Mortgage in Charlotte NC

Are you looking for a mortgage in Charlotte NC?  Have you talked to a Charlotte mortgage broker or a Charlotte mortgage lender?  Fairway Independent Mortgage is one of the nations largest correspondent lenders… what does that mean to you?  A mortgage broker can offer you flexible terms because they can shop for you to many different national lenders, but you need to find out how many lenders is your broker set up with and something almost impossible to know is how well your Charlotte mortgage broker knows the lenders!  I’m sure if you ask any mortgage broker they will tell you they are an expert but obviously that is not always the case.

How is working with a mortgage lender in Charlotte going to be different?  I have worked for several mortgage lenders in Charlotte NC.  I have worked for Myers Park Mortgage, American Security Mortgage and now for Fairway Independent Mortgage.  I can tell you from almost 15 years of experience helping families buy and refinance homes in Charlotte NC that there is a HUGE difference working for a mortgage lender!  Read more »

Home loan Charlotte NC

If you are looking to buy a home in Charlotte, North Carolina, here are a few things you should know.  You should start with the home loan before looking at the first house!  No you dreams at night of owning a mortgage loan in Charlotte, but you can’t own a home without the loan to pay for it.  If you don’t know exactly what you can qualify for you stand a great chance to wasting time and being disappointed.  Starting with the home loan in Charlotte will allow you to zero in on the right houses faster and will give you confidence through out the process!

Getting your loan approved before shopping for a home seems backward to many homebuyers.  It actually is the best way to start the process!  I had a client just the other day that wanted to get pre-approved.  I started running some preliminary numbers for them and pulled their credit.  Everything seemed to be going great… then we ran into a road block.  After looking at the customer’s income documentation I discovered that they did not actually make as much as they initially told me and had to lower the amount of their loan… the problem was they had already found a house!  Imagine the disappointment… they had been looking at a home over $300,000 but could only qualify for $225,000!  Trust me, there is a big difference between what $350,000 and $225,000 can buy you in Charlotte!  Having their loan approved BEFORE shopping for a loan would have saved them time and most importantly… heartache! Read more »

VA Home Loans | Eligibility

Have you ever served in the United States Armed Forces?  If yes then I say THANK YOU!  My father served in the Marine Corps and I grew up in a home that believed in God, family and country.  Patriotism is not a slogan or a bumper sticker, it is sacrifice and our men and women in uniform exemplify that more than any other.  Our country has always stood for freedom to pursue one’s dreams and the American Dream for many people remains owning their own home.  As a small token of gratitude the Department of Veteran Affairs offers qualified veterans a wonderful loan program to make that dream a reality!

Something NEW the VA is offering is an online application to get your certificate of eligibility.  Click here to go there now.

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How to Refinance

Many homeowners buy a home and never really understand how to refinance their home loan.  What does refinance mean?  I get asked a lot of refinance questions that make me believe that most homeowners think a refinance is like a loan modification.  There is a major difference.  When you refinance your mortgage you are paying off your current loan with a NEW LOAN.  You have to qualify all over again, most loans require an appraisal and your term starts all over again at 30 years or whatever new term you select.

I have written another post on “Should You Refinance” so I am not going into that today.  Today we are focussing on HOW to refinance your mortgage.

Step number 1 is to contact a local loan officer you trust.  If you didn’t like the loan officer that helped you buy the home you can always go back to your real estate agent and ask for a fresh referral.  Loan officers strive to keep real estate agents and their clients happy because they get repeat business from them.  The easiest thing to do, of course, is simply call me at 980-721-7478!  (sorry but I had to throw that in there 🙂

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FHA Mortgage Insurance Chart

FHA charges every borrower a mortgage insurance premium for their endorsement of the loan for the lender.  FHA does not lend money directly to the homebuyer, instead the FHA or Federal Housing Administration offers approved lenders coverage against the chance a borrower defaults on their loan.  Basically you are paying the Federal Government an insurance premium on behalf of the lender that holds your mortgage.  Just like you pay Allstate or Nationwide for car insurance, you pay Uncle Sam for mortgage insurance, the main difference being… YOU ARE NOT THE BENEFICIARY!  Only your lender benefits if you default.
Charlotte FHA loans come with 2 MIP fees… one upfront and one recurring annual fee that gets collected monthly when you make you payment.  Different factors affect what rate you will pay so check out the chart below and call me directly at 980-721-7478 if you have any questions!
Click on the image to see it full screen…