Some people can actually cut the number of years on their mortgage in half without increasing their mortgage payment!

The third benefit of refinancing your mortgage in Charlotte is the ability to consolidate debt and make a major impact on your monthly finances. If you have equity in your home, you can put it to good use by paying off higher interest debts. By rolling other debts in to a debt consolidation mortgage, you can lower your monthly payments. And by using the equity in your home to do this, you get a better tax break come tax time!

A last benefit of a mortgage refinance is the ability to take cash out to make improvements to your home. Not only will you get cash to fix, rennovate or even improve your home, but you also have an easy way to pay it back! With your lower mortgage payment you won’t have to worry about an extra payment to fit in your budget!

Refinancing your Charlotte home mortgage can make a major impact on your life. Call us now to see how much time and money you can save!

Apply to refinance your Charlotte mortgage online or call 877-411-9327 to get started.

Refinance and Save… While you Can!

Today I overheard a phone conversation that simply amazed me.  A fellow loan officer and co-worker was talking to a potential client about refinancing his Charlotte home mortgage. During this conversation, the loan officer found that the gentleman had a 9% interest rate on his current mortgage. The man was convinced that because of a prior bankruptcy 5 years ago, he could not qualify for a better mortgage.

My associate continued to talk to the guy about looking into refinancing his home loan here in Charlotte to reduce his monthly payments. He explained to the man that the bankruptcy would no longer stop him from qualifying for a better mortgage rate and that with the low Charlotte FHA mortgage rates, he could cut his mortgage rate by as much as 3 points!

The gentleman asked him to call him again NEXT MONTH!

Folks, if you have a mortgage rate on your Charlotte home that is above 7%, you need to look into a Charlotte home mortgage refinance. If you refinance your mortgage today, you could easily drop your mortgage rate, save on your monthly payments, and maybe even pay off some other debts! With help in your monthly budget, you could quickly put yourself into a debt free way of life!

Let the Charlotte refinance experts of the Carolina Mortgage Connection show you how much money you can save today! With our safe and secure online mortgage application, you can get approved for a better Charlotte mortgage rate today and save hundreds on your mortgage payments tomorrow!

Apply online or call 877-411-9327.