Posts Tagged ‘foreclosure’

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.)

PMI Companies: “680 or Better Please”

If you are seeking 100% mortgage financing with conventional lending, you better get ready to come to the table with solid credit. While Fannie Mae is still offering 100% mortgage loans for Charlotte home purchases, private mortgage insurance companies are making it tougher. Private mortgage insurance companies insure mortgage loans over 80% loan to value against borrower default. So if a borrower fails to pay and the lender must foreclose, the private mortgage insurance company would protect the lender from excessive loss. With the rise in foreclosures around the nation, beginning in March, these private mortgage insurance companies will refuse coverage to any borrower seeking a 100% mortgage loan with credit scores under 680. And since they are the foundation of risk management for Fannie Mae loans, it will handicap Fannie Mae’s ability to provide no money down mortgage loans without great credit.

The good news is that Charlotte FHA mortgage loans are still a viable option for home buyers with credit scores below 680. As a matter of fact, many Charlotte FHA lenders will still accept FHA mortgage loan applications with credit scores down to a 580. There are still a few that ignore credit scores, but those are getting fewer and fewer everyday.

The bottom line is this… Everyone involved in the mortgage process is looking for a return to traditional mortgage programs and guidelines. Lenders, investors and now the PMI companies want good credit and good equity in the mortgages they offer and insure.

If you have less than perfect credit, don’t dispair. While things aren’t as easy as they were a year ago, there are still programs to make your dream of owning a home come true. It may take a little more work and time now, but with the right advice you can make it happen.

Call us today and let us help you get qualified for the home of your dreams in Charlotte (or anywhere in the Carolinas!) Or apply online and get things going quicker!

877-411-9327 Phone or Apply Now.

2007 was filled with finger pointing left and right. So many lenders pointed the fingers at mortgage brokers as the bad guys that “pushed people into higher rate loans” to make more money. In reality, most mortgage brokers simply sold the products that were available. After all, if a customer would qualify for a conforming 30 year fixed at 6%, why in the world would that customer ever take a 2 year arm at 8%? That thought process and blaming doesn’t even make sense. So why all the blame? Read the rest of this entry »

Recently, the Charlotte Observer had an encouraging article by J.W. ELPHINSTONE of the Associated Press pertaining to our Charlotte market!

In his article, Charlotte bucks housing trend; Home values grew while other cities saw declines, Mr. Elphinstone writes the recent S&P’s index of  housing prices in 20 metropolitan areas reveals that five cities, including Charlotte have increased! Read the rest of this entry »

This week, Inside the Money:

• Rates fluctuate, but remain steady

• Media still Focused on Negative “news”

• Charlotte area Mortgage Broker does Stupid Thing

• Rates to change very soon

• It’s the best time in our lifetime to buy a home in Charlotte

 

Rates fluctuate, but remain steady

Mortgage rates for Charlotteand the local area remained steady in the lower 6% range over the past week. Rates are still fluctuating from day to day, usually about 1/8 a point at a time. This is good news as buyers look to cash in on a great buyers market in Charlotte!

Media still Focused on Negative “news”

While the national news is still focused on mortgage failings across the country, good news came out of the Charlotte area real estate market. Home prices are holding and foreclosures are not as bad as it seems. According to the Charlotte Observer on Saturday, the National Association of REALTORS issued a press release in which they stated the Charlotte real estatemarket was still strong and that home values in Charlotte were 11% higher this year than last! Add to a previous article that informed us that while foreclosures were up across the US, the Charlotte area was doing quite well. Yes, Mecklenburg county has the highest foreclosure rate in NC, but when you have the highest growth in the state, those numbers will also seem as dramatic. The good news is that in all reality foreclosures are only up a slight bit over last year, but when you factor in that a higher percentage of homes were bought, the Charlotte housing market comes out on top!

Remember folks, the news media is all about selling ads. Bad news gets attention, good news does not. Don’t believe all you see and hear with the media.

Charlotte area Mortgage Broker does Stupid Thing

I am the first to want to ignore these reports, because it only gives our industry another black eye. And it seems that we have been dealt enough of those. However, when someone does something this stupid, it needs to be acknowledged. A local mortgage broker was advertising a “dream home” for sale in a local paper. When people would call, he would not tell them where the home was unless he got some information from them… pre-qualification information. Turns out the home never existed and this was a ruse to try and get more potential buyers.

PROFESSIONAL MORTGAGE BROKERS IN CHARLOTTE NC will not use such deceptive ads. As a mortgage professional in Charlotte, I am upfront with my clients. They are trusting me with one of the most important decisions of their life. Why in the world would I start that relationship off with lies and deceit? Kudos to the real estate agent that reported this! My fellow mortgage professionals, we must behave as professionals in what we do. It only takes a couple idiots like this to give us all a bad image and with the negative press going around (that should not be directed towards us, but is) we really need to be on our toes! Do everything above board and always, ALWAYS be honest with your clients!

Rates to change very soon

With Freddie Mac and Fannie Mae’s announcments of additional delivery charges to the lender for certain loans beginning March 2008, we need to begin getting ready for rate changes. These changes will happen prior to March. We will see Jan and Feb rates increase for those with scores below 680 as these loans will be the ones sold to Fannie and Freddie in March. So for all the Charlotte area home buyers, if you do not know where you stand with your credit, its time to allow a professional to review your creditand counsel you to improve your credit score if needed. Better yet, get pre-approved to buy a home in Charlotte NOW and get the low rates that still exist NOW.

It’s the best time in our lifetime to buy a home in Charlotte

Mortgage rates are still low. Home loans in Charlotte are still full of options. The Charlotte real estate market currently offers a better selection of homes for sale than we have seen in a very long time. If you are thinking about buying a home, now is the time. Don’t delay… get pre-approved for a home loan in Charlotte, NC today and get out there! You can find the home of your dreams!

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For more information on mortgage and home financing, or for help in the Charlotte NCarea, please contact Ed Nailor with 1st Metropolitan Mortgage- your Mortgage Loan Specialist.

_________________________________________________

Ed Nailor
Home Loans in Charlotte

1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone
visit http://carolinamortgageconnection.foundbydesign.net/

Get pre-approved to buy a home in Charlotte NC today

THE SKY IS FALLING!

THE HOUSING MARKET IS DEAD!

NO ONE CAN GET A HOME LOAN!

FORECLOSURES OVERTAKE SALES!

BUYING A HOME IS THE WORST IDEA EVER!

Pretty dramatic huh? I am waiting for these headlines to be on the front page of the paper soon. Take a look at your local news paper… The headlines usually are this dramatic aren’t they?

The truth (if you can find it) is usually buried 5 sections in and on the 4th or 5th page of that! For example…

A few months ago, the Charlotte Observer ran story after story about how Foreclosures were up, the market was hurting and mortgages were getting hard to get. These all were front page headline stories. People that read the paper saw this and read the articles. But since it was the BOLD headline on the front page, even those that do not read the paper were able to form opinions and get sacred about making a move.

However, during those months, there was good news. If you actually read the paper, usually the Saturday morning New Home and At Home sections, you will see these articles. For example, 2 months ago there was an article stating that foreclosures were not that bad in Charlotte, and that our market was still a strong one. But, the headline wasn’t as big as the front page ones are, and you had to actually look several sections back to find it.

Today, in the New Home section (thats Section H) on page 6, there is an article on how most homeowners are still ahead on equity gains. The subtitle states “Sad stories aren’t the rule.” Imagine that! But did that make the front page? Heck no! That won’t sell no papers! Besides, the fact that the mountains got snow and people can ski is much more important and get’s the front page!

My point is this… people are being force fed the negative while they have to search for the positive. We in this business really need to get together and with one solid VOICE let people know that the sky is not falling, that housing is not dead, that home loans are still available and rates are great, that foreclosures may be up slightly but not the rule and that buyng a home is still the best investment of their lives!

Anyone with me? Let’s let them know!

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Ed Nailor
1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone
or visit www.EdNailor.com

home mortgage loans in Charlotte

I love to watch the experts tell everyone how its going to be down the road. They bring in all their data and details and paint the picture. That was the case today with the Fed Reserve Board Chairman, Ben Bernanke. He made comments that the economy will slow this quarter and that will be due largely to housing. However, once this financial crunch shakes out, we should be looking better by spring.

I will give Mr. Bernanke  credit and throw him a thank you. This is one of the first voices that has said that this is coming to an end. I hope he is right.

Personally, the past 2 weeks I have seen a marked increase in activity. More people are looking to get qualified to buy a home. If this keeps up, December may be the best month of the year! So what has caused the change?

I think the increase in activity has alot to do with the media’s decrease of mortage related headlines. Over the summer, every news media on the planet could not go a day without big headline stories about foreclosures, bank closings, mortgage fraud and every othet possible negative thing they could find. Even our beloved Charlotte Observer played into it, placing every negative headline it had on the front page, while burying news stating it wasn’t as bad in Charlotte about 5 sections in.

The reality is that the news media is now just media. Nicloe Richie and Paris Hilton have become CNN’s favorite topics… since when did teen girls acting stupid become national news? Its not… it’s entertainment. It sells ad slots and ad space. So keep that in mind when you read or watch all the gloom and doom… are they giving you news, or trying to get your attention so you will stick around for the ads?

Today is the best time to buy a home. Yes, the market is soft, supply is great and sellers are willing to negotiate. The news that its impossible to get financing is false! There are still many options to buy a home with no money down, and you don’t need perfect credit to do so! If you have been on the fence waiting to see what happens, you need to make your move now. Waiting till Spring could cost you not only the home you wanted, but also a price that would surprise you!

How do I know all of this? I asked the Magic 8 Ball of course!

Call Ed at 704-248-8694

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Let’s get real here. Buying a house is a big decision. But not necessarily a risky one. One of the largest concerns for most people is losing the house. What happens if something comes up and income goes away and we can’t make the payment? Don’t let this concern stop you from homeownership. Think about the situation here…

Scenario: You just lost your job, and don’t have enough income to make the payments. If you are renting, this becomes a major problem. Did you know that most rental companies will begin the eviction process if you are as little as 10 days late on your rent? If you can’t pay them, they figure they will kick you out and get someone in your place that can. Then you are forced to find a new place to live… but now we have a different problem. No job and no income and an eviction makes it hard to find another apartment. If you do find one, might need a large deposit… of course if you had that kind of money you would not have been evicted in the first place!

As a homeowner, things are different. You see, the mortgage company does not look to foreclose on a home right away. Actually, they are much more inclined to work with you. Why? Well, it comes from the fear of major financial loss. When a lender forecloses on a house, they no longer make money on interest, which is why they are in business. They have to turn around and sell the house, usually for far below market value… They don’t have time to wait for it to sell for profit! So if you owed $150,000 on the home and they sold it for $128,000, they have lost $22,000 plus real estate agent commissions. Their total loss would be over $29,000! With that in mind, lenders will work with you while you try to recover. Many lenders won’t start foreclosure proceedings until you are several months behind! And if you ultimately can’t get back on track, you can still sell your house and maybe even make a profit!

So you see, buying a house will give a tremendous amount of security where renting can’t. If you ended up 3 months behind, it may affect your credit, but you still have a place to live. And if you get evicted from an apartment, you better believe that will hurt your credit too!

Give yourself and your family something they can feel secure in.