Did you know that all Charlotte homes have NOT dropped in price!! The problem many times is that we all here national or regional numbers, but when you are buying real estate what matters most is what is closest to you. What are homes selling for in your zip code? What about your neighorhood? Read more »
USDA Changes Guarantee Fee
USDA Rural Housing loans are seeing a change to the Guarantee Fee! Starting October 1st, the upfront fee will reduced from 3.5% to only 2%. This sounds really good but they are also adding an annual fee of .30%. Let’s take a look at how this works out over time. Read more »
USDA Rural Housing Loans Delayed
We have been advised by USDA officials that effective 10/1/2011, USDA will not issue final approvals for loans to close. They have funds to last through the end of the month so any loans that received “conditional commitments” from a local USDA by 9/30/2011 should be fine. Read more »
Getting Approved for a Mortgage in Charlotte NC
Are you trying to get approved for a mortgage loan? Not as easy as it used to be, is it? There is good news and bad news about the ever changing mortgage world…
First the bad news! It is definitely more difficult to obtain approval for a residential mortgage loan today. Every lender is different, so the rules and requirements might differ slightly but overall the process has become pretty much the same any where you go. The mortgage meltdown and insuing banking crisis of the past few years, along with increased regulation from Uncle Sam, has created a scary environment for lending. Mortgage companies and banks are afraid to make a mistake and have become overly cautious about each potential loan applicant. Read more »
Existing Home Sales Jump 7.7%
Existing home sales beat expectations in August and reached the best levels since March. Buyers have been drawn into the market by lower prices and exceptionally low interest rates. Sales increased 7.7% month over month to an annual rate of 5.03 million homes, according to NAR (National Association of Realtors). NAR also commented that rising rents push more renters to look at buying their first home. Read more »
