Posts Tagged ‘Refinance’

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.)

Question:

I am in sales and things are tight. I have been in my home now for 3 years and have a good mortgage right now. However, due to the lower income this year, the monthly payment is getting tougher to deal with. I have never been late on my mortgage and my credit is still good. But I am concerned that I may start to get behind. What should I do?

Answer:

I am assuming your have already looked into a secondary income. So first off, stay in touch with your lender. If you have never been late, don’t wait until you get behind to call them. Let them know what is going on and ask what options they may have. It could be possible that they might offer a simple refinance or modification to your mortgage that would allow lower payments.

If your current lender does not offer any options, give a local lender a call. In Charlotte, feel free to call my office if you like. Either way, you will want to look into options now while you are still ahead. Even if your income has fallen off, you may still be in favorable position to get into a mortgage that fits your current needs. With our free mortgage consultation, we can help determine what products are available for you and if it makes sense to make a change.

There is also the option of possibly selling your home and downsizing a bit. This is becoming a popular option for many people. If you decide to do this, be sure to get a great Realtor to help. We can provide you with great referrals if you need it. But statistics still prove that listing with a professional Realtor can not only help you sell quicker, but also get more money!

Ask the Lender your Question

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!

Charlotte Mortgage Rates Drop!!!

“Treasury prices rallied Thursday after new reports showed the economy barely moved forward at the end of last year and that jobless claims rose last week,” this according to CNN Money. The report shows that Treasury bonds reacted in a favorable way for Charlotte mortgage rates early this morning.

By the end of the day, rates had increased slightly, but very minimally! So by the end of the day, the same rate as yesterday would cost a lot less, or even allow for a lower mortgage rate!

If you have been on the fence about your mortgage rate options, now is the time to make your move. Rates are not as low as they were just a few weeks ago, but they are very close. I personally believe they will begin to rise again, so now is the time to fix your adjustable mortgage rate, refinance your Charlotte mortgage with a lower rate, or buy that dream home in Charlotte with lower payments!

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.

Refinance and Save… While you Can!

Today I overheard a phone conversation that simply amazed me.  A fellow loan officer and co-worker was talking to a potential client about refinancing his Charlotte home mortgage. During this conversation, the loan officer found that the gentleman had a 9% interest rate on his current mortgage. The man was convinced that because of a prior bankruptcy 5 years ago, he could not qualify for a better mortgage.

My associate continued to talk to the guy about looking into refinancing his home loan here in Charlotte to reduce his monthly payments. He explained to the man that the bankruptcy would no longer stop him from qualifying for a better mortgage rate and that with the low Charlotte FHA mortgage rates, he could cut his mortgage rate by as much as 3 points!

The gentleman asked him to call him again NEXT MONTH!

Folks, if you have a mortgage rate on your Charlotte home that is above 7%, you need to look into a Charlotte home mortgage refinance. If you refinance your mortgage today, you could easily drop your mortgage rate, save on your monthly payments, and maybe even pay off some other debts! With help in your monthly budget, you could quickly put yourself into a debt free way of life!

Let the Charlotte refinance experts of the Carolina Mortgage Connection show you how much money you can save today! With our safe and secure online mortgage application, you can get approved for a better Charlotte mortgage rate today and save hundreds on your mortgage payments tomorrow!

Apply online or call 877-411-9327.

Fed Rates to Lower?

The Charlotte Observer published an artice this morning in which they noted that Bernanke has stated that the Fed is ready to lower the rate again should the need arise. The article had an overall feel to it that this would happen sooner than later.

This is great news for credit card holders, home equity line owners and some short term ARM mortgage holders. The Fed rate is most applicable to the Prime Rate which many of these types of loans and credit are based. However, for those of you seeking a 30 year fixed mortgage, do not expect that this type of rate cut will impact the overall mortgage industry.

Bonds not Fed Rate

30 Year fixed mortgage rates are normally based on the yields of the 10 and 30 year Treasury Bonds. Their performance on the Bond Market is what will determine the pricing for mortgage rates, especially your longer term rate programs.

The bottom line is this… Make your move now. 30 Year mortgage rates in Charlotte are at all time lows! Now is the time to lock a rate and buy or refinance your home! Don’t wait for some magical rate drop… I doubt you will see that materialize.

Apply now and lock in the best mortgage rates in Charlotte now!

877-411-9327

Refinancing in Charlotte

Considering a mortgage refinance? You may be looking at just the right time. Charlotte Mortgage rates are low… very low. Charlotte mortgage rates are in the upper 5% range on 30 year fixed mortgage loans. If you have above a 6.5% rate, refinancing now could save you thousands of dollars.

Check out this example:

Old mortgage of $250,000 with a rate of 6.875% would have a P&I payment of $1642 a month. A new mortgage of $250,000 with a rate of 5.875% would have a P&I payment of $1478 a month. That is almost $170 a month less each month, and over the next 10 years it would save over $17,000! If applied directly towards the principal each month, you could easily cut almost 7 years off the length of your mortgage!

A debt consolidation mortgage could save your even more! Imagine what you could accomplish if you could cut $500 a month or more off your monthly budget! You could quickly get out of debt, pay off your home faster, take your dream vacation or build a solid savings cushion! The sky is the limit.

Let the experts of the Carolina Mortgage Connection help determine what is the best mortgage options for your needs. We will take the time to listen to you and your goals. We will then customize the perfect mortgage program to accomplish your goals as quickly as possible.

Call us at 877-411-9327 or Apply Online.

Best Charlotte Mortgage Rates

So who has the best mortgage rates in Charlotte? Ask that question and “We do” will be the answer everyone gives! So how can this be? How can everyone have the “best mortgage rates in Charlotte?”

Well, honestly we all have access to the same lenders and programs. Some banks are limited to just their own programs, so limiting yourself to just a bank may not be in your best interests. But mortgage lenders and mortgage brokers in the Charlotte area have access to basically the same mortgage loans and rates.

So what makes one better than the other?

Professional Mortgage Services

You want to deal with a professional when looking into a mortgage. You don’t want to get caught up in the fly by night broker or loan officer. As you can see, the mortgage industry has had enough of that, and many people are suffering because of it. You need a Charlotte mortgage professional you can trust!

Beware the Rate Quoter

If the mortgage person you are talking to starts off by talking about this rate and that rate, buyer beware! You are not dealing with a mortgage professional! Professional mortgage lenders in Charlotte will take the time to get to know you and your needs. They will build trust and security with you, so that you know they have YOUR best interests at heart, not their own. The idea is that by getting to know your needs, wants and goals, they can help find the right mortgage product to fit your unique and individual needs.

But I just want a Rate Quote!

Experts say you should shop around when it comes to finding the best mortgage rates. I agree, but only to a point. I do think you need to do your homework. In most cases you can get a general idea of what rates should look like by looking online. However, that being said, please keep in mind that rates shown online may be designed to get you to call… the old “Bait and Switch” type of advertising. Even some of the better websites, such as BankRate.com, that show “current mortgage rates“, are actually showing “advertised rates” by lenders paying to be on their website! In most cases these advertised mortgage rates are without any adjustments for credit, loan size, PMI, or any other criteria that may go into what makes up a rate for someone.

When it comes to comparing mortgage rates, first find a lender you feel you can trust. Interview them… see if they interview you! If they talk more than they ask, beware. They are selling to you, not listening to your needs. Once you find a lender you feel comfortable with, get their take on the best mortgage programs that would fit your needs. If what they offer does not seem to fit, talk to them some more. Maybe they missed something. If they cannot come back with another option, then it may be time to look for another lender.

With mortgage rates changing so often lately, “shopping” for a mortgage may actually cost you. Finding a professional you can trust and following their advice can save you hundreds and thousands of dollars.

So who has the best mortgage rate in Charlotte? Your trusted mortgage professional does!

or Call 877-411-9327