Posts Tagged ‘Charlotte’

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To All Local Charlotte Mortgage Companies,

Please accept my sincerest apologies. It has come to my attention that due to my articles and information I am sharing with the general public, you may be losing business. With all the misinformation that has been put online, all the deceptive ads that have been circulated and all the gimicks that you are trying to pass off, it appears you are trying very hard to get customers. Read the rest of this entry »

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Why do you do that?

It’s a common question asked. When compared to Snakes, Liars, Politicians and Cheaters it’s easy to see why people ask me why I do what I do. But for me, the answer is easy! I love helping people!

I love helping a first time home buyer realize a dream they never imagined would happen! I love assisting a family buying their “move up” home because they have outgrown their starter home. I love helping a family refinance their home mortgage and save hundreds of dollars, allowing them to breathe a sigh of relief! I love helping our military veteransown a piece of this great country they have served!

In short, I love what I do!

Sure, there has been a lot of bad press about the mortgage industry as of late. Much of it, although somewhat misleading, is deserved. Over the past several years, mortgage companies offered ill-advised loans to the wrong borrowers. And with so much “easy money” flowing and over inflated profits realized, even the most reserved of mortgage lenders jumped too far in. So now the entire country is having to correct itself and many people are paying the price.

However, with all the bad news, there is good news too. The Charlotte North Carolina real estate market is still very strong. Charlotte mortgage rates are still at all time lows. And if you have been on the fence about buying a home, Charlotte FHA and VA mortgage loans could make this the best time to buy ever!

So when seeking a Charlotte mortgage company to work with, be sure to find someone that loves what they do. It should be their passion, not their job.

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The Hottest and Greenest Trend
in Real Estate Hits Charlotte!

The the latest in Home Design hits Charlotte NC– a design which is both friendly to the environment — AND cuts down on the rising cost of your monthly food bill. Yes folks… its a real Gingerbread House!

The designer and architect of this project was proud to offer a scaled model (see right) for display. Now made from double reinforced and glazed gingerbread, these 1 or 2 story homes can be custom made to meet the needs of your busy family. These life-size homes feature economical frosting and gumdrop roofs — which are only an issue in hot climates, such as Florida. The Charlotte climate can safely sustain these great homes!

If you have young kids, you will want to consider upgrading to the marshmallow flooring that can be easily installed for just a fraction more cost. …

Charlotte mortgage loans for these homes are still in the works!

Oh yes, and a happy April Fool’s Day to ya!

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.

Charlotte’s Real Estate Market Shines!

Today, Bloomberg reports that the S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007. In 20 major US metropolitan markets, property values dropped overall. The drops were dramatic and many economists are predicting tough times ahead.

Yeah yeah, we have heard all of this time and time again!
“The sky is falling, the sky is falling!”

And yet again, Charlotte NC real estate remains one of the bright spots in the nation! This report went on to say (very briefly I might add) that Charlotte home prices defied the averages yet again! Read this excerpt:

All but one of the 20 cities in the index showed year-over- year declines in prices in January, led by drops of 19.3 percent in Las Vegas and Miami. Prices rose in Charlotte.  (view report)

This is further proof that Real Estate is local. While other areas in the country that saw “crazy - stupid” property value increases are resetting themselves to reality, Charlotte’s real estate market, which has remained steady, is continuing to grow. Remember when your economic’s professor said “slow and steady wins the race”??? Well, here is your proof!

Charlotte NC has the best real estate market in the Country! Those of us that live here already know this is the place to live. The rest of the nation is seeing this too! If you are thinking of moving, you should seriously consider moving and buying a home in Charlotte NC!

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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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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Square Footage Changes in Charlotte MLS

The Carolina MLS, Charlotte’s multiple listing service for Realtors to list and sell homes and real estate in the Charlotte area, is making a change in how it will describe the square footage of a home for sale in Charlotte. In the past, the listing Realtor would enter the square footage of a home for sale. However, due to the different ways to calculate square footage of a home and all the hassles (and law suits) that come from those calculations, the Carolina MLS service will now list square footage in terms of a range. (homes for sale in Charlotte)

Typically, the square footage of a home is measured by the exterior dimensions. However, there are some exclusions. For example, if you measure the square footage of a bonus room, a very common type of room found in Charlotte real estate, you may have some challenges. According to the way you calculate “official” square footage, the walls must be at least 5 feet tall. In many of these bonus rooms, the exterior walls can get much lower than 5 feet, so one must measure only to where the height is 5 feet! Doesn’t this sound like fun?

The bottom line is that going forward, you may never know what the actual square footage of a Charlotte home really is. Of course you may get an idea from the MLS range and the appraisal of a property will have an approximation. But with these changes, Charlotte real estate is about to get slightly more complicated. Best advice is to seek the help of an excellent Charlotte Realtor.

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