Ok. This is so very off topic, but I just ran down memory lane.
Anyone here grow up with a Commodore? I started with the Vic20 and then upgraded to the C64.
Do you remember this thing?
This was the deluxe model if I remember right. It actually came with a floppy! Mine originally came with the tape drive...
OMG! I soooo remember this thing.
I even remember the article written about how you could program your Commodore to do tasks around the house like turning on lights and tvs. Don't think any of us expected what we have now.
Who else had this peice of advanced machinery? Any fellow geeks from the late 80s???
LOL
Just a stroll down memory lane. 64 bits of memory mind you!
Ed Nailor - Charlotte mortgage loans
I started the Rate Watch Experiment on Feb 14, 2008.
Since then I have taken a fictional rate with no points and tracked the changes in the mortgage market.
So many people mistakenly believe that long term mortgage rates fall when the Federal Reserve lowers their rates. This is not true as longer term mortgage rates are tied to treasury bonds.
Since Feb 14, 2008, rates have increased. The fictional rate I started out with on Feb 14 would now be 0.125% higher and actually cost a borrower 0.500% in points. On a $250,000 mortgage that's $1250!
Follow along at http://RateWatch.EdNailor.com
Folks, now is the time to make your move! Rates are still very low. Make your move before mortgage rates jump.. the increase is coming!
Ed Nailor - Charlotte Mortgages and Charlotte FHA Loans
Have you noticed lately that loans are a bit tougher to close today? It seems that things we used to be able to get around are now road blocks. I have been asked why this is, and without giving the obvious "its the market" answer, I dug a bit deeper to help people understand what is happening.
What many people do not realize is that there is a great deal of pressure and the responsibility placed on underwriters to make sure the loans they approve do not default. Take FHA underwriters for example.
FHA underwriters must go through training to be qualified and approved to underwrite FHA mortgage loans. They are given an ID number that is included with every loan. Every underwriter's loans are tracked for defaults and foreclosures. If a certain percentage of their approved loans end up in default, they can have their approval status revoked for life... yes, for LIFE and the ability to underwrite loans anywhere could be in jeopardy. So they are really looking hard at every loan to ensure that it is a good risk. Otherwise they may have to change careers.
So while the Realtor, the seller / buyer, and the loan officer are all stressed over the outcome and commissions over that questionable deal, the underwriter sees the same deal as a deal they could potentially loose their job over.
As professionals in this business, we must understand the responsibilities each individual has to make the entire thing happen. And while we all specialize in our own fields, a mutual understanding and respect for what's at stake with the other parties will help us all prepare our clients appropriately.
I hope this helps you better understand why things are a bit tighter right now. Underwriters are being held to stricter standards in what they allow to get through. And in many cases, their very livelihoods are at stake.
To the underwriters out there working hard and making it happen, I thank you for your diligence.
Ed Nailor - Charlotte home loans
I am not political.
I am not a republican or democrat.
I am neither right or left.
But in the Democratic race, I am getting excited to see what is going on.
Personally, Clinton scares me, especially as a mortgage lender. But as an American that is tired of the BS that most politicians feed us and the extreme partisanship that is crippling our political system, Clinton really scares me.
This is not a Clinton bash, but Clinton comes across to me a someone that has made up her mind on everything. And she comes off to me as a Democrat sold out to the cause. I personally feel that if she were elected and a Republican came up with a bill that could end war and famine throughout the world, she would oppose it because a Republican came up with it. I do not see her bringing both sides together... only dividing it more.
Obama though seems to be more flexible. Maybe its a facade. If so, all politicians should pay attention. Americans are tired of politicians seeking their own best interests and want their representatives to actually look out for us Americans.
It was interesting to me that a local news report featured a kid that could name all the US Presidents up to current the Bush. The name began with a long list of revered and honored names... Washington, Lincoln, Taft, Eisenhower, Kennedy, Reagan.... and then... well, then the current rash of Presidents that bring about no real emotion, respect or reverence. What happened to our political system?
Maybe Obama is a new direction... I don't know. Maybe we all will get snowed. But the prospect is exciting and I actually may look forward to this election!
Pay attention folks.... the future of our country and our industry may be at stake with this election!!!!
Just my humble opinion anyway.
Ed Nailor - Charlotte Mortgage Lender
FHA lenders are now implementing minimum credit scores for FHA mortgage loans. Although FHA does not require any minimum credit scores, most FHA mortgage lenders are beginning to require certain credit score levels before they will underwrite the loan.
Why?
Blame the subprime meltdown and the trend that many loan officers are following. So many loan officers have begun sending the traditional subprime business in as an FHA mortgage application. As a recent article points out, this is becoming cost prohibitive for many lenders as they are having to hire more people to keep up with the mass increase of submissions. However, they are turning down a higher percentage of the submissions... so what does that mean? The following article will explain more...
Charlotte FHA mortgage loans - New FHA requirements.
Find out if you qualify under the new rules:
or call 704-651-8704
The Ed Nailor Mortgage Team - Charlotte FHA Lender
Because its about more than a mortgage... Its about your Life, your Home. Dedicated to educating, inspiring and assisting in the American Dream. Visit http://CarolinaMortgageConnection.com
Our Mission We are dedicated to educating, inspiring and assisting in the American Dream. Our Core Values A note from Ed Nailor:It's about more than a mortgage...
It's about your life and your home!
I love what I do and take great satisfaction in helping others acheive their goals.
I have worked in the areas of finance and money for many years and have always believed in serving my client's interests over mine. As a mortgage loan specialist, it is my goal to help find you the best solution for your mortgage and financial needs. Working with several lenders across the nation, I have access to hundreds of mortgage programs... some of which are only available on a wholesale basis! Allowing me to work for you will save you the time, frustration and headache of calling 50 lenders and getting 100 different solutions for your one problem. Let me use my experience and expertise to help you.
I have developed a couple websites to help provide more information about myself and also the mortage process. For more information about me or my company, please visit http://carolinamortgageconnection.com/.
That's just a brief description of me professionally. But that's not all of who I am.
I have been a Charlotte area resident since 1999 and absolutely love the area. I am married and have 3 wonderful kids. We attend church at Harrison United Methodist Church in Pineville. Some of my personal interests include whitewater rafting, playing the drums and playing poker. I enjoy good conversation, especially with folks that have an open mind. Of course, there is more to me than this, but that doesn't leave much fun in getting to know someone, now does it? I also love good coffee, if you'd like to grab a cup some day!
So in light of that, I look forward to meeting and getting to know you!
Sincerely,
Here are a few of the programs available for our customers:
Conventional and Jumbo Loans
Conventional loans are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac.
Subprime Loans
Programs for those that have less than perfect credit.
FHA Loans
Programs that help low and moderate income families become homeowners by lowering some of the costs of their mortgage loan.
VA Loans
Loan programs available to those who qualify by military service.
Second Mortgages and Home Equity Lines of Credit
Loan programs to take advantage of the equity in your home.
Fixed Rate Mortgages
A loan program where your monthly principal and interest payments never change.
Adjustable Rate Mortgages (ARMs)
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Introductory Rate ARMs
Most adjustable rate loans (ARMs) have a low introductory rate or start rate, some times as much as 5% below the current market rate of a fixed loan.
COFI Index
This index is used to determine the interest rate for some types of ARMs.
LIBOR Index
This index is used to determine the interest rate for some types of ARMs.
Balloon Mortgages
Balloon loans are short term mortgages that have some features of a fixed rate mortgage.
Interest Only Loans
"Interest only" products are an easy way to save money and a very popular alternative to traditional fixed rates but they are not without risk. An "Interest Only" loan can offer consumers greater purchasing power, increased cash flow and a number of other benefits.
Graduated Payment Mortgages (GPMs)
The GPM is an alternative to the conventional adjustable rate mortgage, and has a fixed note rate and payment schedule.
Interest Rate Buydowns
The most common buy down is the 2-1 buy down. In the past, for a buyer to secure a 2-1 buy down they would pay 3 points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.
Reverse Mortgages
A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home into cash.
Commercial Loans
Loan programs for commercial and investment properties
Find out more at carolinamortgageconnection.com
Common Search Keywords to Find Me
Charlotte Home Loans , Charlotte Mortgage , Homes in Charlotte , Charlotte Real Estate
Ballantyne home loans , Ballantyne Mortgage , Homes in Ballantyne , Ballantyne Real Estate
Pineville home loans , Pineville Mortgage , Homes in Pineville , Pineville Real Estate
Monroe home loans , Monroe Mortgage , Homes in Monroe , Monroe Real Estate
Testimonials
Debe Maxwell, Charlotte NC Realtor posted: http://activerain.com/blogsview/434294/Right-Back-At-Cha
G. Ahern, CFP wrote: Thank you for taking care of (client name omitted). I don't trust my clients to anyone and you have certainly demonstrated that I can make a referral and not have to worry about how my client will be cared for.
M&L Calwile wrote: Ed, We have to give thanks once again for all the hard work! May God Bless and we will never forget what you have done for us.
T. Brown, REALTOR wrote: Dear Mr. Nailor, Thank you for your hard work on the successful closing of (address withheld) for Mr. and Mrs. S. I look forward to working with you in the future.
F. Rivers wrote: Ed, You made all of this possible. My kids and I thank you.
D. McCray wrote: Dear Ed, Just wanted to let you know that we are truly enjoying our new home. And would like to Thank you for all of your hard work, and all of your reminders and my b-day card. Thanks again for all of your hard work. If this world had more Ed's like you, it would be a better place!
G. Thomas, REALTOR wrote: I heard about what happened yesterday with Ms. J. Thanks for making sure everything was taken care of. I tried to call her several times but never got an answer. Thanks again for your help. I guess that's why YOU ARE THE MAN!
S&C Klien wrote: Ed, We wantedto tell you how much we appreciated all the hard work and effort you put into helping us own our first home We love it and have been very happy so far. We wish you all the luck with your little ones. Again, thank you again.
D. Morgan, Loan Officer wrote: Ed, Just want to say "thanks" for all the time and effort you have put forth to help me become a good loan officer. I pray you and your family have the very best in life.
A. Cochran, Insurance Agent wrote: Ed, Thanks for Everything!
T. Duncan, Attorney at Law wrote: Dear Ed, I hope you are doing well. On behalf of my entire office, I would like to thank you for referring C. and R. D. to our office. We enjoy working with our clients and it is always nice to have referrals sent to us. People such as you help us coninue our service to the greater Charlotte area. Once again, thank you for thinking of us and allowing us to help those you care about. As always, please do not hesitate to contact our office if we can assist you in any way.
M. Graves, REALTOR wrote: Ed, Thank you again for referring M. and S. to me! See you soon!
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