The Charlotte Mortgage Update July 17, 2008 - Lock NOW
July 17th, 2008 Categories: mortgages in Charlotte
Mortgages In Charlotte- Weekly Update
By Olan Carder, Myers Park Mortgage
OIL DOWN TO $130!!! Drop is spurring economic rebound!!!
I am giving extra credit to whoever can tell me the single largest inflationary factor we have been talking about lately….. That’s right Jimmy, its OIL!!! We have been fixated on the price of crude and the effect it has on the overall economy. Record oil prices make everything cost more… consumers don’t like that!
The DOW has improved over 450 points in two days lead by better than expected earnings for Wells Fargo and JP Morgan Chase! These are financial companies, so any sign of strength in the sector is big news for Wall Street.
This is bad news for mortgage rates, in the short run.
Current Advice: LOCK IMMEDIATELY
30 Year rates are around 6.375% and 15 year fixed are running around 5.875%. Locking has been suspended for the moment because rates are rising so fast!!!
We offer rate protection against higher and lower rates! If that peeks your interest - give me a call!
Product Highlight
Conforming Stated Income loans
These loans are all but dead. If you need Stated Income… CALL OLAN TODAY! (980-721-7478) There are almost zero lenders still offering Stated Income in N.C.
You can Apply Today at http://www.mycharlottelender.com/applyNow.html.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.mycharlottelender.com
olan@myersparkmortgage.com
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Fannie and Freddie: The Fed’s to the Rescue
July 15th, 2008 Categories: mortgages in Charlotte
The Federal Reserve and Treasury Department step in to help Fannie Mae and Freddie Mac… Was it enough?
Let’s take a moment to understand what all the fuss is about…and what affect will it have- or is having on Charlotte mortgages?
#1. Fannie and Freddie are HUGE! Their combined portfolio of loan guarantees = $5.2 trillion.
#2. Rising foreclosure numbers = BIG losses for Fannie and Freddie!
#3. If people aren’t confident in Fannie and Freddie’s stability, they won’t invest in the bonds they guarantee.
#4. If Fannie and Freddie can’t sell bonds (I’m going home) and mortgage banking/brokering in America is done.
Banks depend on Fannie and Freddie to replenish their funds. If lenders have to hold a mortgage forever, there would be VERY limited funds in the market and you would have to own a bank to qualify! The VERY good news is that this isn’t a subprime issue– Fannie and Freddie are very small players in sub-prime, but their exposure is still large because the sub-prime mess is driving everyone’s property values down.
What the government did solve much of the problem. By allowing Fannie and Freddie access to emergency cash “if needed” and even saying the U.S. would purchase ownership interest in them “if needed”, they gave bond investors confidence again to buy those bonds.
The first test came early… there was a Freddie Mac Bond Auction scheduled for this morning. They sold like hot-cakes!! Investors ate it up and $3 Billion in bonds sold for more than expected. These is great news for us in the immediate because the mortgage bond market is what determines interest rates. The long term outlook is harder to judge because Fannie and Freddie are back to business, but business still isn’t very good. With both companies losing billions, it will still take time for the stock prices to recover and for the companies to post a profit.
VA, FHA, Conventional Loans, Jumbo Loans– these Charlotte mortgages are our strengths, call me and I’ll discuss your options, and help you get started.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.charlottemortgageonline.com
olan@myersparkmortgage.com
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Matthews, Charlotte, or Weddington? Lake Norman? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.
Related Links
Charlotte Home Search -By Area
Two Charlotte Home Buying Negotiations- One New, One Re-Sale
Moving To Charlotte? Like a Good Introduction to the Area?
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Charlotte Real Estate|Charlotte Mortgage Update-Oil Price Decline Good For Market
July 8th, 2008 Categories: mortgages in Charlotte
The Charlotte Mortgage Update July 8, 2008
Mortgages- FHA, VA, Fixed or Adjustable Rates Available- Olan Carder Myers Park Mortgage
OIL Prices impact rates… for the GOOD!!
OIL PRICES AGAIN??? But wait… it’s good news this time!! Oil prices have dropped $9 in the last 2 days and Charlotte mortgage rates are responding! With the oil prices dropping, inflation concerns are less and mortgage rates improve. Wow.
This is one of those abnormal markets in which stocks and mortgage bonds are doing well at the same time. The bottom line is everyone is happy that oil prices dropped a little, no matter what they are investing in!
Current Advice: FLOAT CAUTIOUSLY
30 Year rates are around 6.125% and 15 year fixed are running around 5.75%.
We offer rate protection against higher and lower rates! If that peeks your interest - give me a call!
Product Highlight
Conforming Stated Income loans
These loans have changed recently and as you might guess… not for the better! The new stricter guidelines include:
- Minimum 730 Credit score
- Minimum 30% Down Payment
- No cash-out allowed on refinances
- Second Homes allowed but no Investment Properties
The good news is that the interest rates aren’t bad at all! You can get a 30 year fixed right now for around 6.500%, provided excellent credit scores and a loan amount over $150K.
You can Apply Today at http://www.mycharlottelender.com/applyNow.html.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.mycharlottelender.com
olan@myersparkmortgage.com
Stated income, VA loan, FHA loan, Fixed or Adjustable, if you are in Charlotte, Call Olan to help. He is an expert who has been helping my clients for over 3 years.
Moving to Charlotte? Weddington, Waxhaw, Lake Norman perhaps?
(in 2006 half my business was at Lake Norman) Considering a Move? Just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. If you prefer, you can also search the entire MLS, by area with the first link below.
Related Links
Charlotte Real Estate Insurance and Taxes
Home Prices Rise in South Charlotte in First Quarter of 2008
Myers Park Homes for Sale- Over $1M
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The Charlotte Mortgage Update July 3 2008
July 3rd, 2008 Categories: mortgages in Charlotte
Interest Rates, Economic Growth… Which Way to Turn?
Charlotte Interest Rates
Everyone wants to know what interest rates are GOING to do… unfortunately all we can know is what they are doing and why. They are currently rising, but very little. They improved last week and have held their ground this week for the most part.
What is driving them… the same thing driving everyone nuts!! OIL PRICES and INFLATION WORRIES are overwhelming everything else. Even though the stock market is suffering the economic numbers released these week were very bad, the rates haven’t improved more because of… OIL PRICES AND INFLATION WORRIES.
30 Year rates are around 6.25% and 15 year fixed are running around 5.75%.
We offer rate protection against higher and lower rates! If that peeks your interest - give me a call!
Veteran VA Loans- Product Highlight
VA Loans offer past and active service members the opportunity to own a home with no money down and a great monthly payment. VA loans have gotten a bad-rap in the past, mostly due to ancient appraisal methods that caused many Realtors to cringe at the thought of VA financing. That has changed and although getting a VA mortgage is still a little unique, the problems have become almost non-existent. VA loans offer:
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ZERO DOWN (which is pretty tough to come by these days)
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Maximum loan now upto $417,000!
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Relaxed credit requirements (no hit to interest rates if crdit score >619)
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NO monthly mortgage insurance (no PMI)
To find out if you qualify for a VA loan today, visit: http://www.homeloans.va.gov/
Apply Today at http://www.mycharlottelender.com/applyNow.html.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.mycharlottelender.com
olan@myersparkmortgage.com
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