Homes Fort Mill SC

York County will begin mailing “Notice of Assessment” letters to York County SC property owners this month. Your property is reassessed every 5 years or sooner if you make improvements or transfer (buy) property. The last County 5 year reassessment was in 2006. There is a good chance your home value in Fort Mill, Rock Hill, Tega Cay, Lake Wylie, Clover, etc will show an increase this year.

What? My property re-assessment notice from York County may show an increase this year? I thought homes have decreased in value in the last couple years! So why the higher property assessment values this year? (more…)

Do credit inquiries hurt my score?

This is a great question and a common one!  Many potential home buyers are afraid to let a lender pull their credit report because they think it will drop their score.  This is actually a very harmful MYTH and let me explain why.

Mortgage lenders use a scoring formula developed by Fair Isaac called FICO score.  FICO ignores mortgage inquiries for the most recent 30 days prior to scoring!  In fact, even when looking more than 30 days back all inquiries made for a mortgage within a 45 day window are only counted as one inquiry.  This means that having your credit checked out for a mortgage is not harmful to your score immediately and have little to no long term impact.

This is important because when home buyers wait until they find a house to have their credit pulled, there are often surprises that hurt their chances of obtaining a loan or getting the best rate.

I just met with a couple a few weeks ago that wanted to buy a new home in the Tega Cay area.  They are very credit worthy but didn’t realize that there was an error on their credit report.  By coming to me early we identified the problem and within a few weeks they were able to clear it up… before needing to lock in a rate or close on a loan!

If you are thinking about buying or refinancing the FIRST THING you should do is have a lender pull your credit!  Most lenders will do this for free and you might save yourself a lot of time and money.

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

Post From Loan Officer Olan Carder

This is always the million dollar question. I get asked more than anything else, “Where are rates? Where are rates going? What are rates about to do?”

This is a tough question for the average loan officer because although we deal with rates all day everyday, many loan officers don’t understand the economic factors that drive rates or frankly don’t have time to pay attention to it.

Fortunately I subscribe to a wonderful service that keeps me informed on these factors and world economic events. Although no one can predict for certain what the future may hold, I do get great predictions from well informed experts, and they are typically very accurate.

Right now they are advising folks to FLOAT their interest rate (more…)

Mortgage rates have increased slightly in the last couple months but overall, today’s rates are still affordable.

Here’s a brief  history of 30 year mortgage rates for the last 20 years.

In 1990, rates averaged 10.5%. Rates showed a steady decline year to year until 2004. Rates in 2003 where around 5.6% then jumped to6.4% in 2004. Rates declined again to 5.8% 2005. The roller coaster ride continued in 2006 when rates were up to 6.7%. Rates then began a slow decline through 2010.  (more…)

Fort Mill continues to see more new growth with another recent construction start near Highway 160 and Dave Gibson Blvd. The land that is in the process of being cleared behind the South Carolina Bank and Trust is for a preschool called Ivybrook Academy.

The new Ivybrook Academy in Fort Mill will be the 2nd campus for Ivybrook Academy, also found on the internet as LearningLinksAcademy.com. The first location is in Weddington NC and has been operation since August 2007. The Academy’s spokesperson Drew McWilliams said they picked Fort Mill for their new location

because of the highly regarded public schools in the area which matches that of our current early childhood education programs”.

Ivybrook Academy is a half-day preschool offering 6 different programs:

(more…)

If you drive by the intersection of Gold Hill Road and Hwy 160 near Tega Cay, you can’t help but notice the construction taken place on the north east corner. Lake Wylie Lutheran Church is adding a 5,800 sq foot Fellowship Hall, meeting space, and expanded parking lot primarily for the expansion of their ministries and outreach possibilities for the community. (more…)

Mortgage Update  Tuesday December 14th 2010

Rates are on the move AGAIN! The MBS Market is down over 100 basis points again and rates are headed for or are already at 5%. I will keep you posted through the week.

Why are rate going up? The risk of inflation has increased which creates risk on the yield of the mortgage backed securities. This has caused the mortgage bond prices to fall.

There are two main factors (more…)

The Blood Bath Continues!

Ok guys, we have lost another 100 Basis Points today so in the last 48 hours we have lost 234 basis points int he mortgage bond market! I am not sure how to put that into perspective but HUGE is not nearly a big enough to describe it. (more…)