Posts Tagged ‘Refinance’
Great Rate in 2008! Apply Now!
2008 may be your last chance to get a great rate!
Experts are saying that rates may be heading upwards, and while they are still low, the time to lock in your Great Rate in ‘08 is now!
Apply for a mortgage or refinance Now
Flooded with Debt and Bills?
Yeah, its that time of year again. Where we sit back after Christmas and relax to enjoy the time off work and watch the kids play with the new toys.
Then a few days pass by and the mail comes once again… hmm.
“We spent how much?” Holy Cow!
That’s when it hits you… you are getting over your head and the bills are flooding in!
This is where the professionals of the Carolina Mortgage Connection can help. We can take the time to see if a Debt Consolidation loan would benefit you. In many cases, you coud use the equity in your home to eliminate the sea of debt and give yourself breathing room again.
But please, once you get this done, let’s also start a savings plan for next year so we don’t end up in such debt again! We want to be your lender for life, but not because of this type of cycle!
Apply now for a Debt Consolidation Loan and see if we can help you lower your monthly payments and get your head back above water!
Is your ARM through the Roof?
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!
Truth in Advertising
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
Inside the Money (a look at the mortgage industry) 11/21/2007
This week Inside the Money:
- Freddie Mac announces Higher Costs for Mortgages
- Rates remained relatively level
- Subprime is making strides
- It’s still a great time to buy or refinance!
Freddie Mac announces Higher Costs for Mortgages
Freddie Mac announced that beginning March of 2008, it will impose “delivery fees” to lenders that write loans with credit scores below 680 and with loan to values over 70%. The fees will range from 0.75% to 2% of the loan amount on a sliding scale of credit score ranges. No word yet as to the ability to “roll” these fees into closing costs, or if the lender itself will just charge a higher rate to provide greater yeild to pay this fee. We will see as we get closer.
Rates remained relatively level
Rates over the past week have held fairly steady. The average 30 year fixed mortgages were hanging in the low to mid 6% range (including FHA). With recent announcements of Freddie Mac and Fannie Mae losses, one can only expect that these rates may begin to move upward soon, however I would expect it to be a gradual move if this happens.
Subprime is making strides
Believe it or not, the lenders still in the subprime market are beginning to make strides. Rates are falling, although very slowly. And credit score requirements are beginning to come back down. For a while you needed to have a 680 score to get 90% with many subprime lenders, and then you were looking in the 9-10% range with many of them. Pricing is slowly coming back and minimum scores are being lowered, however most subprime lenders are still shying off from 95-100% loans. There are a few, but most of these buyers can also qualify for a Fannie Mae type loan and save money there.
It’s still a great time to buy or refinance!
Even with the “mortgage crisis” and the tightening of liquidity in the market, rates are still near record lows and holding fairly steady. There are a ton of mortgage products for nearly any buyer, although those with major credit issues may need some work before buying. And home selection could not be better. For anyone thinking about buying a home, now is the time to make your move. Opportunity is knocking very loudly.. don’t ignore it!
For more information on mortgage and home financing, or for help in the Charlotte NC area, 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
The Purpose of an Appraisal
When applying for a mortgage loan, one of the major considerations is the value of the home. After all, a lender will not want to lend more money on a home than it is worth. So to establish its value, a licensed appraiser will be normally required to perform an appraisal of the property.
Typically, an appraiser will visit and inspect the property, take measurements and photos and then do research on similar homes in the area. What the appraiser is looking for are fairly recent sales of similar properties within a close proximity to your home (known as the “subject” property.) These homes that are used for comparison (known as “comparables” or “comps”) should be similar in design, function and size. Where there are discrepancies, the appraiser can determine the difference in value of such discrepancies.
When all the research is done, the appraiser should come to a conclusion as to the value of the property. Two things to keep in mind about this value:
- It is an opinion and appraisers have the flexibility to interpret the market place as they understand it. A good appraisal should be within a reasonable range of value with another reputable appraiser and to be very solid should have few adjustments in value between the subject and the comps. (The adjustments in value are to account for the discrepancies between the subject and the comps.)
- An appraisal is not to be considered a replacement for a qualified property inspection. While the appraiser does inspect the property, their inspection is limited and broad, typically seeking obvious defects that would affect overall value. Examples would be holes in the wall, missing fixtures, lack of flooring, etc. And inspector, however, will dig deeper into a property to uncover any defects they can find. They will find issues with wiring, HVAC, roof leaks (that are not so obvious), foundational and mechanical issues… and much more. And while they do inspect for issues, they can not assess value for the home.
Once an appraisal is completed, it is sent to the lender for review and approval. The lender will have many tools to validate the value of the appraisal. Some of these tools include a simple “desk” review in which someone looks over the appraisal report of red flags. A field review may be ordered in which someone would drive out to check out the home, but may not do a full review including measurements and inspection. And there are Automated Value Models (AVM’s for short) that use data from the Internet to help determine a range of value. If the lender has used their tools and determines the value is ok, then the loan can move forward.
However, if the lender sees a problem, they can request a second appraisal or even “cut back” the value of the appraisal to what they feel is reasonable. While this is not a common practice, it can happen.
In most cases, especially in regards to a purchase, an appraisal is not that big a deal. They normally come in as expected with the value that is needed. On a refinance, it could be hit or miss depending on what the expected value is.
Either way, an appraisal will typically be done on 99% of all loans originated today. It not only protects the bank, but it can protect you as well from making a bad financial decision.
For more information on the loan process, or to get pre-approved for a mortgage loan, call me at 704-248-8694.
Time to Refinance?
Special Contribution Article
If you closed on your mortgage loan with National Mortgage in May of 2005 or May of 2003 - you are probably going to get a call from me in the next week.
It’s time to consider refinancing your home, because your mortgage will reset in the next 60 days. WHAT DOES THAT MEAN?? When your mortgage resets it means that the payment is going to change. If you have a 4.5 percent interest rate (and many of the 3 and 5 year arms had those start rates) the mortgage holder will take your Index and add the Margin and then calculate the new payment.
Many of the loans we made have 2 percent caps on the payment adjustment, meaning your 4.5 percent loan will likely go to 6.5 percent for the next year. PLEASE CHECK because some of the loans we made through Wells Fargo have 5/2/5 caps. THIS MEANS that your First Year Adjustment could go up as much as 5 percent!!
Most of the loans we made have LIBOR as the base Index. Unfortunately, it has not gone down in recent months. THIRTY YEAR fixed rates, however, are near 5.5 percent! All of the bad news for the economy is working in YOUR FAVOR!
The other thing to consider is legislation pending in the Senate. The new Predatory Lending Legislation has a provision that PROHIBITS no cost refinances…
So - when I call be ready to talk about what your new payment is going to be and let’s see if it’s time to refinance!