About Charlotte's Ballantyne

Traditional Underwriting has Returned.

Even in an FHA mortgage loan, lenders are really looking at loan applications in a traditional sense. They want good credit, solid assets and a compelling reason to say yes. Above all, credit history is the most influential component for an approval.

Long known for the manual underwriting flexibility of the FHA mortgage program, many underwriters and lenders are getting tougher on mortgage applicant's credit. Recently, a man with 7 years on the job, 16 months worth of reserve savings (that's a balance in savings that is 16 times the monthly mortgage payment), low debt to income ratios (meaning monthly budget is not an issue) and a great rental payment history was turned down because of credit problems. He had a prior bankruptcy and minimal re-established credit and that concerned the underwriter.

The message to potential borrowers is to make sure you are taking care of your credit. Make all you payments on time, including that small $10 credit card payment. Anything you have borrowed on credit needs to be paid as agreed. Other wise it can hurt you down the road.

If you are not sure where you stand, touch base with a lender. Let them see where you qualify today. If you can not buy today, a good lender can give you advice on how to correct the course of your credit. If the lender you are talking to can only tell you to "fix your credit and come back" I suggest you find another lender. You need someone experienced to walk you through the steps of rebuilding.

The days of quick fixes getting you into a home may be over. A long term focused approach to your credit will allow you to qualify for the home you are dreaming of. Don't get discouraged... even with the worst credit issues, you can overcome them and accomplish your goals and dreams.

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For help with Mortgage Home Loans in Charlotte, including Charlotte FHA loans,
ontact the Ed Nailor Mortgage Team at 704-651-8704 or visit www.EdNailor.com

If the fans don't wanna come out to the ballpark, no one can stop 'em. - Yogi Berra

"and if Buyers don't wanna buy...well, that's just silly!" - Ed Nailor

What an amazing time we are in! The market is ripe for the taking and the entry fee is lower than it's been in years! Such opportunity awaits... it would be foolish to sit on the sidelines waiting to see what happens next.

What am I talking about?

Now is THE time to buy!

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This message brought to you by the Ed Nailor Mortgage Team of Charlotte, NC

Providing the Best Charlotte Mortgage Programs and Charlotte Home Loans

Call 704-651-8704 or visit www.EdNailor.com

If you drive the southern leg of I-485, you may be interested in the upcoming meeting scheduled at the Ballantyne Breakfast Club.
Hey, I drive that road too and I know what a massive headache it can be! The stretch from I-77 eastward toward Johnston/Rea is ill equipped to handle to volume of cars that drive it everyday, throw in an accident or just plain old rain and be prepared to sit for a while.
Reps from the NCDOT will be giving an overview of potential remedies at the Ballantyne Breakfast Club (which is free to attend) February 2nd at 9amat the Ballantyne Resort Hotel.
The widening of the southern stretch of 485 has indeed been a hot topic especially for drivers who depend on that route for commuting. Due to funding issues, any widening isn't scheduled until the middle of the next decade but other suggestions have included utilizing the shoulders to ease congestion at peak times.
The Ballantyne Breakfast Club's website is: http://www.ballantynebreakfastclub.com/ where there's additional info on upcoming meetings and the group in general.

Diane McDermott
Real Estate Broker, REALTOR®
www.e2realestateteam.com
e2 Real Estate Team, Banks Calkins R.E. Inc.
"Exceeding Expectations"

Have you read all the news? It seems Wachovia is giving incentives to their employees to sell "Risky Loans." According to the Associated Press Wachovia is "pushing" risky negative amortization loans. And in today's negative mortgage press, this really comes off as if Wachovia is out to screw people over.

The problem here is how the press is presenting the facts... or in this case, the lack of it. To set the record straight, I have written an article that tells you what the media would never take the time to tell you...

Incentives for Selling Risky Negative Amortization Loans

Take a moment and read the article. Feel free to comment on that article, and here if you like. I'd love to hear your thoughts.

FYI. I do NOT work for Wachovia. Just simply tired of half truths being sold as the complete truth to sell advertising by the "news" media.

Ed Nailor
The Ed Nailor Mortgage Team
Charlotte, NC

Charlotte Mortgage Lender

Call 704-651-8704 or visit www.EdNailor.com

We have seen mortgage rates drop over the past few weeks. They are at unbeliveable lows. As a matter of fact, they dropped like a rock the other day... Some of the rates I quoted and locked for people were numbers I have not seen in a long time.

But yesterday was a Roller Coaster day. Mortgage rates began the day falling again, but by the time the day was up, mortgage rates were up by at least 3/8ths of a percent, and in some cases by 1/2 a percentage point. In other words, that 5.5% rate became 6% by the end of the day!

And today, rates climbed even more. Anywhere from 1/8th to 1/4 pt.

With the economy and Wall Street in such a state of confusion, rates will be all over the place for a couple more days. But after that... HOLD ON! Rates should begin their rise upwards.

If you have a buyer on the fence, or you are a buyer unsure of what to do... FIND A HOME AND LOCK YOUR RATE ASAP. Otherwise you could end up with a higher rate than needed.

And if you are dealing with a reputable mortgage professional and feel comfortable with them, quit "shopping" for a better rate. By the time you have called 3 lenders, rates could have climbed a 1/4 point or more.. It happened yesterday!

If you are not comfortable with the lender you are talking to, call me at 704-651-8704 and I promise to get you the best program to fit your needs and can lock you in fast.

Right now, playing the rate watching game is not a smart move. Rates are jumping and while there may be a quick momentary drop, they will trend upwards for a while to come.

With all this said, I WOULD LOVE IT IF I AM WRONG. But I would not gamble my clients future on it.

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This alert brought to you by

The Ed Nailor Mortgage Team
Charlotte, NC

Charlotte Mortgage Lender

Call 704-651-8704 or visit www.EdNailor.com/apply/ to get approved!