Posts Tagged ‘Mortgages’

Answers to your Mortgage Questions

So Dear Reader,

What is it you would like to know?

I could write a hundred different articles and posts on this website, but in all honesty if it is not helping you, it is all a waste. While I know the information here has benefited many Charlotte home buyers, I am curious as to what is on your mind.

So to make it easier, I have installed the “Ask the Lender” page, specifically set up to handle your questions. Feel free to use this page and email your questions. I will do my best to provide your answers as quickly and efficiently as possible. In addition to having your questions answered, you may inspire other articles that will help your fellow Charlotte area home buyers.

No topics are off limits. If there is a question you need answered, ask.

Ask the Lender

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

Moving to Concord NC?

It seems more and more people are doing just that! Concord NC and Cabarras county are growing! As a matter of fact, Cabarras county NC is ranked as the 29th “fastest growing counties” in the country!

This is no surprise to anyone that lives in the Concord / Charlotte area. Concord NC has so much to offer. Concord is very well known for NASCAR racing, with many NASCAR teams making the Concord area home. Shopping at Concord Mills is a treat in itself, as many shoppers plan day trips to the very unique outlet mall. There are also many area lakes to enjoy. An easy life awaits anyone looking to move or buy a home in Concord NC.

Concord’s real estate market is hot. Being so close to Charlotte but having lower property taxes makes Concord NC a great draw to new residents. And with the increased limits to Concord FHA mortgage loans, a home buyer can buy a home in Concord and get great FHA mortgage loans up to $303,750. This allows a very large selection of beautiful homes to qualify for Concord FHA mortgages.

If you are thinking of moving to the area, seriously consider Concord NC. Great shopping and entertainment, combined with great mortgage programs in Concord are making this area grow fast! No wonder the Concord NC area is the 29th fastest growing area in the country!

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No Money Down… No More!

The day of the 100% mortgage loan in Charlotte is over, at least for now. While lenders are still offering Charlotte 100% mortgage loans, the private mortgage insurance companies are refusing to insure them. This means that zero down home loans are no longer available!

This change affects more than just Charlotte mortgage companies. This is a nationwide change from the PMI companies. So no matter where you live, no money down loans are done.

For those that really need 100% financing home loans in Charlotte, we still have options to work with. Many lenders still allow gift funds from family or work and the Charlotte FHA mortgage program has mortgage loans with as little as $100 down when buying a Charlotte HUD foreclosed home.

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Charlotte’s Jumbo Mortgage Programs Hold Steady

With the announcment of the Economic Stimulus package, many areas saw an increase in the Fannie Mae and Freddie Mac jumbo loan limits. However, since the Charlotte NC area is not a declining market, we have not seen any changes to the loan limits for Charlotte jumbo mortgages.

Currently, the jumbo mortgage limit in the Charlotte area is still $417,000 for single family residences, meaning that any Charlotte mortgage amount over $417,000 will be considered a jumbo mortgage. Jumbo mortgages in Charlotte and elsewhere in the US typically have a slightly higher rate than standard non-jumbo mortgages. This is due to the increased risk and the smaller number of potential buyers that could afford the home should it go into foreclosure.

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Finding the Right Mortgage Company in Charlotte

Charlotte’s real estate and mortgage markets are doing very well. If you are seeking to buy a Charlotte home, or currently own a home and need to refinance, you may soon find yourself searching for a Charlotte mortgage company to help you obtain mortgage financing. But who to choose and how to find them can be daunting.

Today the internet is such a powerful tool. By visiting Google, Yahoo or even MSN one can do a simple search for a Charlotte mortgage company. You will find thousands of results! But who do you trust?

You could always go with a “big name” lender, but most of the time you are limited to the few programs the big banks offer. You could just grab the first one you find and see what happens, but that’s not advisable. The best way to find a Charlotte mortgage company to help you in buying or refinancing your Charlotte mortgage is to read. Yes, read.

When you get the results of your search, check out the content of the lender’s website. If it is generic or minimal, expect the same in support, assistance and results. If the website is all over the place and disorganized, the experience you get will be the same. But if the lender’s website is current, relevant and offers continued updated information, you should be in good hands.

I certainly hope you have found this website from a search engine results page. We are near the top of the search engine pages for many common searches. I also hope that you will take some time and read through this website. It is my intention to provide content and information that will help and inform. And once you decide you have found the Charlotte mortgage company you need, contact us to move forward.

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.

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!

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.