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Posts Tagged ‘home’

Ideas for your Stimulus Check

If you haven’t heard, most Americans will be getting a check either in the mail or deposited directly into your account over the next few weeks and months. These checks will range from $600 to more than $2,000 for qualifying families. The idea is that you might spend the money right away and get the economy going again.

Many people have said they plan to save the money. While that sounds good, with more than 90% of Americans having very little savings, it can best be assumed we will spend the money rather than save it or pay off debt. So with that in mind, here are a few things you can do that will satisfy the “spender” in all of us while ultimately saving you money!

If you are only getting the $600, consider using part of that money to upgrade the light bulbs in your home. I know that sounds a bit silly, but going from traditional incandescent lights to the new compact fluorescent bulbs can save you hundreds of dollars in both energy and replacement of bulbs. These bulbs use a fraction of the energy and last much much longer!

If you are getting $1200, maybe spring for a good digital thermostat or replacing a worn storm door. You may also want to consider upgrading an older appliance that may save on your energy bill as well. New water heaters, dishwashers and refrigerators can save you a ton on your energy bills.

Getting over $2,000? If you rent, use it as part of a down payment to buy a home. If you already own a home, consider putting it towards a new HVAC system. The newer, more efficient heating and air conditioner units can save you so much money that you could end up paying for it in savings alone in no time!

The bottom line is that you can spend part of the money to stimulate the economy, while still making a positive impact on your own! With the right research, you can find the right upgrades that will help your house run smoother and more efficiently.

According to a Countrywide bulletin this morning, the private mortgage insurance companies have raised the bar for 100% mortgage loans in Charlotte and the entire country. Now to qualify for a conforming conventional mortgage loan, you will need to have Read the rest of this entry »

Chase, one of the leader wholesale lenders, has announced some big changes and modifications to their product line up.   Read the rest of this entry »

Special Contribution Article

We see them all the time with these great lists of investment properties for sale. The prices appear to be good values and, hey - the seller will finance it for you. No credit check! All you need is a small down payment and the property is yours for 10% 12% or 14% interest.  And here is a real money saver - you don’t even need to pay for the closing costs because they are built in and THE APPRAISAL IS INCLUDED. Read the rest of this entry »

Purchasing a distressed property is a great way to purchase a larger home for money and pick up some instant potential equity.  However, there are many mistakes that buyers of REO properties make that can can leave you feeling like you’ve bitten off more than you bargained for. Read the rest of this entry »

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 »

Special Contribution Article

Well folks, things have certainly changed in the last 6 months to a year in the Mortgage Industry.  There are quite a few stories about how the market, guidelines, documentation, etc. are changing but one thing that has not been touched on is the overall mortgage experience.  There are still many qualified borrowers and many qualified borrowing situations.  Even though these borrowers meet all of the qualifications they will still be drastically affected by the market.  Read the rest of this entry »

Special Contribution Article

The Top Ten Credit Dos and Don’ts During the Mortgage Loan Process

Keep in mind the actual lender will pull their own credit report at closing, and if your credit scores have dropped, you may no longer qualify for the rate that was underwritten and the final approval may come back with a higher rate. Unfortunately, all lenders qualify you by your credit score as to which criteria you fit and every loan has different criteria attached. The loan to value, the debt to income ratio and so on etc. This is what borrowers do not understand, and they think the loan officer is baiting and switching. They are not. If an issue comes up that the lender decides you do not qualify for a certain loan, the only thing a loan officer can do is shop for lenders and see if any are willing to give the rate and program they thought you qualified for. If you have good credit and know your score, the loan officer can give you an idea what he or she can offer based on what you say.  But do not expect them to stand by their quote if and when they pull your credit your scores have dropped.

Following are some helpful tips to avoid the credit mistakes that many borrowers make during the loan process:

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 »

One of our new fabulous Uptown condos began Closing on sales that were posted back in 2005!  What a great time of year for Closings, right?!  Well, during the long time span between the signed Contract and the final walkthrough, my clients decided that a relative who was a ‘home inspector’ would do their home inspection for them; they didn’t want my inspector even after begging for months!  After much ado and arriving at the final walkthrough, I found that the inspection had not yet been done!  Her relative had told them that they didn’t need one since it was new construction!!  Some ‘inspector’ huh?!

“$300. for a service that could save you thousands in the long run, is SO worth it,”  I kept repeating to them!

Their response, “But, WHY do we need an inspection on new construction?–I can see everything and it looks fine!”  Read the rest of this entry »