Posts Tagged ‘money’

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.

Will the Fed Rate Cut Change Mortgage rates?

Diana Olick from CNBC wrote an interesting article about this. Here’s the highlights:

• The 30 Year Fixed mortgage rate is NOT tied to short-term treasuries.
• Today’s cut will affect short term ARMS, but not by much.
• This rate cut will not stop the foreclosures that are about to happen.

Diana made a couple statements in addition to these facts, one I agree with and one that is just false. 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 »

Earlier I was snooping around CNN Money online to get info from Bernanke’s speech today about the Fed Reserve. While there I saw an ad from Bankrate.com, a well “respected” website that is supposed to be objective. For the fun of it, I clicked on the rate comparison for a 30 year loan (which advertised a SUPER LOW rate.) I was then prompted to provide more information about locality, loan amount and down payment. When all was said and done, that rate was nowhere to be found.. and at the bottom of the list of lenders and their “Todays’ Rates” list was this tag: 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 »

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 »

Remember why you took out an adjustable rate mortgage? Lower payments, right? Well, with rates increasing, your ARM may be headed through the roof! Let the Carolina Mortgage Connection help you refinance your mortgage and get out from under the stress of that ARM. Today’s 30 year fixed rates are still amazing and could save you a lot of money! We can even get you cash out to eliminate Christmas debt!

Click here to apply today and refinance your mortgage.

Driving down the road today I heard the funniest commercial.

A local spa that offers body wraps claims that you can lose 7 inches in one visit. That is a tremendous claim to say the least. But what struck me as funny was the serious claim in their guarantee…

They absolutely guarantee that you will keep those 7 inches off! As long as you dont gain weight.

I just thought this was a funny thing and laughed for quite some time.  Is that where we are in “truth in advertising?” What can I offer in this fashion?

• The Foreclose-Free Guarantee: “The lender will never foreclose on your loan. (as long as you make your payments on time.)”
• 100% APPROVAL ON OUR SPECIAL ONE TIME PAYMENT MORTGAGE: “We offer 100% approval to all borrowers that will pay the mortgage loan off in 1 simple up front payment… Cash is preferred.”
• The 0% Interest Rate Mortgage: “You are guaranteed to pay NO INTEREST on your mortgage when you make one easy payment of 100% of the total balance on the day you buy or refinance your home.”

I know, these are all silly, but that one commercial made such a big deal of such an obvious truth. Does the general public really fall for that?

Personally I think the public is smarter than that. As such, I treat all my customers with the ultimate in respect for their intelligence. And when they may not be as educated on certain areas in regards to home loans, I take the time to inform them so they can make a solid decision.

No smoke and mirrors… after all… “when time and money really matters”… you want someone you can trust!

So folks, for real truth in marketing and in home finance, give the Carolina Mortgage Connection a call. 877-411-9327.

Ed

In today’s Charlotte Observer, there was an article written about Affiliated Business Arrangements. The article spoke mainly about real estate agents and title services. There were many big companies that have recently come to major settlements with the government (in regards to fines) related to such practices.

From a business standpoint, I understand the Affiliated Business Arrangement. I don’t blame real estate companies for wanting to not only make money from the mortgage, insurance, title and other related services, but also to have some control over them. This allows companies to keep things moving.. I get that.

However, what this article talks about is the “steering” that takes place in many offices and the fact that the buyer has no idea that agents may get a cut from those services. Again, I understand why, but as a mortgage professional that has had the media on my tail along with several agents over the years blast me due to ysp, I find this an ironic turn of events.

I am not a big fan of married services. How does the buyer get the best service if everything is being pushed “in house”? Its one thing when an agent refers a buyer to the in house lender because that lender gets the job done and saves the buyer money… but when the referral is because the agent has extra money (or bonuses) in the balance, I feel that sorta goes against the whole “fiduciary duty” that real estate agents are supposed to be held to.

I am a big fan of everyone making as much as they can for the work we all do. I think it should be a win-win for all involved, especially the client we all are working for. And now it seems that mortgage brokers are not the only ones with cross-hairs on their backs…

As a buyer, one is best advised to ask if the one referring you to another is compensated in any way for the referral. This may help you decide if using that referral solely based on one referring is the best move.

_______________________________

For professional mortgage assistance and home loan pre-approval in Charlotte, NC and the surrounding areas, call me at 704-248-8694 or visit www.EdNailor.com/apply

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!

_______________________________________________

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