Charlotte Mortgage Update May 9th 2008
May 9th, 2008 Categories: Charlotte Real Estate Market Reports, mortgages in Charlotte
This Charlotte mortgage rate update is by Olan Carder, from Myers Park Mortgage.
Interest Rates
Mortgage rates are holding their own right now with 30 Year rates around 5.75%. They moved up yesterday a little, but the overall trend for the last 3 weeks has been good. Inflation is a big concern and if oil prices continue to rise it could negatively effect mortgage bonds. I would favor locking in right now if you’re closing is not within 2 weeks.
HOT Products
Its Return of the King… FHA is hotter than ever with increased loan limits ($303,000) and awesome fixed rates! Charlotte homes are being financing more and more with FHA financing because our median home price now fit under the FHA limits- and if your credit is less than perfect, and or your down payment is under 10%, FHA may be your best opportunity.
Stated Income is still available but might not be forever. If you need stated income - jump on it today! Legislators are working hard to do away with any loan program other than your garden variety conventional and FHA issured loans.
Mortgage Bond Chart: (Higher Bond prices = Lower Rates)
Apply Today at http://www.mycharlottelender.com/applyNow.html. Olan Carder
Olan has been providing clients of mine loans for three years and works with Myers Park Mortgage, the number one mortgage lender in Charlotte. He’ll take the time to answer your questions.
Moving to Charlotte? Considering a move? Like to invest in Charlotte? You may want to try my All Charlotte MLS Search here, or call me direct at 704-351-1519.
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I am finding FHA to be a big player in Honolulu. Also, our limits are in the $700,000’s.
Aloha,
Keahi
RE/MAX 808 Realty