Getting Approved for a Mortgage in Charlotte NC

Written by on September 23, 2011 · Leave a Comment

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%

Written by on September 21, 2011 · Leave a Comment

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 »

FED Speaks Rates Drop!

Written by on September 21, 2011 · Leave a Comment

The Federal Reserve announced today that it will sell $400 billion short term securities and reinvest that money into long term holdings like U.S. treasuries.  The effort is being called “Operation Twist” and has already made an inpact on already low mortgage rates.  You can see the image I attached that clearly shows a jump in price for mortgage bonds today, higher prices for bonds means lower mortgage rates.

There is a lot of disagreement about what effects this new move will bring for the economy and for inflation in particular.  There were 3 Fed bank presidents that disagreed with the decision. Read more »

Can You Buy Before Selling Your Home?

Written by on September 20, 2011 · Leave a Comment

can you buy before selling your homeA lot of people want to buy a new home in today’s market to take advantage of these crazy low prices and interest rates.  The problem is selling the home they already own.  For some, this totally blocks them because they can’t afford to buy a new home without selling, but some owners believe they can afford to buy that new place… the problem is getting a mortgage!  Loans in Charlotte might hold the key to making your dream home a reality. Read more »

FHA Lowering Loan Limits in Charlotte NC

Written by on August 27, 2011 · Leave a Comment

FHA is lowering existing loan limits for single family housing in Charlotte MSA from $303,750 to $271,050.  This change is set to go into effect on October 1st, 2011.  Although I am not happy about the change I seriously doubt it will have any real impact on the local housing market and here’s why… Read more »

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