2007

Posted November 28, 2007

This week, Inside the Money:

Rates fluctuate, but remain steady

Media still Focused on Negative “news”

Charlotte area Mortgage Broker does Stupid Thing

Rates to change very soon

It’s the best time in our lifetime to buy a home in Charlotte

Rates fluctuate, but remain steady

Mortgage rates for Charlotteand the local area remained steady in the lower 6% range over the past week. Rates are still fluctuating from day to day, usually about 1/8 a point at a time. This is good news as buyers look to cash in on a great buyers market in Charlotte!

Media still Focused on Negative “news”

While the national news is still focused on mortgage failings across the country, good news came out of the Charlotte area real estate market. Home prices are holding and foreclosures are not as bad as it seems. According to the Charlotte Observer on Saturday, the National Association of REALTORS issued a press release in which they stated the Charlotte real estatemarket was still strong and that home values in Charlotte were 11% higher this year than last! Add to a previous article that informed us that while foreclosures were up across the US, the Charlotte area was doing quite well. Yes, Mecklenburg county has the highest foreclosure rate in NC, but when you have the highest growth in the state, those numbers will also seem as dramatic. The good news is that in all reality foreclosures are only up a slight bit over last year, but when you factor in that a higher percentage of homes were bought, the Charlotte housing market comes out on top!

Remember folks, the news media is all about selling ads. Bad news gets attention, good news does not. Don’t believe all you see and hear with the media.

Charlotte area Mortgage Broker does Stupid Thing

I am the first to want to ignore these reports, because it only gives our industry another black eye. And it seems that we have been dealt enough of those. However, when someone does something this stupid, it needs to be acknowledged. A local mortgage broker was advertising a “dream home” for sale in a local paper. When people would call, he would not tell them where the home was unless he got some information from them… pre-qualification information. Turns out the home never existed and this was a ruse to try and get more potential buyers.

PROFESSIONAL MORTGAGE BROKERS IN CHARLOTTE NC will not use such deceptive ads. As a mortgage professional in Charlotte, I am upfront with my clients. They are trusting me with one of the most important decisions of their life. Why in the world would I start that relationship off with lies and deceit? Kudos to the real estate agent that reported this! My fellow mortgage professionals, we must behave as professionals in what we do. It only takes a couple idiots like this to give us all a bad image and with the negative press going around (that should not be directed towards us, but is) we really need to be on our toes! Do everything above board and always, ALWAYS be honest with your clients!

Rates to change very soon

With Freddie Mac and Fannie Mae’s announcments of additional delivery charges to the lender for certain loans beginning March 2008, we need to begin getting ready for rate changes. These changes will happen prior to March. We will see Jan and Feb rates increase for those with scores below 680 as these loans will be the ones sold to Fannie and Freddie in March. So for all the Charlotte area home buyers, if you do not know where you stand with your credit, its time to allow a professional to review your creditand counsel you to improve your credit score if needed. Better yet, get pre-approved to buy a home in Charlotte NOW and get the low rates that still exist NOW.

It’s the best time in our lifetime to buy a home in Charlotte

Mortgage rates are still low. Home loans in Charlotte are still full of options. The Charlotte real estate market currently offers a better selection of homes for sale than we have seen in a very long time. If you are thinking about buying a home, now is the time. Don’t delay… get pre-approved for a home loan in Charlotte, NC today and get out there! You can find the home of your dreams!

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For more information on mortgage and home financing, or for help in the Charlotte NCarea, please contact Ed Nailor with 1st Metropolitan Mortgage- your Mortgage Loan Specialist.

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Ed Nailor
Home Loans in Charlotte

1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone
visit http://www.ednailor.com/

Get pre-approved to buy a home in Charlotte NC today

Category Posted in Charlotte Area Info, Commentary