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Posts Tagged ‘Charlotte’

236/365 doing the sums: courtesy obo-bobolina @ flickr

North Carolina Mortgage Loan Transfers

Mortgage lenders typically sell the servicing of mortgage loans shortly after closing a loan. The mortgage loan can still be sold at any time to another lender to allow the mortgage loan company to free up capital. In North Carolina, the mortgage lender is required to provide you with at least 15 days notice of the sale of your mortgage loan to another lender. This is supposed to provide adequate opportunity to ensure your mortgage payment is mailed to the right lender.

Charlotte Mortgage Double Paid

Here in the Charlotte, NC area, this procedure did not work as intended.  According to Channel 9 News (Charlotte, NC), a local Charlotte man was paying two mortgage companies for the same home loan! It seems that the mortgage was sold by GMAC Mortgage to another lender, but GMAC was still collecting payments that were being drafted from his bank account. Even after complaining to GMAC, they claimed they could not find any records of taking more than $2300 in mortgage payments. Finally, Channel 9’s “Action 9″ team got involved and got his money back.

NC Law and You

This highlights a couple things. Although North Carolina requires notice of the sale of a mortgage loan to another lender, this does not guarantee that the original lender will have their ducks in a row and follow through as they should. So one should keep an eye on the transition between lenders. NC mortgage law could not stop the problem from happening, so it is up to you to make sure they don’t run away with your money. Additionally, the Charlotte man paid his mortgage by bank draft, which allowed this to happen. If you are paying your mortgage (or any other bills) using a direct debit bank draft from your checking account, you are giving total control over to the party that you agree to pay. Errors happen, and even the best of money trails can get lost. With the age of online banking, one should consider paying their mortgage using online banking rather than bank draft. Then you are in total control over who gets that mortgage payment!

Article ID: cmc963

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Mortgage Rates for Charlotte mortgages get better

Today we actually saw an improvement in mortgage rates for the Charlotte mortgage market. For the past few weeks we have consistently seen mortgage rates in Charlotte erode. However, today there was some improvement which was a welcome change.

If you are in the market to buy a home in Charlotte, or need to refinance your Charlotte home loan, now is the time to make your move. Mortgage rates are expected to continue to worsen as the summer continues, so waiting can cost you a lot of money.

I urge all Charlotte Realtors and agents to act now and get your home buyers qualified now. With the great number of homes for sale in Charlotte, this is the best opportunity to buy a home we have seen in a long time. This is especially true for First Time Home Buyers in the Charlotte NC market! With no home to sell, and only rent to walk away from, first time buyers should be jumping at the opportunities in front of them!

Act now and take advantage of the low mortgage rates available for the Charlotte area.
Apply for a Charlotte mortgage loan now and get started!

Cruising Charlotte, North Carolina

This morning on the way in to the office, I stopped for some gas. As I was filling up, I heard a car revving the engine and spinning its tires. Two thoughts came to mind… “I remember the days!” and “With gas at $4 a gallon, are you nuts?!?”

This got me to reminiscing and that got me to thinking… Does anyone Cruise in Charlotte?

Growing up in a small rural town, I remember the days of getting in the car and heading uptown to cruise the “main strip.” We would drive from one end of town to the other just to be seen. Before long, local lawmakers began to “outlaw” cruising, stating that if your car was seen going back and forth more than twice, you could be ticketed. We just changed our routes!

But today I am 35 and that was years ago. Do teens and twenties still cruise? And in Charlotte, where would you do that? Does Cruising in Charlotte still happen, or is that a dying art form?

FHA “Flipping” Rule Has Been Waived

June 9, 2008: FHA’s Assistant Secretary for Housing - Federal Housing Commissioner, Brian D. Montgomery signed the Waiver of Requirements of 24 CFR 203.37a (b)(2) which waives the requirement of the seller of a property holding a property for 90 days prior to obtaining FHA financing. This waiver is good for one year and expires June 9, 2009.

What does this mean to Charlotte?

Buying a home in Charlotte now means more options. No longer does property purchased by an investor, or foreclosed on by a lender have to be held for 90 days prior to selling in order to qualify for a Charlotte FHA mortgage loan!

Under FHA’s guidelines, once the ownership of a property changed hands, it had to be owned for 90 days before FHA would extend a loan on it. This restriction would cause many Charlotte foreclosures to have to sit for 90 days before a contract could even be executed on it!

CORRECTION: After futher review, it appears that investors will still be subject to the 90 day rule. The intent is for mortgage companies with foreclosures to have easier access to liquidate their foreclosed properties. This correction should be noted. This also opens the market up for investors that “flip” homes.

In my opinion, I would love to see this opened up to investors as well. There are many investors that will buy a home that needs some serious work, rehabilitate the home and then sell it for a quick profit. The neighborhood and community benefit from such rehabilitation, and in many cases the home buyer gets a great home at a great price! An investor has to own the home for 90 days before they could sell it to someone using FHA mortgage financing, even if the home was ready in 30 days! If this waived was extended to include investor properties, it would allow Charlotte homes for sale by an investor to be sold as soon as they are ready. Maybe HUD will review this as well.

Regardless, this waiver of foreclosed home should open up many options for home buyers using Charlotte’s FHA mortgage programs. If you are considering purchasing a home in Charlotte, now is time to take advantage!

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Looking for a Home in Charlotte NC?

Charlotte North Carolina was recently noted as the only real estate market in the entire nation for property values that did not decline! With the steady job base and strong local economy, many people are moving to the Charlotte area.

So where do you find a home in Charlotte? What resources do your use in your home search? When looking to buy a home in Charlotte, what do you do first? Let me see if I can help.

First off, you may be best to get pre-approved for a mortgage. If you get pre-approved for a mortgage before you shop for a home, you will be in a much better position when it’s time to make an offer to purchase a home in Charlotte. Not only will you know that you can buy that home, but you will also know how much home you can buy and get a good idea of what that house payment will run.

Secondly, you may want to search online for Charlotte real estate. There are many options available, but one of my favorites is Trulia. Trulia happens to pull all Charlotte real estate for sale from the Charlotte MLS, but also gathers information on Charlotte homes for sale by Owner and Charlotte foreclosure homes for sale. Use the following link to access a local search for Charlotte Homes for Sale on Trulia: Search Trulia

Third, seek assistance from a local Charlotte real estate agent or Charlotte area Realtor. Real estate agents in the Charlotte area can not only help you find a home for sale, but will also become a very valuable asset when it’s time to make an offer to buy a home. Charlotte area Realtors are real estate agents in Charlotte that are part of the National Association of Realtors. Realtors are pledged to a higher standard that real estate agents that have not joined the NAR.

Finally, you can drive the Charlotte neighborhoods. This is a great way to find homes for sale by owner in Charlotte. Many of the FSBO homes in Charlotte may not be found online as it is up to the owner selling the home to market the home. Charlotte Realtors know how to market homes and do so as a profession. Many FSBO sellers do not have the expertise in marketing needed to sell a home in Charlotte, but will try it before listing with an agent. By finding them prior to listing, you may be able to negotiate a better deal, especially if you have already been pre-approved.

There are many ways to find a home for sale in Charlotte. With all the tools available today, there is no reason not to buy a home in Charlotte if you are in the market!

You Can’t Time the Bottom. You Can Pick a Great House

Thats a subtitle of a recent article in Money Magazine (June 2008). For quite some time I have been yelling from the virtual rooftops that now is THE time to buy a home in Charlotte NC! Yet there are several people out there that still want to wait for the “bottom to hit” so that they can get the “best deal” they can get.

Along comes this article from Money and guess what… they are saying the exact same thing!

The article says that you can not accurately predict when the “bottom” will hit and prices will be at the lowest possible point. As a matter of fact, this article says to resist the urge even as it is possible that the home you buy today could actually be worth a little less next year. This part doesn’t necessarily apply in Charlotte as we still remain the only major market in the US to increase in values!

The real estate market offers the best choice in homes we have seen in decades and with mortgage rates still low, now is the time to make your move. Do your research, work with a Realtor and make your offers accordingly. But don’t sit around and wait. If you are thinking of buying a home in Charlotte, now is the time. Make your move and you could be enjoying the summer in your new Charlotte home!

Special Mortgage Loans for Teachers of North Carolina

I know first had how under paid, under appreciated and under supported teachers are. (My wife is a teacher in North Carolina.)  While I can’t solve all the problems in the education system, I can help North Carolina Teachers with mortgage loans!

(My wife is a N.C. teacher, but this is not my wife.)

So, this summer I want to reward North Carolina teachers with a special mortgage program. In addition to great mortgage rates and programs, I will provide reduced fees and preferred processing to my NC teacher mortgage customers!

Add this to the Teacher’s Good Neighbor Next Door program that allows teachers to buy a home for half price and you have the best possible deal for Carolina teachers! Think about that… no money down, 100% equity from day one and a low mortgage rate to boot! Aren’t you gald you are a teacher?

North Carolina teachers, you deserve the best. Let me do my part in giving back by helping you in the best way I possibly can. No matter if you are a first time home buyer or a seasoned home owner, I am here to help you buy the home of your dreams!

{{gnnd}}

Does the Real Estate Advice Apply for Charlotte?

Have you noticed the new section of the Charlotte Observer on Sundays? They call it Real Estate Today. It’s a special advertising section for Charlotte real estate and homes for sale. Besides the listings and ads of Charlotte properties for sale, you will find a few articles about home ownership, buying a home or investing in real estate. This week they highlighted how working with a Realtor can help make the home buying process smoother.

I applaude the efforts to provide informative articles along with the homes for sale listings. But if you look closely, you will notice that the articles were mostly written from newspapers located in other real estate markets, like Milwalkee and Detroit. This should make you pay closer attention to what is being written.

Why is that a big deal? Ever heard the saying: “All Real Estate is Local”? This means that the real estate market in Charlotte North Carolina is different than the real estate market anywhere else. And today, this statement rings very true! With majority of the country in a declining real estate market, Charlotte’s real estate market is one of the few markets still growing! So getting articles from out of state does not reflect the market we are currently in!

So why doesn’t the Observer get local experts to write the articles? I don’t know. I have not aked them yet. Maybe they don’t want to offend one Charlotte real estate office by having another one write an article. That could hurt the ad space they are looking to sell. Or maybe it is so new they just haven’t found someone to help.

Either way, as a reader you must pay attention to these small details. Otherwise, if you believe everything the media is pushing right now, you would think that every 3rd home is a foreclosure that you could buy for 1/3 the price you should pay. Sure, foreclosures in Charlotte are up; however Charlotte is in North Carolina, not California and we are not seeing the kind of loss of value that California and other markets are.

Could a “Failing Economy” be Political Hype?

Sure, I know its tough out there. Energy costs, especially at the gas pump, are eating up more and more of our money. And it seems that everywhere we turn the feeling is that we are in a recession.

However, the numbers say something different. For the past 2 economic quarters we have still seen growth in our economy. Sure it was just a small gain, but it was positive. This morning, despite economists expectations of bad news about unemployment rates, the numbers actually showed that umemployment rates fell in April! And all reports earlier late last year said we would not see the real estate housing market return until 2009, but now they are saying 3rd quarter 2008. Personally, I think the real estate market turns the tide this summer nationwide, with Charlotte real estate beginning any time.

So what does this all mean? Is it all just politics? Are we in a recession? Is the sky falling?

I have been saying for months that the sky is NOT falling. Yes, we have seen a down turn in the economy and we are all feeling the crunch. But listening to the talking heads, the politicians, and the news media (which can’t say anything good) you would think we are in another great depression!

So it makes me wonder… how much of this is spin and hype from a big year in politics? How much of this is “Bold Headlines” material, and just how much of it is reality?

For those that do not subscribe to the theory that America is falling away and that our economy is dead, now is the best time to take action. While others are sitting around moping about how bad things are, you are able to take advantage of the market and make big strides. From investments to real estate, the world lays at your feet waiting to be seized!

If you live in the Charlotte NC area for example, you are part of the best real estate market in the country. Charlotte even features the best economy in the nation. So take advantage of your opportunity and stake your claim today.

What do you think? Express you opinion now…