Homes Fort Mill SC » Mortgage

What Drives Mortgage Rates Video By Olan Carder

olancarder — Mon, 19 Apr 2010 15:34:16 +0000

The Federal Reserve does not set mortgage rates. Mortgage companies don’t even really have control over rates going up or down on a daily basis! Who is really behind the mortgage rate market? Well, interestingly enough it could be YOU! The general investing public has a huge impact on mortgage rates moving up or down. Watch this video to learn more…

Locking in your rate at the right time could save you thousands of dollars! You wouldn’t invest in the stock market blind would you? If you couldn’t follow a stock and do research about a company you probably wouldn’t buy any stocks. Most people lock in a mortgage rate without any insight into the MBS market. If you want to learn more about mortgage rates and products contact Olan Carder at ocarder@1asmc.com. Ask to be put on Olan’s RateAlert email and he will forward you updates throughout the day so you know the truth about mortgage rates!

Olan Carder

Loan Officer

NMLS# 97565

8600 Sam Furr Road, Ste 250

Huntersville, NC 28078

Phone: 980-721-7478

Fax: 704-247-2601

ocarder@1asmc.com

www.charlottemortgageonline.com

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USDA Loans in Jeopardy!

olancarder — Sat, 13 Mar 2010 19:04:31 +0000

USDA loans are used to help low to moderate income families buy homes in rural areas. Most of the communities right outside of Charlotte are eligible and USDA has quickly become one of the hottest programs today primarily due to its zero down payment and no PMI. USDA is funded each year through Congress, and like most years they are running behind on getting the appropriate funding passed. Most years it really isn’t a problem and lenders keep on lending because USDA shifts some money around to cover the shortfall but this year might be different. Below is an alert directly from USDA…

This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.

********************************************************************************

Please call your congressmen and ask them to RUSH this funding through. Many people don’t know a lot about USDA mortgages but they are VERY common in NC and SC! Thousands of families may be affected by this if people don’t join together and make some noise in Washington. USDA Rural Housing is ran very efficiently and has lower default rates than FHA or other similar programs.

Please take action today.

Olan Carder
American Security Mortgage
Mobile: 980-721-7478
www.charlottemortgageonline.com
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How Hard is Getting a Mortgage Loan Today?

olancarder — Sat, 24 Oct 2009 16:36:59 +0000

How hard is it to get a mortgage in the current economy?

I am constantly confronted with wildly different views on what getting mortgage is really like today. To hear some people talk one would think getting a mortgage is nearly impossible, and yet others make it seem easier than ever. I find that typically the truth lies somewhere in the middle.

As a mortgage lender I can tell you without hesitation that it is harder to get a mortgage than it was 2-3 years ago. Right now it is near impossible to find a mortgage unless you have a 620 credit score and 3 years ago you could get 100% with a 580 credit score pretty much anywhere! The problem is that your perspective can make something look much worse than it is, and as a lender my perspective tells me that things aren’t that bad…

#1. Mortgages are harder to get, NOT because lending requirements are too strict now but because they were too easy a few years ago!

A few years ago you could borrow too much too fast. Many lenders didn’t check income thoroughly enough and allowed higher debt for people with the worst credit! Today loans are readily available for anyone that has descent credit and can actaully afford the monthly payment. Income and debts are thoroughly verified to ensure people don’t make a huge mistake that would hurt them, the local enconomy and the lender.

#2. You do NOT need a huge down payment to buy a house!

I keep hearing people talk about this imaginary 20% down requirement that appearantly every other lender in the world is stuck with! I am offering loan with zero to 3.5% down everyday. There are a ton of government programs available to help people with low to moderate incomes with down payment money and closing costs. People with higher incomes should be able to provide a 3.5 to 5% down payment.

#3. Loans can still be closed quickly!

Many lenders have suffered from severe backlogs this year. Here at WR Starkey Mortgage we are still closing loans in as little as 2 weeks! If you want to take advantage of the $8,000 tax credit there is still time!

Getting a mortgage today is not very difficult for people with moderate credit, income and cash. You don’t need a small fortune or a huge paycheck and with homes more affordable than ever now is the time to buy. Rates are still very low and first time homebuyer tax credit runs out Dec. 1st, 2009. If you have always wanted to own your own home, there was never been a better time to try. I offer all of Carmen’s clients a FREE Pre-Approval service, just visit my website at www.LoansByOlan.com or call me at 980-721-7478.Random Posts:

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Mortgages for First Time Homebuyers!

olancarder — Thu, 10 Sep 2009 21:07:44 +0000

Are there still mortgage available for First Time Homebuyers with limited funds and credit?

Many FTHB’s (First Time Homebuyers) have heard you need 20% down or perfect credit to get a mortgage right now. Lenders have been in the news a lot, and the natural reaction is that when lenders struggle or fail, loans are harder to get. I am not denying that there are less loan programs now than 24 months ago or even 24 days ago, but there are still great programs available for the FTHB!
Let’s take a look at the programs available today…

#1 USDA Rural Housing Loans

Everyone has heard of USDA Choice beef, but most people are unaware that USDA also has a housing division. Rural housing loans were created to encourage home ownership in rural areas, and this loan quickly becoming a popular choice for first timers. USDA loans offer 100% financing and no monthly PMI! Combine that with low fixed rates and you have yourself a great mortgage program!!

The only drawbacks are income limits (which are generous) and area restrictions.

#2. FHA Mortgages

It’s hard to find someone who hasn’t heard of FHA. It’s an oldie and goodie! FHA has great loan limits and no income limits, so almost all first time buyers can use FHA. Only 3.5% is required for down-payment and credit requirements are fairly easy to meet. FHA is certainly the most widely used programs for the first time buyer.

#3. VA (Veteran Affair) Loans

If you have served our country with the Armed Forces, you might qualify for a VA mortgage! VA offers 100% financing and no monthly mortgage insurance, similar to USDA. Loans are available up to $417,000. If you aren’t sure if you are eligible, I can help you find out fast.

If you would like more information about mortgages available in your area, please give me a call at 980-721-7478. You can also visit my website at www.LoansByOlan.com.Random Posts:

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Mortgage Money Still Easily Accessible!

olancarder — Thu, 03 Sep 2009 21:33:00 +0000

Contrary to rumor, mortgages are not that hard to find!

Homebuyers have returned to the market, and sales are increasing but too many are still sitting on the sidelines. There are First Time Homebuyers that would love to take advantage of the $8,000 Tax Credit but don’t think they can! Fear of the unknown keeps people from pursuing their dreams everyday. This is a real shame.

I have heard strange rumors like, “You need 20% down to buy right now, right?” or “You can’t get a mortgage without perfect credit!” These rumors are FALSE, and the truth has been buried beneath an avalanche of bad news. Let’s take a look at some facts about the current mortgage market in North and South Carolina…

Credit score minimum for most home loans = 620 NOT 740 or even 700! 620 can qualify you for an FHA, USDA, VA or even some conventional mortgages!!
Average 30 Year Rate = 5.08% last week (taken from Freddiemac.com)
Down Payment Requirements are low! 3.5% for FHA, 0% for USDA, 0% for VA loans and only 5% for Conventional!
Banks ARE LENDING! I can’t speak for other banks, but here at WR Starkey Mortgage we are closing loans in less than 3 weeks on average.

If you want to take advantage of the first time homebuyer tax credit you need to act NOW. The credit expires Dec. 1st of this year. You must be closing by that date, but there is still time if you start looking now. Start here by seeing what you can afford. For more information you can contact:

Olan Carder at 980-721-7478 or visit my website at www.LoansByOlan.com. Pre-approval is FREE!Random Posts:

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VA Loans in Tega Cay Offer Zero Down Financing

olancarder — Tue, 07 Apr 2009 15:40:01 +0000

VA mortgage loans offer 100% financing to Tega Cay homebuyers!

If you have ever served in the armed forces you might be eligible for VA home loan. The Department of Veteran Affairs offers lenders a guaranty on the loan so lenders can offer qualified veterans a 30 year fixed rate mortgage with no money down and no monthly mortgage insurance!

Your VA entitlement does not guarantee you a home loan. You still have to qualify based on your income and credit. If you have ever served and you aren’t sure if you are eligible, I can check it for you FREE of charge.

VA home loans are available up to $417,000!

There is a funding fee charged on VA loans based on usage, but you might be exempt if you have any VA related disability. 10% or more disability means you don’t have to pay the funding fee, and even if you do, the fee can be rolled into the loan!

Interest Rates on VA loans are averaging between 5% and 5.5% right now for 30 Year Fixed. For more information you can contact Olan Carder at 980-721-7478 or visit www.LoansByOlan.com.Random Posts:

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How to Qualify for the Best Rates!

olancarder — Wed, 01 Apr 2009 17:30:31 +0000

Rates are at record lows, but do you qualify for those rates?

If you haven’t heard about these record low mortgage rates in Tega Cay, you might want to check into having the internet hooked up to that rock you’ve been living under. The news is everywhere that mortgage rates are super low, but the real question is, “Can you qualify for them?”

It really doesn’t matter how great something is if you can’t get your hands on it. That is one of the reasons why record low rates have not magically lifted this economy back to health. Many people haven’t been able to refinance into a better situation because they can’t qualify. Let’s take a look at why…

Home values have dropped in many areas.
Credit scores now affect what rate you get!
Loans people used to buy their home a couple years back, no longer exist!

If your home value has dropped below what you paid for your home, you are probably stuck. Lenders are trying to make safer loans (the ultra-risky loans are what got us here) so they are not going to lend over the value of the home. Fannie Mae and Freddie Mac has just issued new programs that help your current servicer to refinance your loan. If you have a value problem, start with you current company.

Credit scores now have a huge effect on what rate you get. If your score is below 740 you might now get the best rate, and if your score is below 700 you could be paying more than a point (1% of your loan amount) or more to get a good rate. If your loan is $200K that means the same rate costs you $2,000 more… OUCH! Have a lender pull your credit immediately and determine if your score is where it should be. I offer a FREE credit analysis to my customers.

If you needed a “Stated Income” or “No Doc” to buy your house, you might be out of luck. Have a lender review your financials to determine if you can qualify for a “full doc” mortgage. Again, this is something I offer FREE of charge.

Hopefully you can take advantage of these record low rates, but one thing is for sure… the sooner you start the sooner you will find out! Call Olan Carder at 980-721-7478 for more information or click here to visit my blog.

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Tega Cay Mortgage Rates Going Lower?

olancarder — Sat, 21 Mar 2009 20:58:34 +0000

It does not look like mortgage rates are going to fall much below current record lows as lenders become flooded with refinances.

The Federal Reserve has been on a mission to get long term interest rates lower in order to help spur the economy. One of the biggest areas of focus has been mortgage rates, with a promise of $500 Billion to purchase mortgage bonds. This promise was just raised to $1.25 Trillion for 2009 alone!

One would think that with the Fed buying $1.25 Trillion worth of mortgages this year that rates might fall even lower than the already record lows, but most analysts think that not. The problem is that when lenders are paying overtime to try and process all the mortgage applications they already have, there is not much incentive to offer lower rates.

Many brokers have complained to me personally that it is taking 2-4 weeks to get their loan files underwritten by the big lenders right now. That means that if you lock an interest rate for 30 days, your loan might not close on time and you might lose that rate lock. The good news is that rates probably won’t be much higher so you can just lock again.

Most experts think rates will be between 4.75% and 5.5% for the remainder of this year, but I have not found anyone in the industry that predicts sub-4.5% rates. If you want to buy or refinance you should get started right now to reduce the chances of delay.

Myers Park Mortgage is running 24-48 hours in underwriting right now. Our processing systems have always allowed us to deliver superior service in this market and right now those same systems are keeping us weeks ahead of the competition. If you would like more information please call Olan Carder at 980-721-7478 or visit me online at www.charlottemortgageonline.com.

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What is a Good Credit Score?

olancarder — Tue, 10 Mar 2009 20:34:05 +0000

Have you ever wondered what a “good” credit score looks like?

Read below to find out…

A “good” credit score is a very relative term because “good” means different things to different people. I know mortgages, so although I have an idea of what a auto lender might think is a “good” score, I can tell you for sure what it takes to get a mortgage!

The current minimum score for most home loans is 620. You will find a lot of information online that suggests FHA loans do not have a minimum and that is true. The problem is that the lenders who provide the FHA loans have put their own requirements on top of what FHA requires. It will be next to impossible to find a loan right now if your score is less than 620.

The original question was about “good” not minimum so let’s look at how your score can effect your terms. Fannie Mae has come up with a pricing grid that determines an extra cost or lower cost based on your credit score. I will give you a real life example so it is easier to see the true dollar costs…

If you were buying a home and the loan amount was $200,000 and you were putting 10% down, you would be charged the following based on your credit score:

720+ would be $0.00 extra charge but no discount
700-719 would be an extra $1,000 in cost
680-699 would be an extra $1,500 in cost
660-679 would be an extra $3,500 in cost
640-659 would be an extra $4,500 in cost
620-639 would be an extra $5,500 in cost
Below 620 would be an extra $6,000 in cost (if you can even get approved)

If you would like to know how to maximize your credit score so you can benefit from the BEST rates for mortgage loans, car loans and credit cards, please call Olan Carder at 980-721-7478. You can also visit our partner company, HOPE USA, that specializes in credit education by clicking here.

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Stocks Fall, Mortgage Rates Improve!

olancarder — Thu, 05 Mar 2009 23:08:05 +0000

Rates improved today after a sharp decline in stocks!

PRICING EXAMPLE:
I was able to lock in a customer today at 4.875% on a 30 year fixed mortgage. The loan amount was $275,000 and it was a purchase loan for their primary residence. They put 20% down and had a 746 credit score. The APR was 5.023% and the origination fee was .875%.

The good news in this crazy market is that mortgage pricing yields are returning to normal after over a month of basically no difference between 5% and 6%! Higher rates are once again offering more yield to the lender so low / no-cost loan options will be back available at decent rates.

Tomorrow might be a good day to lock in based on market movement. There is a good chance rates will open very low tomorrow morning and could come back during the day. If you would like more information on rates and your specific situation, please call Olan Carder at 980-721-7478. You can also apply online at www.charlottemortgageonline.com.

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Homes More Affordable Than Ever!!!

olancarder — Tue, 03 Mar 2009 22:44:49 +0000

The time of waiting for the “bottom” is past… now is the time to buy Real Estate!!

There has been a time for people with money to spend to sit on the sidelines and wait out the proverbial “storm” in the market. Whether stocks or real estate the values have been in free-fall mode, and buying just didn’t make a ton of sense. I believe that time is over and here’s why…

The affordability index for homes is at a record high!!! This means houses have never been more affordable since we started keeping records on it!
Home sales have also hit record lows! The Pending Home Sales index is at its lowest point since they started it too! That means deals are out there right now.
Major analysts and investors are now surfacing saying the stock market is either at or very near bottom! Consumer confidence (and therefore home sales) will go up as confidence increases.
Rates are still awesome! You can lock in 30 year fixed rates in the low 5′s or high 4′s!
There is a $8,000 first time tax credit good only through Dec. 1st of this year. Click here to learn more!

Considering all the evidence, there has truly never been a better time to buy a home. If you have the money and credit to buy a house, WHY WAIT? Homes are more affordable than ever and deals are everywhere! Don’t wait until the market rebounds 10-20% and pay too much. Get started now because buying a house takes time. Get in line before the next boom.

Please call Olan Carder @ 980-721-7478 for more information about mortgage programs and rates.

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Mortgage Rates Supply and Demand

olancarder — Wed, 04 Feb 2009 16:36:56 +0000

Can 11th Grade Economics 101 predict mortgage rate trends… you bet!

I learned in high school about Supply and Demand. When Demand is high the price will follow, and likewise when demand is low. When Supply is high prices drop and right now there is a huge supply of mortgages being written. When lenders make new mortgages they have to sell more mortgage bonds and right now lenders have an abundance of new loans from January.

What does our high school economics class teach us… if there is a huge supply of these mortgage bonds that need to be sold right now then price must go down. If mortgage bond prices fall then rates go up. Right now rates are on the rise and even though “Demand” is gotten them low and will keep them relatively low for a while, “Supply” is pushing them a little higher at the moment.

Where are rates today?

For a $250,000 loan I could offer 5.125% with an APR of 5.2576% on a Conventional 30 Year Fixed. This would assume a purchase or refinance at 80% loan to value, credit score of 740 or better and a primary residence. The origination fee would be 1.00% with no points.

There are many factors that go into a mortgage quote. If you would like more information about getting a mortgage loan in Tega Cay or Charlotte please call Olan Carder at 980-721-7478. You can also apply online by visiting my website at www.charlottemortgageonline.com.Random Posts:

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Mortgage Rates Higher, WHY?

olancarder — Sat, 31 Jan 2009 00:02:06 +0000

If the economy is so bad, why did mortgage rates get higher this week?

We all know that a weak economy typically means lower mortgage rates, but it is not a direct relationship. Mortgage rates are based on mortgage bonds and any financial instrument trades on both data AND fear. If you were investing money into a bond that is backed by real estate and that real estate might lose value, you probably aren’t going to pay a premium for that bond.

People are nervous right now, and the future has not been this unclear for quite some time. The last time the economy was this rough was the 80′s and the chart below shows US GDP growth over the past 60 years.

You can easily see that over the past 20 years things were a lot more stable and that created a great climate for investment. Investing is basically gambling on what the future holds with the money you have today. Investors now are finding it hard to predict future values because of the current instability.

Until the market stabilizes and investors have a more clear understanding of what the future holds, mortgage rates will remain volatile.

If you would like a quote for your specific situation please call Olan Carder today at 980-721-7478 or visit his website at www.charlottemortgageonline.com.Random Posts:

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OBAMA PLAN, Good or Bad for Mortgage Rates?

olancarder — Wed, 28 Jan 2009 19:50:29 +0000

Will President Obama’s economic stimulus push rates higher or keep rates low?

Obviously no one knows for sure what affect the stimulus plan will have on each sector of our economy. The plan is not yet 100% in place and could still be modified or scrapped altogether, although it is unlikely at this point that some form will not be passed soon. We can look into the general points of the plan and make some educated guesses about its affects and that is what I will attempt to do here.

#1. Inflation

The bond markets as a whole leaped for joy at the promise of $500 Billion of Fed Reserve money being poured into mortgage backed securities; however when the figure was raised earlier this month the markets pulled back. One reason is inflation. Although right now inflation is not a key concern, long term thinkers worry that excessive government spending and debt could weaken the dollar and cause high inflation. Inflation is BAD for mortgage rates.

#2. Jobs

One the biggest factors effecting the housing market right now is unemployment. People are afraid to buy a new home because they are worried about losing their job. Most analysts or politicians, whether they agree with Obama’s plan or not, believe that it will create jobs, at least in the short term. Job creation is GOOD for housing and mortgage rates.

#3. Debt

How will this plan be paid for by the government? More US Treasury bonds will have to be sold which should in theory hurt their price. Typically US Treasuries and Mortgage Bonds run together but they have been competing more this past year. If the US needs to sell more bonds they might have to offer higher yields and mortgage bonds might have to follow suit to compete. The is BAD for mortgage rates.

#4. Overall

Based on what I wrote above I think rates will stay low in the near future. My best guess would be that rates should stay at 5.500% or better on fixed rates for the next 6 months. I do believe that after that they will start to rise. No one can predict the future but my guess is as good as any. I pay attention to what is happening in these markets and this is what I see right now.

If you would like a rate quote for your specific needs, please give me a call at 980-721-7478. You can also check out my blog at www.charlottemortgageonline.com.

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Chase halts Wholesale Lending!

olancarder — Fri, 16 Jan 2009 22:43:41 +0000

Are you working with a mortgage “broker” or “banker”?

I am not a hater of your common mortgage broker, in fact I think Brokers have delivered fantastic rates and services in the past to certain markets. Small business makes America great, and mortgage brokers are typically small local businesses. Mortgage brokers have been writing a majority of the home loans in America for some time, but trouble is on the horizon…

Chase announced this week that Wholesale lending (for brokers) is being shut down. Retail and correspondent lending is still alive at Chase however, and I think this offers us a unique glimpse into what is coming. (retail is Chase lending you the money directly / correspondent is for mortgage bankers)

With extreme volume right now because of refinances, lenders are having issues funding the loans they have fast enough and managing huge pipelines. Often they lock in millions of dollars in profitable loans, only to see rates improve 2 days later and those clients go somewhere else before the loans close and fund.

If lenders have issues, who are they going to allow those issues to effect first, their loan officers or the thousands of brokers that use them to fund their loans? Obviously brokers are the most vulnerable in a volatile market because they have zero control or ability to fund loans. They don’t have their own funds and therefore aren’t on the hook for them.

Mortgage Bankers are the mid-size lenders that fund their own loans and then sell the loans afterwards. There companies are typically larger than brokers and control the processing, underwriting and funding of your loan. These companies share more of the risk and therefore are more profitable to the giant lenders like Chase.

I believe mortgage banking represents the best of both worlds. You get the personal touch and flexibility of the broker, and the security and service of a large bank. That is why I have always works for a mortgage banker like Myers Park Mortgage.

If you would like to buy a home or refinance, please call Olan Carder directly at 980-721-7478. Rates are still low!!Random Posts:

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Mortgage Rates for Tega Cay Remain Low!

olancarder — Mon, 12 Jan 2009 21:32:39 +0000

Today I was able to quote a couple buying a home in Fort Mill, S.C., at 4.75% for a 30 Year Fixed Rate mortgage. The home was $400,000 and they put 20% down so the loan was for $320,000. I charged 1% origination and the APR was 4.8709%. They had a credit score over 740.

These rates are still awesome, and low rates never last forever. If you are thinking about buying a home, you should definitely be working towards doing it soon.

One major change over the last week is 15 Year mortgage rates. Until this week, the 15 year rates were about the same as the 30 year fixed rates. Right now you can save about 1/2 percent on the rate by taking a 15 year mortgage. I ran a refinance analysis for one of my past clients that had a $300K mortgage for 30 years at 6.25%. Switching to a 15 year mortgage at 4.25% saved him over $200,000!!

If you would like more information or a rate quote specific to your needs, please call Olan Carder at 980-721-7478.

You can also get pre-qualified in minutes with our “Hassle-Free” online
pre-qual. Just CLICK HERE to get started.Random Posts:

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Fed Cuts Rates, What Does It Mean to Consumers?

olancarder — Tue, 16 Dec 2008 21:36:18 +0000

The Federal Reserve slashed its target rate for overnight interest to a record low 0 to 1/4 percent. What does this amazing and historical benchmark mean for consumers…

ALMOST NOTHING.

You can get a home equity line cheaper… if you can find a bank to give you one and if you have any equity left. Your credit cards will probably remain unchanged and this has zero effect on mortgage rates.

The good news is that the Fed is also dumping tons of cash into mortgage bonds and that does have a big effect on mortgage rates. The mortgage bond market was up considerably today and that means tomorrow morning our rates should improve.

The Fed Rate cut only serves to remind everyone of what we already know, these are bad times. Here are a few tips to better navigate these troubled times…

Eliminate and avoid debt at all costs. These times mean jobs are less secure and pay raises less certain.
If there are big ticket items you are going to buy at some point, look for deals NOW! Automakers are giving away SUVs and businesses that are going under are having great clearance sales. Buy now, but only spend money you have! Do not establish new debt!
DO NOT liquidate retirement money if you can help it. Buy LOW sell HIGH… do not sell low.
Reposition! If you can stop spending money on an item you can live without, put that money into stocks or other investments that are down right now. Companies are basically on sale…

These are helpful tips but are not intended to be financial or investment advice. Please consult your financial planner if you have specific questions about how to best position your family during this period. If you don’t have a good financial planner, I would be happy to recommend a few.

Myers Park Mortgage is a HUD approved lender offering conventional, FHA, VA,
USDA and JUMBO mortgages. We are licensed to lend in North Carolina, South
Carolina, Tennessee, Virgina, Georgia, Indiana and Maryland.

Olan Carder contributes articles to Homesfortmill.com on a regular basis. He
works in the Charlotte NC metro market which includes Fort Mill, Tega Cay, Lake
Wylie SC,

Olan has recently started his own mortgage blog. If you are looking for more
mortgage tips and information, check out his new blog at http://charlottemortgageonline.com/.

Olan Carder

Myers Park Mortgage

Direct: 980-721-7478

olan@myersparkmortgage.com

www.mycharlottelender.com

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Mortgage Rates at 4.75%?

olancarder — Fri, 12 Dec 2008 00:28:50 +0000

Mortgage rates hit 4.75% today for a short window for conventional loans over $325,000 and for borrowers with excellent credit. This is an amazing rate for a 30 year fixed rate loan! If you are in the market to buy a home and you have been waiting for rates to drop… NOW IS THE TIME!

I have been in this business for over 10 years now, and I have seen low rates before. One thing you learn from these times is that extreme low rates do not last long. If you would like to find out what programs are available for you and what rates you would qualify for, please give me a call today at 980-721-7478. I am available to answer any questions you may have.

You can also get pre-qualified in minutes with our “Hassle-Free” online pre-qual. Just CLICK HERE to get started.Random Posts:

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Fort Mill Real Estate – Mortgage Update December 7 2008

olancarder — Wed, 10 Dec 2008 01:23:45 +0000

Mortgages rates for conventional, FHA and VA loans have dropped to near record lows, but might now stay there long!

The federal government has been in the news daily trying to do something to weaken the recession. With the U.S. auto industry on the brink of bankruptcy, home prices still in decline and a seized up credit market, Treasury Secretary, Hank Paulson, has been trying different ideas to jump start the ailing economy. The newest idea is to artificially lower mortgage rates by using the “Bail-Out” money to buy mortgage bonds.

I have written many times about the way mortgage rates work, but here is a crash course for those still unaware…

Mortgage rates for conventional, FHA and VA loans are controlled by the mortgage bond market. In short, if the market is up rates go down. Two weeks ago, the treasury announced a plan to buy as much as $500 Billion in Fannie and Freddie mortgage bonds. This news spurred a dramatic drop in 30 Year fixed rates. I was locking in rates as low as 5.25% before they started going back up last Thursday.

Mortgage rates for 30 Year Fixed loans are still hovering around 5.5% for most borrowers. The most important thought I am trying desperately get across to consumers is to GET STARTED NOW!!!!! It takes time to get your loan pre-approved and find the right home… GET STARTED NOW! If you want to refinance but are waiting for rates to drop even lower, remember that you are NOT the only person thinking like that and when the rates hit that magic number you better be ready… GET STARTED NOW!

Myers Park Mortgage is a HUD approved lender offering conventional, FHA, VA, USDA and JUMBO mortgages. We are licensed to lend in North Carolina, South Carolina, Tennessee, Virgina, Georgia, Indiana and Maryland.

Olan Carder contributes articles to Homesfortmill.com on a regular basis. He works in the Charlotte NC metro market which includes Fort Mill, Tega Cay, Lake Wylie SC,

Olan has recently started his own mortgage blog. If you are looking for more mortgage tips and information, check out his new blog at http://charlottemortgageonline.com/.

Olan Carder

Myers Park Mortgage

Direct: 980-721-7478

olan@myersparkmortgage.com

www.mycharlottelender.com

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Credit Crisis-Are Mortgage Companies Still Lending Money?

olancarder — Wed, 22 Oct 2008 17:32:34 +0000

#1. YES, YES, YES! Mortgage brokers, mortgage bankers and local banks are still making loans everyday for the purchase of homes. ONLY the following scenarios have gotten very restrictive:

· Investment Properties

· Buying a new house before selling your current house

· Credit Scores below 580

If you don’t fall into one of the categories above, the chances are good that you will qualify for a mortgage with little to no money down and a very low fixed rate!

#2. RATES ARE LOW! The Fannie and Freddie Bail-Out has created a very low interest rate window for homebuyers in today’s market! Because mortgage rates for most loans are driven by the sell of bonds guaranteed by Fannie and Freddie, the government take-over of these huge corporations is good for rates! They are backed by the U.S. Government now which makes their bonds almost zero risk… this has driven fixed rates lower!

Current 30 Year fixed rates are as low as 5.857%!!

This is NOT a rate quote and getting a accurate one is more important than ever…

#3. DEMAND A VALID RATE QUOTE! In order to quote an accurate interest rate in today’s ever changing mortgage world, a lender needs to know Property Type, Loan Size, Credit Score, Loan Purpose and Loan to Value Ratio. Without this information the rate you have been quoted is probably wrong! To obtain a complimentary rate quote and pre-approval call today!

This is one of seven posts to help educate buyers in the current market about the reasons they should be buying NOW!

Olan Carder contributes articles to Homesfortmill.com on a regular basis. He works in the Charlotte NC metro market which includes Fort Mill, Tega Cay, Lake Wylie SC,

Olan has recently started his own mortgage blog. If you are looking for more mortgage tips and information, check out his new blog at http://charlottemortgageonline.com/.

Olan Carder

Myers Park Mortgage

Direct: 980-721-7478

olan@myersparkmortgage.com

www.mycharlottelender.com

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