Posts Tagged ‘Refinance’
Jumbo Mortgage Limits to Rise
Charlotte Jumbo Mortgages
Loan Limits Rise
Both the Senate and House have passed the economic stimulus plan, which includes an increase in Conforming Mortgage Loan Limits to $625,000 through December 31, 2008. President Bush should sign this bill by early to mid next week and many hope that conforming loan limits will increase immediately. Others assume it will not go into effect until July. Either way, the limits will increase and they do we will let you know.
Unfortunately, FHA Mortgage Reform was eliminated from the bill and there are no permanent FHA loan limit changes. However, since FHA loan limits are a function (or percentage) of conforming loan limits we should see a temporary increase in FHA loan limits.
This is great news for the Charlotte mortgage market! Borrowers with loans between $417,001 and $625,000 could qualify to refinance their jumbo mortgage loans into new mortgages without the jumbo mortgage rate hits! Add that to the best mortgage rates in Charlotte already avalible, and jumbo home owners can really make out!
At the same time, more people buying Charlotte real estate could qualify for low FHA mortgage rates! And with the low mortgage insurance rates offered by FHA, a whole new group of home buyers can enjoy the best Charlotte FHA mortgage loans ever!
If this news affects you, get qualified Now for the better programs coming! Once they are in place, you can be among the first to refinance your Charlotte Jumbo Mortgage Loan or buy your home with the new Charlotte FHA Mortgage Loans!
Apply Online or call 877-411-9327
Charlotte Jumbo Mortgage Loan Limits Increase!
Charlotte FHA Mortgage Loan Limits Increase!
Update: Well, it seems that politicians in their infinite wisdom have made some changes to the final draft of this bill. Based on some of what we are seeing right now, Charlotte may not benefit from this jumbo loan limit increase after all. Some areas in the country will see limits increase to over $700,000! But since Charlotte is still such a strong market, we may not see the increases once thought. Once the President signs this into law, and the legal eyes of all the lenders finally get done, we will see how this impacts Charlotte jumbo loans. However, jumbo rates are near an all time low, so it is still a fantastic time to refinance your jumbo loan, or purchase that dream home you have been wanting! As soon as further information becomes available, I will pass it on to you.
Charlotte - Refinance Now
Charlotte: Refinance Now!
Mortgage Rates are at all time low’s! Recently we have seen some mortgage interest rate fluxuations in the market. Last week there was a quick drop that lasted a couple hours and then popped back up. But keep in mind, you do not want to float around hoping for that again! The next time we see that, if we see that, I would expect a high jump after the fall. In other words, if mortgage rates drop a 1/4 point in rate, I expect there to be a 1/2 point recovery afterwards!
Mortgage rates in the Charlotte area are still hovering in the 5% range as of this post. For anyone with a 6.5% or higher interest rate on your mortgage, now might be the time to refinance your Charlotte home mortgage. Do it now, before rates begin to increase… it will happen sooner than you think!
Apply Online or Call 877-411-9327
Refinance Charlotte Home Mortgages Today
No Closing Cost and No Fee Mortgages in Charlotte
Have you heard that “No Fee” and “No Closing Cost” mortgage loans are available in the Charlotte area? Yes, and they are catching on in popularity, especially in the Jumbo mortgage loan market!
But before you jump onto the “NO COST MORTGAGE” bandwagon, you must know some hidden truths about these mortgage loans…
Mortgage Rate Roller Coaster
Earlier today, mortgage rates dropped big time. The bond market had taken a big hit and that forced mortgage rates down considerably. However, by mid afteroon, bonds had rebounded and mortgage rates took a big swing up. A jumbo loan that I had quoted at 5.75% by the end of the day turned into a 6.125% rate!
Jumbo Mortgage Refinance… DO IT NOW!
If you have a jumbo mortgage loan, now may be the best time to refinance.
Here is an example:
Current Mortgage
$900,000 @ 6.5% with P&I Payment of $5688 a month.New Mortgage
$900,000 @ 5.5% with I/O Payment of $4125 a month.That is a difference of $1,563 a month - almost $20,000 a year!
The average mortgage loan has a life of 4.5 years. With this example, in just 4.5 years, the savings could easily surpass $80,000!
PMI IAN
PMI In a Nutshell (IAN)
Ok. So the headline was designed to get your attention. After all, PMI (private mortgage insurance) isn’t the sexiest of topics. But it is a critical part of the mortgage process today. For most people, private mortgage insurance is the only way they will be able to buy a home or refinance their existing mortgage! So with something so critical to this process, maybe we should discuss it a bit, don’t you think?
Underwriting Changes at Chase
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 »
Bank of America and Countrywide. What’s Next?
So by now you have heard the news. Bank of America is buying out Countrywide for pennies on the dollar. You got to give it to BOA… they got a deal. Of course, it does come with baggage as well, but I think it will still be good for BOA. My question is though, will it be good for consumers….
Suzy Orman’s Advice on Real Estate
Look, I like Suzy. For the most part I think she gives very good solid GENERIC advice on finances. She even has a great product (Suze Orman’s FICO® Kit Platinum*) that helps with credit scores. But here lately Suzy is becoming just another “Talking Head” on the TV.
A colleague of mine recently expressed frustration in dealing with a client. This client wanted to sell their home and had recently watched Suzy Orman advise someone NOT to sell right now, so they were going to wait for now. As my collegue tried to explain to the client, “We do not live in one of those areas that are suffering from a major declining market”, the client seemed to take Suzy’s advice more seriously.
Folks, please remember that when you are getting your advice in life, make sure that the advice you are getting is from good counsel that is not only informed in general, but also knows your own situation. If you watch Suzy’s show, she gives advice to folks on the TV after a 30 second Q&A drill! This means that she has to take a sliver of information about your situation and then provides you with potentially LIFE ALTERING financial advice! Is this the advice you really want to listen to?
Find a professional in your area that can sit down with you and actually offer solid advice based on YOUR situation… not what the media news claims. After all, when the current story changes tomorrow, so will the advice given by these “experts.”
As a professional mortgage lender in Charlotte, I have told folks that they should not buy a home, or they should not refinance their mortgage. YES… I turned business away! Why? Because it was the right thing for that customer! And by doing the right thing for my customers, I will always be able to give solid advice without compromise and my customers know that they can trust it. I am here for the long haul, not just seeking the quick buck!
So if you need financial advice, give me a call. At least I will listen to your entire situation BEFORE offering potentially life altering advice! And you will know that since I took the time to get to know you, you can trust what I am sharing with you.
Thanks,
Ed Nailor
877-411-9327
Thank you Eleanor Thorne for the inspiration for this article. Eleanor is a top mortgage professional in the Raleigh, NC area. Visit her site at http://stevethorneonline.com/Get Multiple Mortgage Loan Offers Now! Mortgage loans for all of the Carolinas, including Charlotte, Raleigh, Matthews, Concord and more! All mortgage applications and requests are submitted through LendingUniverse.com, an affiliate partner that can provide you with multiple loan quotes and offers from lenders.
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What To Expect From Your Mortgage Transaction
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 »