Davidson NC on National Map

Thank you Davidson Wildcats for showing the rest of the world what Davidson North Carolina is all about. The class and determination in which you played in the NCAA Men’s Basketball Tournament was inspiring to all of us, even those outside the general Charlotte area.

Davison North Carolina is a small college community north of Charlotte, located around Huntersville and Lake Norman. The town of Davidson is absoultely charming and wonderful. And now with the Davidson Wildcats’ run towards this year’s Final Four, the entire nation is looking at Davidson, NC.

I expect this will be a good thing for Davidson College, but even more so for the Davidson community as a whole. As people are “Googling” Davidson Wildcats and Davidson NC, they will begin to find out how great the area is. People looking to move towards Charlotte will seriously consider the Davidson area. Other local communities like Huntersville and the entire Lake Norman area will also see great benefits from this exposure.

With the news that Charlotte’s real estate market being the only major market to improve in values last month, there is no doubt the Davidson real estate market will heat up! So if you are considering buying a home in Davidson NC, contact me for a free Davidson NC mortgage pre-approval. I can get you approved for a Davidson mortgage loan and introduce you to great Davidson NC real estate agents and Realtors.

Existing Home Sales Rise in Feb

According to a report in the Associated Press, the number of sales of existing homes has risen for the first time in 6 months! This news was a surprise to economists, who all expected a further decrease in sales of homes due to a “soft” market and tightened credit.

This is great news! This means that home buyers are seeing a great opportunity to save like never before. Charlotte is in a buyer’s market and still available are the best mortgage rates Charlotte has seen in a long time!

If you have been on the fence about buying a home in Charlotte, now is the time to act. Get started now before the market makes a full recovery and you can still save!

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

Union County NC is 7th Fastest Growing County in US

According to new census data, Union County (just south of Charlotte NC) is growing. Not only is it growing, but Union County NC is the 7th Fastest Growing County in America! Union County is by far the fastest growing county in North Carolina. That basically means that more people are moving to Union County, including the cities of Monroe, Indian Trail, Weddington, Waxhaw, and Stallings. There are a number of smaller communities in Union County, all expanding from this explosion of growth!

Its no wonder why Union County is growing. With the proximity to Charlotte NC, the nation’s 2nd largest banking center, there are a number of great jobs. With the lower taxes, great schools and southern hospitality, Union County has a lot to offer anyone moving to the Charlotte area.

Here are the 8 North Carolina counties that ranked in the top 100 Fastest Growing (according to US Census data):

• Union #7
• Brunswick #17
• Cabarrus #29
• Wake #33
• Johnston #58
• Pender #71
• Mecklenburg #82
• Iredell #90

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.

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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Tips for your Charlotte Home Search

Looking for a home in Charlotte? Here are a few tips to help you with your home search in Charlotte.

• Search for a Charlotte Home online.  More than 70% of home buyers begin their home search on the internet. With so many websites dedicated to real estate, you can easily search for a home at your computer. Many websites now offer access to the Charlotte MLS, the area’s multiple listing service.
  (view homes for sale in Charlotte)
• Allow a Realtor to search Charlotte homes. A home search in Charlotte will be much easier with a Realtor that knows the area and knows the market. Realtors have access to the complete Charlotte MLS. In addition to the knowledge of the area, once your Charlotte home search is narrowed down to the home you want to buy, a Realtor acting as your buyer’s agent can look out for your best interests.
  (request a Realtor referral)
• Search for a home in your vehicle. One way to know what areas of Charlotte you may be interested in is to drive the neighborhoods. While some of the roads in Charlotte can get confusing, driving the roads will make your home search in Charlotte a real adventure. And along the way you can discover the local stores, parks and other amenities.
  (get local Charlotte information)
• Ask your lender. Yeah, your lender. Most mortgage lenders work with local Realtors and investors. In many cases your lender can know of homes that even Realtors are not aware of. This can make your Charlotte home search more broad and open.
  (ask your lender for help)
• Get Pre-approved for a Charlotte Mortgage. Seriously, if you are looking for a home, get pre-approved! This will allow you to know how much you can afford and how much it may cost. This also places you in a position of strength when it comes time to negotiate the terms of your purchase.
  (apply online or call 877-411-9327)

New Rules for Building a Home in Mecklenburg County 

Mecklenburg county is now requiring detailed plans for any new home being built, regardless of size. Before today, only homes of certain sizes needed to be submitted for approval. However, in a change aimed to find design flaws, Mecklenburg country must now review and approve the plans of any new home being built.

For most home builders, this will only be a hiccup. With most large neighborhood builders, the approval for each model will go smoothly. However, custom homes and homes with major changes may take a little longer. Be sure to plan accordingly.

This also applies for homeowners adding on to their homes. However, screened porches and decks may be exempt.

For more information, contact Mecklenburg County at 704-432-7822

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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!