Charlotte Mortgages

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.

In coming days, mortgage rates are likely to drop and if you aren’t ready to take advantage of it fast, you might miss the opportunity.

When rates drop, they typically hit a bottom rather quickly and then correct back higher within days.  Just like the stock market, the mortgage bond market tends to go too far in either direction and then pull back some when big swings come.  That means that rates might get insanely low for just a day or so and then moderate out fast.  If rates were to hit 4.5%, are you ready to act???

I don’t know where are going and neither does anyone else for sure, but based on current market trends I could easily see some all time low rate coming soon.  If you are working with a lender that has you on the short list, you might not be able to cash-in on those low rates when they hit.

If you are interested in being on our “VIP Rate Drop List” just give me a call today at 980-721-7478.  It doesn’t cost you anything except a few minutes of your time and if rates drop you are first in line to take advantage of what could be a once in a lifetime opportunity!

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!