Posts Tagged ‘Charlotte’

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.

FHA is not Subprime

That’s the message lenders are trying to get out. To make this message heard, many lenders are putting their own parameters on the FHA loans they will underwrite, above and beyond normal FHA guidelines and requirements. With this article, we will get into what and why.

As of this posting, most FHA lenders are now imposing new minimum credit scores for many of their FHA products. FHA itself does not have any minimum credit scores. However, with the death of subprime many loan officers have been trying their best to force their subprime business into an FHA “manual underwrite” loan mortgage.

“Manual underwrite” means that a borrower does not have the minimum criteria for an automated approval, and therefore a decision must be manually underwritten by a person, not an automated computer system. The manual underwrite was implemented to allow borrowers with less than perfect credit, or limited credit references to provide enough alternative reasons to prove that they can handle a mortgage. Traditionally, for every 10 loans submitted in this manner 5-7 loans would actually get approved and be able to close. However, with the recent trend of typical “subprime” borrowers being submitted for manual underwritten FHA decisions, FHA lenders are seeing only 1-2 out of 10 being approved. And with the steep increase in submissions, that has required lenders to hire more underwriters to keep up with demand. Hiring more people to approve less loans means overhead increases… the costs of each loan is increasing.

To combat this rise, many FHA mortgage lenders in Charlotte and the entire country are imposing their own credit requirements. We are seeing 580 as the average score that most lenders seem to be seeking. That makes sense as most potential borrowers with mid to low 500 scores will typically have more frequent collections and recent late payments. With these changes, lenders are really asking for loan officers to better qualify their potential FHA mortgage loan borrowers. With these changes being implemented, the best news is that underwriting turn times should get back to less than 2 weeks!

Not sure where you stand? As a Charlotte FHA mortgage lender, let us help you get approved for an FHA mortgage loan. If you don’t qualify right now, we can help guide you in the right direction. If you do qualify, we can help you find the best FHA mortgage loan in Charlotte.

Apply Now or Call 877-411-9327.

Fed Rates to Lower?

The Charlotte Observer published an artice this morning in which they noted that Bernanke has stated that the Fed is ready to lower the rate again should the need arise. The article had an overall feel to it that this would happen sooner than later.

This is great news for credit card holders, home equity line owners and some short term ARM mortgage holders. The Fed rate is most applicable to the Prime Rate which many of these types of loans and credit are based. However, for those of you seeking a 30 year fixed mortgage, do not expect that this type of rate cut will impact the overall mortgage industry.

Bonds not Fed Rate

30 Year fixed mortgage rates are normally based on the yields of the 10 and 30 year Treasury Bonds. Their performance on the Bond Market is what will determine the pricing for mortgage rates, especially your longer term rate programs.

The bottom line is this… Make your move now. 30 Year mortgage rates in Charlotte are at all time lows! Now is the time to lock a rate and buy or refinance your home! Don’t wait for some magical rate drop… I doubt you will see that materialize.

Apply now and lock in the best mortgage rates in Charlotte now!

877-411-9327

FHA Limits Higher?

There is speculation that Charlotte’s FHA loan limits may be increased even higher than $230,470. Most of the speculation comes from lenders interpreting the results of the new Economic Stimulus package. So people think we may see limits over $300,000.

As I find out more information, I will share this with you as well. However, as of this posting, FHA’s website says that the Charlotte area has a maximum FHA loan limit of $230,470.

Get pre-approved for a Charlotte FHA mortgage now.

877-411-9327

Charlotte FHA Limits

$230,470 is Charlotte’s FHA Mortgage Limit

Yesterday, President Bush authorized the Economic Stimulus Package. In addition to the checks going out to the American public, this package permitted Jumbo loan limits for some areas of the country to be increased temporarily. Since Charlotte’s increase did not surpass the standard loan limits for jumbo loans, we did not gain any increase in the jumbo market. However, the FHA loan limits did increase for the Charlotte-Gastonia-Concord, NC-SC MSA!

Charlotte Areas with New FHA Limits 

This means that properties for sale in Mecklenburg county, Union county, Cabarras county, Gaston county, Anson county and York county now qualify for FHA mortgage loan limits up to $230,470. With the minimum 3% downpayment requirement by FHA, that means a Charlotte home currently for sale for $237,597 can be financed with FHA loan parameters with only 3% down. And until the end of March, we still have access to down payment assistance for Charlotte FHA loans, so you could end up with a new home with no money down!

This opens up a new window of opportunity for Charlotte home buyers that should be considered. FHA mortgage loans are not credit score driven and in many cases the low FHA mortgage insurance can save a home buyer a lot of money! And with great Charlotte FHA mortgage rates, today’s home buyer really needs to look into getting pre-approved for a Charlotte FHA mortgage!

To get pre-qualified for a Charlotte FHA mortgage,
call 877-411-9327 or Apply Online Now.

Misleading News Headlines

I have written about the misleading nature of the current news media for some time now. The news media today is no longer worried about providing real news. They are more worried about eye catching headlines and the ability to keep you around long enough to sell more advertising.

Case in point… Fox News at 10am in Charlotte NC, last night. Now I really don’t watch a lot of news as I consider a lot of it to be misleading and unreliable. But as I was doing the dishes, it was background noise. Then the teaser… “Coming up next, find out what pop idol Miley Cryus,  better known as Hannah Montana, was caught doing that makes you wonder if there are any stars your children can look up to!”

Immediately, I wonder… what did she do? There were rumors of pregancy, but I doubted it could be that. Drinking, drugs, partying, sex? What in the world would this young lady that seems to have her head on straight have been caught doing? Maybe at worst she was smoking…

“Welcome back to the News at 10. Pop Star Miley Cirus (Hannah Montana) was caught doing something that makes you wonder about teen idols.” Again… what did she do? This must be something big… they are teasing the hell out of it.. sure sounds big…

She was caught.. are you ready for this? Driving without a seatbelt! OHHHHH NOOOOO! The horror.. the shame! What in the world will we do now? How could our young girls ever look up to such a horrible example???

Or better yet, how in the world can we as intelligent people continue to count on the news media for… well, news?!?!

I share this to emphasize what is going on in the housing and mortgage markets today. Yes, there are issues and yes things need to be addressed. But if you listen to all the talking heads in the news media, the real estate and mortgage markets sound like they have crashed and burned! Why in the world would you consider buying a home in this market???

Simply put, NOW IS THE BEST TIME TO BUY A HOME IN CHARLOTTE NC! The rates on a 30 year mortgage are still around 6% or less for most Charlotte home buyers and there are so many homes for sale in Charlotte! You could not ask for a better time to make your Charlotte home purchase!

What about refinancing? NOW IS THE BEST TIME TO REFINANCE YOUR CHARLOTTE MORTGAGE! If you have a rate over 6.5%, or an adjustable rate mortgage, you really need to get a free mortgage analysis right away! With Charlotte mortgage rates so low, you could save thousands of dollars!

or Call 877-411-9327

Earlier this month, NY Times reporter Gretchen Morgenson wrote an article entitled “Lenders Who Sold and Left”. This was a great article that highlighted some of the excess and abuse that has come from the fallout of the subprime mortgage collapse. Read the rest of this entry »

Special Contribution Article

Eastover, located southeast of Charlotte’s Center City, formerly two dairy farms, (also formerly Myers Park Eastover), was developed by E. C. Griffith in 1927.  From the days of Earle Sumner Draper, the Southeastern US ‘premier’ urban planner to present day, Eastover has been the home of some of Charlotte’s most elite.  From cotton brokers to bankers to attorneys, the facilitators of Charlotte’s growth have resided in Eastover.  E.C. Griffith sought to create Eastover as a competitor to Myers Park.  Charlotte was headquarters to 770 textile mills, consuming more cotton than any other sector of the world.  In 1927, the piedmont North and South Carolina, officially surpassed New England in cotton cloth production.  Read the rest of this entry »

Best Charlotte Mortgage Rates

So who has the best mortgage rates in Charlotte? Ask that question and “We do” will be the answer everyone gives! So how can this be? How can everyone have the “best mortgage rates in Charlotte?”

Well, honestly we all have access to the same lenders and programs. Some banks are limited to just their own programs, so limiting yourself to just a bank may not be in your best interests. But mortgage lenders and mortgage brokers in the Charlotte area have access to basically the same mortgage loans and rates.

So what makes one better than the other?

Professional Mortgage Services

You want to deal with a professional when looking into a mortgage. You don’t want to get caught up in the fly by night broker or loan officer. As you can see, the mortgage industry has had enough of that, and many people are suffering because of it. You need a Charlotte mortgage professional you can trust!

Beware the Rate Quoter

If the mortgage person you are talking to starts off by talking about this rate and that rate, buyer beware! You are not dealing with a mortgage professional! Professional mortgage lenders in Charlotte will take the time to get to know you and your needs. They will build trust and security with you, so that you know they have YOUR best interests at heart, not their own. The idea is that by getting to know your needs, wants and goals, they can help find the right mortgage product to fit your unique and individual needs.

But I just want a Rate Quote!

Experts say you should shop around when it comes to finding the best mortgage rates. I agree, but only to a point. I do think you need to do your homework. In most cases you can get a general idea of what rates should look like by looking online. However, that being said, please keep in mind that rates shown online may be designed to get you to call… the old “Bait and Switch” type of advertising. Even some of the better websites, such as BankRate.com, that show “current mortgage rates“, are actually showing “advertised rates” by lenders paying to be on their website! In most cases these advertised mortgage rates are without any adjustments for credit, loan size, PMI, or any other criteria that may go into what makes up a rate for someone.

When it comes to comparing mortgage rates, first find a lender you feel you can trust. Interview them… see if they interview you! If they talk more than they ask, beware. They are selling to you, not listening to your needs. Once you find a lender you feel comfortable with, get their take on the best mortgage programs that would fit your needs. If what they offer does not seem to fit, talk to them some more. Maybe they missed something. If they cannot come back with another option, then it may be time to look for another lender.

With mortgage rates changing so often lately, “shopping” for a mortgage may actually cost you. Finding a professional you can trust and following their advice can save you hundreds and thousands of dollars.

So who has the best mortgage rate in Charlotte? Your trusted mortgage professional does!

or Call 877-411-9327