Charlotte Mortgages

Are Charlotte mortgage lenders still making home loans at reasonable rates?

#1.  YES, YES, YES!  Mortgage brokers, mortgage bankers and local banks are still making loans everyday for the purchase of homes.  ONLY the following scenarios have gotten very restrictive: 

· Investment Properties

· Buying a new house before selling your current house

· Credit Scores below 580

If you don’t fall into one of the categories above, the chances are good that you will qualify for a mortgage with little to no money down with a very low fixed rate!

#2.  RATES ARE LOW!  The Fannie and Freddie Bail-Out has created a very low interest rate window for homebuyers in today’s market!  Because mortgage rates for most loans are driven by the sell of bonds guaranteed by Fannie and Freddie, the government take-over of these huge corporations is good for rates!  They are backed by the U.S. Government now which makes their bonds almost zero risk… this has driven fixed rates lower!

Current 30 Year fixed rates are as low as 5.875%!!

This is NOT a rate quote and getting a accurate one is more important than ever…

#3.  DEMAND A VALID RATE QUOTE!  In order to quote an accurate interest in today’s ever changing mortgage world, a lender needs to know Property Type, Loan Size, Credit Score, Loan Purpose and Loan to Value Ratio.  Without this information the rate you have been quoted is probably wrong!  To obtain a complimentary rate quote and pre-approval call today!

Charlotte Mortgage Rates get worse today and investors lose PMI altogether!

The loss of PMI for investors mean that going forward buying an investment property will require a 20% minimum down payment.  90% financing was still available but without the mortgage insurance the loan doesn’t exist.

Mortgage rates worsened again today.  I think there are many buyers out there that think rates are dropping and they should wait… NOT TRUE.  Rates have been getting worse for over a week now, and show no signs of turning around.  I am puzzled at what is driving the bond market right now other than investors don’t want to touch anything with the word “mortgage” in it.

Normally a “flight to quality” would mean investors sell their stocks and buy bonds.  Right now investors don’t have any more confidence in mortgage bonds than they do in stocks.  I think it’s a little nuts because with Uncle Sam backing Fannie and Freddie, mortgage bonds offered by those two are almost risk free.

Here is a brief update on what mortgage interest rates are doing in Charlotte, NC.

6.00% is still available, but probably not for long.  The MBS market has been moving in wrong direction for a couple days and rates are going to suffer.  Loan size and credit score are the main factors affecting the actual rate a consumer will receive and depending on both rates for 30 Year Fixed programs will range between 6.00% and 7.00% right now. 

ARM pricing is horrible. 

JUMBO rates are in the high 7% range to low 8% range. 

This is NOT a rate quote.  If you would like a quote please call Olan Carder at 980-721-7478. 

An accurate rate quote is based on property type, loan size, credit score, loan purpose and loan to value ratio.  Do not accept instant rate quotes or get rates online as those rates will not be accurate to your specific situation.  With a five minute call you can start the FREE process of applying for pre-approval, obtaining an accurate rate quote and getting a Good Faith Estimate of all the costs associated with buying a home.

Mortgage Interest Rates for Charlotte, NC move higher based on volitile markets.

As credit markets tighten credit is becoming harder to find and more expensive.  Mortgage rates, even though relatively low, saw a big jump today and the mortgage bond markets took a beating.  If you need to refinance to a fixed rate loan DO NOT WAIT!  Rates are headed higher and it is uncertain how strict the guidelines will become in the near future.

Many lenders have already taken measures to tighten their lending guidelines.  New rules have been put in place for people that own more than one property, for investors and penalties for low credit scores have become standard. 

As a mortgage banker, we can offer the best of both brokers and banks.  We process and underwrite your loan in house, but can still shop rates and offer the most competitive pricing.  We are fully authorized for FHA loans, VA loans, Conventional, JUMBO and even offer USDA Rural Housing loans in North Carolina.

If you are interested in buying a home the Charlotte Metro area, please give Olan a call at 980-721-7478. 

Charlotte, NC is one of the safest places in the U.S. to buy a home and banks are still making new loans!

My clients keep calling me asking if they are still closing!!  The answer is a resounding YES!  I have not heard of ANY Charlotte NC mortgage lenders that have stopped funding their loans.  That doesn’t mean that it is not happening and we all know of the many lenders that have shut their doors, but there are plenty of local lenders that are going strong!

IF you would like to move to Charlotte, or you live here and want to own a home… DO NOT hesitate because of what’s in the news!  Rates are low (around 6.00% for 30 Year Fixed) and buying a home has not become very difficult.  You can still get an FHA loan with only 3% down payment.  The House Charlotte program is still getting folks in the door with zero down.  VA loans are available for veterans and offer zero down payment upto $417,000. 

The Charlotte housing market is strong.  Prices have not been dropping and a recent PMI study showed this market poses almost no risk of price decline in the near future. 

CALL ME TODAY at 980-721-7478 for….

• Complimentary Pre-Approval
• Credit Review
• Market Rates and Quotes
• Information about first time homebuyer programs!