Mortgage in Charlotte NC

How the Mortgage Industry Screwed it Up

Charlotte Home Loans - Your Charlotte Mortgage Lender — Tue, 12 Aug 2008 12:39:00 -0500

You like that title, huh? Well, its true... we became our own worst enemy!

I am not talking about the mortgage meltdown.. that was more a combination of greedy execs, Wallstreet investors, a soaring and inflated housing market and a government that continues to ignore growing problems until everything falls apart.

No, I am talking about the dreaded "rate shopper."

You can't blame the potential borrower. They are simply playing the game that the mortgage industry created. They go from lender to lender asking for their "best rate" as if it is some hidden national treasure they must uncover. Items such as professionalism, service, knowledge, follow through... these don't matter any more. Why? We told the public they didn't matter!

Think about it like this. Imagine if you will an ad on the tv from the local doctor... "One 5 Minute Phone Call is All it Takes to Diagnose your Illness! Call now!" Would you consider this a professional doctor? What if 90% of the doctors advertised this way? What would the common message be? Maybe something like "This is so simple, a monkey could do it in just 5 minutes!"

My fellow mortgage professionals, I emplore you... STOP with these ads that make us come off as insignificant! Ask the borrower that fell for the "5 minute approval" and found that the lowest rate costs him more than he bargined for... that borrower wishes at the end that they had a real professional. Yet, by the time they realize they need a real professional it is usually too late to help. Kinda like calling a doctor in to look at the sneezing after it develops to full blown pneumonia!

To the potential borrowers out there... never in history have you needed a mortgage PROFESSIONAL than today! 30 years ago, when loan officers were respected, there were 3 basic mortgage loans. Today, there are too many options to count, and with Congress acting at last minute with "sweeping changes", the entire mortgage industry is becoming a maze. Even HUD is confused with the new FHA guidelines... they didn't write them, so now they are trying to figure them out!

Now, more than ever, you need a mortgage professional to help you. Don't play the "rate shopping" game. The lowest rate isn't the best deal. The best program, terms and service will ensure you come out on top every time, even if the rate is 1/8th of a point higher!

Ed Nailor is a mortgage professional in Charlotte, NC, specializing in Charlotte FHA Mortgages, North Carolina USDA Mortgages and special mortgage programs for Teachers, Firefighters and Police.

Call 704-651-8704 for your free mortgage consultation... but please understand, it will take longer than 5 mintues!

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Home loans in Alaska

Charlotte Home Loans - Your Charlotte Mortgage Lender — Tue, 12 Aug 2008 12:07:42 -0500

Recently I was looking around and ran across Alaska... got me to thinking... how is the Alaska Home Loan market these days?

With the new Alaska FHA mortgage loan limits upwards of $300,000 plus, is this helping the Alaska FHA mortgage market?

You don't hear anything in the national news or media about Alaska mortgage or real estate. Just curious more than anything.. how are Alaska home loans doing in today's market?

If you are from Alaska, please comment. Let us know how the market is in your area! Let's bring a little light on such a great place!

Ed Nailor... no, I can't do Alaska Home Loans, but I certainly can do Charlotte Home Loans!

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

FHA Flips!

Charlotte Home Loans - Your Charlotte Mortgage Lender — Thu, 19 Jun 2008 20:26:20 -0500

HUD has long required properties to be held for 90 days by the seller before the property could qualify for an FHA mortgage loan. Effective June 9, 2008, HUD has waived the 90 day requirement in regards to homes being sold by lenders who foreclose on a property.

CLARIFICATION: After further review it appears that this waiver will only affect properties for sale by mortgage companies due to foreclosure and the companies that they transfer the proeprties to in order to sell. Investors who "flip" properties may still be subject to the 90 day rule.

This waiver is good for only one year and will expire June 9, 2009.

For more information on how this will impact Charlotte FHA mortgage loans, visit Charlotte Home Loans

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As a HUD approved FHA mortgage lender, Ed Nailor can provide FHA loans for home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)

Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

What's Your Shtick? You got one, right?

Charlotte Home Loans - Your Charlotte Mortgage Lender — Thu, 19 Jun 2008 15:02:13 -0500

"Oh, so you are a mortgage guy huh? What's your Shtick? What gimmick do you run?"

This was the question laid before me by someone calling themselves a sales professional. I asked, "what do you mean...Shtick?"

"You know... what's your game? How are you different from the rest. I see all those websites out there offering free quotes, no 'hidden' fees (wink wink) and claiming to revolutionize the mortgage world. Where do you fit in? What's your Shtick?"

Wow! Is that what we have become? Is the mortgage world this messed up? Have we relugated ourselves to such insane and insulting levels? Maybe so...

I too see the gimmickry going on. I see the websites offering ways to revolutionize the world! All claiming that for years lenders have been stealing from borrowers and now they will turn the tables. I hear the ads on the radio, "We'll use the lender's own money to get you a better rate!"

Its all a game it seems!

I remember when I was younger and wanted to buy my first home. The real estate agent I worked with suggested we sit down and consult with a local mortgage professional for advice. Gave us his name and number.

We went to visit this guy and he was great. explained how the mortgage process worked, shared with us what we needed to do and offered to help in any way we could. There were no gimmicks.. no trickery, no outlandish claims to beat back the lenders that were out to hurt us! He was simply a professional mortgage loan officer at a small brokerage.

So, what's my gimmick... my "Shtick"? I'd have to say the same thing that loan officer did for me... Honesty, fairness and respect. Treat others the way they want to be treated. If I have to resort to games it may be time for me to quit!

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Buying a home or refinancing your mortgage is not a game, nor something to be played with. If you want a real, honest and solid approach to one of the most important decisions of your life, I invite you to give me a call. If you want a "revolutionary website with promises gallore that will change the face of lending forever," well... that ain't me.

Ed Nailor - Home Mortgage Loans in Charlotte and beyond

704-651-8704 or visit EdNailor.com

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

My Zillow Beef, as requested

Charlotte Home Loans - Your Charlotte Mortgage Lender — Tue, 17 Jun 2008 23:39:32 -0500

I have posted a few blog entries, and comments about issues I have with Zillow. I have been asked what my "beef" with Zillow is, so I figure I might as well just lay it out there. This is a post explaining my concerns and will leave it open to discussion and allow each person to form their own opinion.

First off, let me state this emphatically... I love this business. I am a mortgage professional. I am not a Realtor or real estate agent, but my business is directly tied to that of the real estate agents. So in general, I love what we do. I love the professionalism that most of us, at least here on Active Rain tend to work within. I love helping a home buyer discover that they can actually buy a home and acheive that dream. I love going to the closing and seeing the smiles and excitement and knowing that I was a key part in that family's happiness. It is an honor to do what I do.

So in that light, and with everything that our industry has gone through, I kinda get concerned when I see things that have great potential to cause our industry harm. That is where I see Zillow, in its current form.

This post will not be a personal attack, but David with Zillow has addressed me directly, so in some of this I will answer his questions. And bear in mind.. this is simply my opinion, so one is free to accept it or dispute it. That is the freedom we all have in this great country!

My concerns:

1. The Positioning of Zillow. Zillow is an advertising medium designed to attract visitors and make revenue off of advertising. Contrary to what David said, I have no problem with Zillow making money. I encourage that, as making a buck is what keeps us all going. I do not hate Zillow, Google or any other website for making money in advertising. I too have made a buck or two in advertising... its a great medium.

My problem is in how Zillow has positioned itself. Call it great branding, but Zillow has positioned themselves to appear to be an information portal. They are working diligently to offer free "tools" to help "educate" consumers to make good choices in real estate. However, the tools they offer are often grossly inaccurate and very misleading. Their own disclaimers tell you this, if you read the numbers. However, most Americans do not read the disclaimers. We breeze through the license agreements when installing software. We assemble things without the instructions. It's our nature. So Zillow can get by without too much issue here because people don't take the time to read it.

If you are going to position yourself as something that offers advice, especially on something as important as property values, you better have your stuff together. This is not predicting the weather. People have lost millions due to the abundance of misinformation, and the gross inaccuracies with Zillow's "zesitimates" are a major concern. I hope they get this fixed and quick.

2. Lack of Accountability. If an appraiser miscalculates the value of a property, he can lose his license. If a Realtor misrepresents information on a property, they can lose their license. If Zillow gets it wrong, oh well. Yet, they have positioned themselves to be the "edge in real estate." In my opinion, you can only be an "edge" in anything if you are an expert, and experts usually get it right most of the time. This is where Zillow fails. And without accountability they can be off and it doesn't matter. However, Realtors and lenders have to deal with the mess. We constantly have to explain values and the inacuracies of Zillow's tools.

Side Note Realtors: How does it appear to a consumer if as a Realtor you are trying to explain how "off" and inaccurate Zillow is on a property's value, yet you feature your properties there? Mixed message I think... just my opinion.

I would love to see some sort of accountability here. David at Zillow has claimed that they are no different than other real estate websites out there that show properties for sale. This is something I disagree with. Other websites, like Trulia for example (also an advertsing medium) list every home they can find for sale in one great place. The difference... they don't express opinions on the values of those homes. This is a KEY difference. Zillow tells your clients how much the home is worth, in most cases in direct conflict with what you as the actual professional have determined.

The arguement that visitors would require substance on the website to keep coming back is not valid. Sorry. There are way too many websites and companies in existence that offer no substance, yet get major traffic. Even Paris Hilton gets attention, and we all know substance is severly lacking there!

3. Mortgage Marketplace. Now this one hits near a sore spot for me, sorry. As a professional mortgage lender, I strive to provide real numbers and quotes to my clients. This is after I have gathered enough information to do so. I do not use rates in any of my advertsing simply because by being honest, I will always be higher than other ads out there. Zillow's Mortgage Marketplace allows one side of the equation to not only be anonymous, but also allows this anonymous side to rate their experience with the lenders. (we'll cover that in concern #4) This is no different that a borrower calling 10 lenders on the phone and saying, "I got excellent credit... what's your best rate?" Well, it is different. They get to post that and have the lenders clammor to tell them.

Do you think there is much reality happening here? You have an anonymous borrower that is anonymous for a reason. In this situation, the only factor for making a decision is a rate and some fees. But there is SO MUCH MORE to a mortgage than a rate. Of course, with mortgage rates having been so low for so long, the general public has lost the idea that there is more to it than a rate. And now with rates increasing everyday and changing 5 times a day, it is almost impossible to quote a rate and still honor it an hour later! But this can lead to feeling ripped off, lied to, misquoted, baited and switched... all the stuff that we as an industry need to STOP if we ever want be held in any high regard again. Zillow's system feeds the negative view much more than the positive view we as an industry need and want.

4. Feedback system. I believe it was David (but could have been Sara) that claimed the feedback system on Zillow is like that of Ebay, allowing borrowers to rate lenders based on their experience much like Ebay's buyers and sellers can rate each other. The issue here is that one side of Zillow's system is anonymous and only the anonymous side gets to rate the other. This is unfair and makes the system fallible. Although David has stated several times that borrower's can not rate a lender unless they have made contact, this CAN, and in fact has happened. The problem here is that Zillow relies on the anonymous borrower to "warranty" that they have contacted the lender before rating them... but as of now Zillow has not provided a real way of stopping them if they have not in fact done so.

If the borrower has indeed rated a lender wrongly, Zillow can remove the feedback. But what good is this? Imagine a bad lender claiming viable ratings as inaccurate. Or worse, imagine a lender that consistently offers real numbers (Mike Muller for example) getting negative feedback over and over because his quote was just higher. After a while someone at Zillow would probably say something like... "Come on, they can all be unjustified!" But what if they are? This system needs to be fixed... it is seriously flawed.

If Zillow wants to compare their feedback to Ebay, then follow Ebay's example. Both sides have to be visible (no anonymous parties) and there must actually be a transaction to rate, not just some random quote. Ebay will not permit feedback unless you have been involved in a transaction with the other party, period. Just because you bid on an item, you can not rate the other party. It's just not an option!

5. The fact that this is all built on the backs of real estate and mortgage Professionals. Sure, we don't have to pay them for advertising homes or mortgages on their website. And they don't pay us. However, we end up here with the short end of the stick, having to overcome "zestimate" values that are way off, and mortgage rate quotes that are minimialized at best. Zillow makes money (again, good for Zillow) at the expense of our jobs. Our jobs get harder, not easier. Bottom line is that OUR reputations are the ones at stake... Zillow is just a website.

Sure, there will be success stories and to those people I wish congrats! But Zillow has some serious issues it must address. I will give them kudos for the branding image they have created. All I really want is to see them actually live up to the image.

So there you have it. Those are my beefs. Again, this is not a personal attack. I think Zillow has the potential to introduce some really cool suff, but they really need to get these items addresses quickly. Otherwise, we in our industry that are licensed professionals may very well suffer.

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Zillow... Make up your own mind

Charlotte Home Loans - Your Charlotte Mortgage Lender — Tue, 17 Jun 2008 16:52:06 -0500

Its no secret that I am not a Zillow Fan. As many of you have seen, I have had several exchanges with the folks from Zillow and have stated my opinion.

That being said, I am not out to start some crusade against Zillow. So I will leave that topic to die on its own and move on to more important topics.

I do challenge everyone that reads my posts to seriously consider the impact that websites such as Zillow might have on your business. There is a saying that even bad exposure is exposure. I am not a big fan of that saying, but then again I am not a star in Hollywood!

Just be aware of where you are looking to place the properties you sell and the services you offer. The medium in which you push your wares will reflect on yourself no matter what you do.

Personally, I feel Zillow is out to make money selling ads off the efforts and good intentions of an industry I love. I feel they are using that industry to serve themselves and putting flawed gimmicks out there simply to attract visitors. When things do not go as the visitors feel they should due to the bad information provided, they will not turn to a website for accountability.. that my friends will fall on us, the professionals.

Make up your own mind, but do not go blindly.

Zillow... I leave you in peace to do as you will anyway.

Ed Nailor, Charlotte Mortgage Lender

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

AVMs, ZILLOW, and REALITY

Charlotte Home Loans - Your Charlotte Mortgage Lender — Fri, 13 Jun 2008 08:59:32 -0500

AVM: Automated Valuation Model. A system by which public data is interpretted to come up with an estimation of a property's value. Many lenders rely heavily upon AVMs. IN the past, some lenders used ONLY AVMs in their lending decisions, a practice that has left many of them facing major defaults and losses. Today, AVMs are more typically used by lenders to validate the value of an appriasal. If the appraised value and an AVM value are dramatically different, the lender will require a review of the apraisal, or a second appraisal. To ensure the validity of the AVM, lenders actually pay for the AVM program and have some sort of insurance built in. This keeps the AVM companies working hard to enure as accurate a product as possible.

ZILLOW: Real Estate Website Portal. Zillow is a website that bills itself as providing an "edge in real estate." They offer free tools to the general public, most noteably the Zestimate. The Zestimate is Zillow's branded verison of an AVM. Taking information provided to the general public, Zillow's claims to be able to estimate the value of a property. According to Zillow's disclaimer on the values, they are only accurate to within 5% of a home value roughly 26-28% of the time. The values are only accurate to within 10% of the home's value 49-53% of the time. The estimates are within 20% of the actual value 68-70% of the time. Although they claim a "median average" of error as only roughly 10% (interesting math), the numbers they claim above would indicate that they are pretty far off at least half the time. The service is free and offers no insurance or guarantees. They make money on selling ads.

Reality: The difference between hype and what you really get. When considering Zillow as something to base any idea of value on, one should remember that the information they offer is free, comes with no guarantees or insurance, and is off by at least 10% half the time. AVMs offered by real companies trusted by Lenders will be much more accurate and offer assuances on their values. Lender's stake MILLIONS of dollars on the accuracy of AVMs provided by these companies.

My Conclusion: Zillow is simply an advertising medium, offering a free (and flawed) estimation of real estate property values.

Feel free to draw you own conclusions. However, I will leave you with the 3 questions that I can not shake, as follows:

What would happen if Realtors lived by Zillow's standards and were considerably off the mark 50% of the time? Would they lose their license? Be open to lawsuits? Go out of business as a whole?
How many Lenders are willing to risk Millions of dollars on Zillow's 50% accuracy rate? What would happen if they did? Even if it saved them a few bucks on the cost of an AVM, how much would it cost them in losses?
If Lenders and Realtors would be on the losing end by employing Zillow's standards, why in the world would home buyers and home sellers even consider placing any validity on this website when it comes to the single largest purchase of their lifetime?

The floor for discussion is open....

Ed Nailor, Charlotte Mortgage Lender

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Zillow and the Joke that it Is!

Charlotte Home Loans - Your Charlotte Mortgage Lender — Thu, 12 Jun 2008 08:46:22 -0500

Come on Zillow. I have had enough! I am calling you out!

Zillow recently posted an article indicating that if a listing real estate agent does NOT post their listings to Zillow, they may not be doing their job properly! Oh, and they did not make it open to the general public so that regular people wouldn't see through them! (Don't worry Zillow, this is made public for them.)

One of my favorite real estate agent bloggers RENEE BURROWS wrote a fantastic response and raised a question that I wanted to address:

Why aren't highly branded websites (and other advertising mediums) held by the same standards of conduct and ethics that Realtors are sworn in and licensed to protect?

This is because they are not selling the homes. They do not recieve commissions or fees for the sale of any property. Even if they charged a fee to advertise the home, they are not an agent in the transaction, simply an advertising medium.

The focus of websites like Zillow is to SELL ADS! They don't give a rip if the information on their website is acurate or authentic. They just want to sell ads. YOu sell ads by showing the advertisers that you have a lot of traffic. You get a lot of traffic by offering free tools... and the tools don't have to be realistic.

The general public that has no idea of what a property's value is will be mislead by Zillow. Plain and simple. Why doesn't Zillow change this? They don't care... if they make a buck off the ad placed next to the misleading property info, then it was successful!

Zillow now offers Mortgage Quotes as well. Of course, these are completely anonymous. The potential borrower puts in as much or as little info as they want. It doesn't have to be accurate either. But they get to have lenders compete by giving them quotes based on meaningless information. If they don't like the quotes, they can give the lender a bad rating! What the heck is that?

Have we lost common sense?

Zillow is bad for real estate. We don't need ANOTHER real estate website to promote homes for sale. I can do a Google search for real estate in ANY market and get thousands of websites... if I want to find a home, I can find a home.

So what value does Zillow bring? Only that which they can line their pockets with in ad revenue. It is self serving and all around (in my humble opinion) a joke that anyone takes them seriously.

And please Zillow employees... don't call me this time asking me to "just give us a try." I'll make you a deal... if your Zestimate is so damn accurate, buy MY home right now for the amount you think it's worth! I'd gladly sell for the price YOU think it's worth. No one else would buy it at that price!

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

What's Your Opinion? Who's wrong here?

Charlotte Home Loans - Your Charlotte Mortgage Lender — Thu, 05 Jun 2008 12:20:08 -0500

I recently heard a case in which I personally believe an appraiser is being overly picky and troublesome. Here's the scenario, and I'd like to hear your opinion on this....

Purchase of townhome between two people that know each other in a FSBO transaction with FHA financing. In the initial appraisal, the appraiser marked the property type as detached, when in fact it was attached. (small technicality that must be corrected.)

The appraiser also noted some tile in the bathroom floor as cracked. While it was not coming up, it was cracked, located at the entry door to the bathroom. The buyer is ok with it as is and is not requesting the seller to fix the floor. However, the appraiser indicated that it should be fixed and estimated a cost to cure of $500. The notation of "cost to cure" could result in the requirement by an underwriter that this be fixed prior to closing, in which case the buyer and seller have to determine who does it and things get delayed until fixed. More of a mess than needed over something so small.

So upon review of the appraisal, the loan officer asked the appraiser to correct the property type and if they could remove the comment of the cost to cure since it is such a small amount and the buyer is ok with it. This is not anything that affects the safety, functionality or value of the home. The LO did not request they remove the comment of the cracked tile itself, nor hide it. But a "cost to cure" indicates a deficiency that must be addressed, which isn't really the case here. But in no way was the LO asking for some modification, inflation or change to the appraised value, nor requesting to remove anything of consequence.

The appriaser not only decided NOT to remove the cost to cure, but also added a note that the lender requested the note of the cost to sure be removed and provided further argument that in their opinion "a buyer would want this fixed before buying" it so the appraiser felt it should be mentioned and would not remove the cost to cure as requested.

In asking the appraiser this question, the LO did nothing wrong and a simple no would have sufficed. But to go further and make a note on the appraisal basically renders the appraisal potentially worthless! And the LO can't submit the original appraisal because the appraiser mismarked the property type. So now that the property type is corrected, this notation attached as well. Submitting an appraisal with this type of notation could raise red flags that cause all kinds of slow downs on this deal (and others to come.)

So my question is this... What is your opinion on how the appraiser handled this? Or do you feel the LO was wrong for even asking?

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Yes, REALTORS are missing the boat with Lenders too.

Charlotte Home Loans - Your Charlotte Mortgage Lender — Mon, 02 Jun 2008 14:50:36 -0500

Recently, Jonathan Osman wrote a well pointed piece about how mortgage professionals are missing the boat when it comes to working with Realtors. I agree 100% with what he said, but wanted to bring another perspective to this topic.

Realtors are missing the boat with Lenders as well. Sure, there are 100's of lenders to call on that can write a mortgage loan for your buyers. And we all know that spam effect of the lenders emailing you constantly about sending business their way. But there are a couple things Realtors and real estate professionals should be aware of too.

I work damn hard for the agents I work with. As a matter of fact, I truly do my hardest to work WITH the agents I have relationships with as I know this is a partnership. Yet there are times when Real Estate professionals can show that they really don't get it.

For example, I recently began working with a buyer. When I first began working with that buyer, they had no agent and really no clue. I took time to work with them, get them in the position to get them approved and once they were able to qualify, I asked them if I could refer them to an agent to help them find a home. Of course, they had a friend of a friend's brother that was going to show them a couple homes.

I spoke to the agent and introduced myself. Right off the bat I knew we would have trouble as he didn't care to know anything about the qualifications or what these folks and I had been through. Almost immediately he began pushing them towards the "in house" lender which unsettled the buyers.

I now find myelf in a tough spot... Do I fight to keep the clients and let the buyers get pulled in 30 directions, or do I let them go knowing they will get crappy service (I know who the "in house" guy is and holy cow... enough said.) I am not one to just give up, but I also don't want the most exciting experience in these people's lives to become something they dread. So I gave it a good shot to keep the loan without creating a negative feeling. However, the other agent wasn't so kind and really tried to slam me (remember, he has never worked with me before.) Not too long, the buyers tell me they are torn but feel compelled to work with the agent's loan officer (as if he owns the LO) so that the agent won't drop them on the home of their dreams.

A couple weeks later, the deal falls apart. The "in house" guy doesn't take the time to really get to know the buyer's needs and eventually drops the ball. With such a negative outcome, they have decided to hold off on buying for the next year or so!

Now, if this agent had realized that the buyers were happy and comfortable with me, and taken the time to get to know me, he would have seen that I would have delivered to him happy, satisfied and CLOSED buyers and who knows what would result of that in the future. But because the real estate "professional" decided he knew mortgages better than the professionals, things go screwed up and he lost the deal and I will never work with him again.

So please understand that lenders are not a dime a dozen anymore. Too many lenders have dropped out because they could not do the right thing. Those that are fed the in house leads can cherry pick. But those of us out there working hard that understand the value in relationships will be your best ally in getting things done. Quit comparing lenders by a worthless good faith estimate or by empty promises. Evaluate a lender by their knowledge, their experience and most importantly the way they can make YOUR clients feel!

Ed Nailor, Charlotte Mortgage Lender (Charlotte FHA mortgage approved!)

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Forget Timing, Choose the Right House

Charlotte Home Loans - Your Charlotte Mortgage Lender — Mon, 02 Jun 2008 14:14:30 -0500

Waiting on the Right Time to Buy a Home? How about finding the right home to buy now?

Money Magazine punlished an article recently that echos what I have been saying for quite some time. Too many people are waiting for the perfect time to buy, thinking they can time the "bottom" of the market to get the best possible home. Yet even Money Magazine, one of the most trusted magazines about finances says this is not a wise move!

Check out more about this article at Great Home or Great Timing

Who knew I was as smart as those Money Magazine folks? LOL

Ed Nailor, Charlotte Home Mortgages

Apply online for a Charlotte Mortgage Loan or call 704-651-8704

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Its your Fault Jonathan!

Charlotte Home Loans - Your Charlotte Mortgage Lender — Mon, 02 Jun 2008 13:08:01 -0500

Jonathan Osman.. I am calling you out!

Seriously... it's your fault!

A while back Jonathan commented on one of my posts saying he was going to try to catch me and pass me in points. Everytime he'd get close, I'd jump back ahead... don't you love competition?

I actually took the time to talk to Jonathan and we had lunch. He is very intelligent and actually gets this whole real estate thing! From there I have been looking for ways to do business with Jonathan.

For the past couple months though, I have been somewhat quiet on AR. Work and life have just gotten in the way and there are times when you just need to get inspired again... well, now its done! Jonathan reminded me that he was wanting to pass me and I just looked at his points.. HOLY COW.. He's close! LOL

So I need to get busy again and get stuff posted. So here I come.. it's on! LOL

Thanks Jonathan for giving me a kick in the butt and inspiring me to get back to it again... and let's get lunch soon!

Ed Nailor, Charlotte Mortgage Lender

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Rising FHA Loan Costs

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sat, 17 May 2008 06:36:47 -0500

Effective July 14, 2008, HUD has approved an increase in FHA mortgage insurance premium rates. The increases are "Risk Based" and will vary based on loan to value and credit score.

FHA still requires a minimum 3% down payment, but for those that put down more, the premiums will be lower. The better the credit score is, the lower the premiums will be.

For those on the lower end of credit with minimal down, they will see the most significant increases in FHA mortgage insurance premium costs.

So how much are the increases, and how much will it affect FHA mortgages? I have put together an example of these changes and the impact they will have on one's mortgage qualifications. Read Changes to FHA Mortgage Loans

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As a HUD approved FHA mortgage lender, we can provide FHA loans, including FHA Secure and FHA Rehab loans, for home owners and home buyers in the Charlotte NC area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)

Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.

Ed Nailor, Charlotte FHA Mortgage Loans

704-651-8704 Phone or visit EdNailor.com

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Mortgage loans for NC teachers

Charlotte Home Loans - Your Charlotte Mortgage Lender — Tue, 13 May 2008 09:25:45 -0500

North Carolina Teachers deserve Special Treatment

Announcing special mortgage loan financing program for North Carolina Teachers.

My wife is a teacher, so I know first hand the stresses and under-appreciation NC teachers get. They do not get the support or credit they deserve. I may not be able to do a lot to correct that, but I will do my part.

All summer long, I will be offering special mortgage options for North Carolina teachers. With great low mortgage rates and discounted closing costs, I want to help encourage NC teachers to buy a home or refinance their higher rate mortgages.

Combine that with the Good Neighbor Next Door program that allows Teachers to buy homes for half price, this North Carolina teachers mortgage program can help our well deserving teachers and administrators to really save big!

Visit the website for more information on my Carolina Teacher's Mortgage Program at carolinamortgageconnection.com

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Stimulate and Save

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sun, 04 May 2008 15:55:43 -0500

So you're getting money back from Uncle Same to spend. And yes, the idea is to spend it!

While I think its a great idea to save the money or at least pay off some debt with it, the fact of the matter is that most American's do not save. We spend. That's why the government is so sure you will use it to get the economy going.

So how do you spend while saving? Look for ways to spend the money that will provide returns in savings. One example... replacing a worn out storm door. The newer ones are more energy efficent and can help save you money.

Want more ideas... Check out Spend and Save

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This idea brought to you by Ed Nailor, Mortgage Lender in Charlotte NC

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Steam, Motivation or Thoughts

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sun, 04 May 2008 15:22:12 -0500

As an Active Rain member that blogged virtually everyday for months, over the past couple months I must admit I have posted very little to the community. I can come up with all the excuses... lack of time, got busy, other things to do.. but when I sit back and ask myself what happened, I have to decide between a lack of steam, motivation or thoughts.
Personally, I think it is more the lack of steam than anything else. Not to use it as an excuse, but I have been very busy helping people get ready to buy a home in Charlotte, as well as helping Charlotte area Realtors ramp up their production levels.
At times we all go through a phase of a lack of motivation and thoughts on which to blog. I am not stranger to this myself. But when I look at the success of my own website (Charlotte Home Loans), I have to attribute a lot of that to the power of Active Rain and must find the motivation to continue to contribute. As far as thoughts, I have a hundred or more.. just which one today? lol
The point of this post is for others to keep plugging away. It didn't take me long to gain the points and position I have in my community and you can do that too. But even those of us with big points take a break too for one reason or another. Its just time for me to get back to it again!
Ed Nailor - Charlotte Home Mortgages
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Not Sure, But Will Try It

Charlotte Home Loans - Your Charlotte Mortgage Lender — Wed, 30 Apr 2008 13:00:57 -0500

Recently Zillow announced it's Mortgage Marketplace. I have to admit, I am not crazy about the idea of pitting lenders against each other for "blind" annonymous rate quotes. The whole idea of comparing my services against another lender with at best half the facts makes me nervous. Long term I see this giving the lending industry more of a black eye as the "rate shopper" begins to further feel as they have been mislead or lied to.
With rates changing 5 to 6 times a day it only compounds the problem.
That being said, I decided to test the Mortgage Marketplace, first as a "borrower."
I created a profile as John Q Public and submitted a request. I did not get much by way of response and the ones I did get were all over the place. As a borrower I would wonder why that is.
As a lender, I see where a potential borrower would quickly contact the "best rate" offer, even if that may not be the best rate.
I blasted Zillow for this product and claimed I would not be part of this. However, after discovering that the responses left much to be desired, I felt maybe I should try it before completely dimissing it. So to be fair, I have signed up as a Lender and once they have verified my information I will work a few leads and see how things go.
I am reluctant in some ways as I don't like typical "rate shoppers." Not that I can't compete... I usually win. But the borrower usually comes away with a bad taste in their mouth feeling as if they still got taken.
I will give this a little time and then come back and give my honest opinion as to my thoughts. I am sharing this with you all so you don't think I talk out of both sides of my mouth... and if I was wrong, I will admit it.

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

S L O O O O W W W FHA?

Charlotte Home Loans - Your Charlotte Mortgage Lender — Tue, 29 Apr 2008 15:10:57 -0500

One of the biggest complaints from Realtors today is that it seems to be taking forever to close a loan, especially the FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month!
One of the main reasons for the slower processing of FHA mortgage loan submissions is that too many mortgage brokers that only did subprime mortgages are trying to convert these loans to an FHA mortgage. FHA is not subprime, and while too many past buyers that could have gone FHA were sent to subprime (due to faster turn times and good pricing at the time), loan officers must realize that FHA mortgages are not the same as subprime.
With the sheer volume of "manually underwritten" FHA mortgage loans, lenders are simply getting overwhelmed. There are not enough underwriters to keep up with the submissions, and the ones they are hiring need to be trained.
So what's a Realtor to do?
Get to know who can really do FHA mortgages. Find a local lender that knows how to package a loan properly to get it looked at quickly. Even if it takes a little longer to get it into underwriting, a completed loan package will get clear to close quicker than a half-hearted attempt.
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For Charlotte FHA mortgage loans, give me a call. I know how to package a loan for fast approval and clearing to get your loans to the closing table fast. Of course, a mortgage loan that needs to be manually underwritten will still take a little longer, but with the attention to detail I bring to the table, you can rest assured that the deal will be submitted with the best possible chance of getting it closed.
Ed Nailor, Charlotte FHA Lender
704-651-8704 or visit carolinamortgageconnection.com
As a HUD approved FHA mortgage lender in Charlotte, Residential Mortgage Center can provide FHA loans, including FHA Secure and FHA Rehab loans, for home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Welcome to The Group!

Charlotte Home Loans - Your Charlotte Mortgage Lender — Mon, 28 Apr 2008 21:19:13 -0500

Glad you decided to join!
The Charlotte NC Real Estate Professionals group was created to help bring together Charlotte area professionals to network and relate to each other. Together we can help create the awareness of how great Charlotte North Carolina really is!
Share your ideas, your experiences and your listings!
Again, welcome to the group. I look forward to getting to know each of you.
Ed Nailor, Charlotte mortgage lender.
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Half Priced Homes for Firefighters

Charlotte Home Loans - Your Charlotte Mortgage Lender — Thu, 24 Apr 2008 08:00:01 -0500

Charlotte Area Firefighters: You too can buy a home for Half Price!
Yes, that's right. You can own a part of the city you risk your life to protect, and own it for only half price. As a full time Charlotte Firefighter, you can buy select HUD owned homes for 50% off!
Say you find a home that HUD is selling for $140,000. Using this special program aimed to give back to Firefighters in the Charlotte area, you can buy this home for only $70,000 and the rest is yours to keep! The selection is constantly changing and homes are typically available throughout Charlotte, NC. To really capitalize on this program though, it is highly recommended that you get pre-approved for the mortgage financing. With low Charlotte mortgage rates and mortgage programs that offer 100% financing, now is the best time for Charlotte firefighters to buy a home in Charlotte.
There are a few restrictions and items you need to be aware of. For those details and to get started, visit Half Priced Homes for Charlotte Firefighters
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Ed Nailor is a loan specialist with Residential Mortgage Center, a HUD approved Mortgage Lender offering mortgage loans for the Good Neighbor Next Door Program. This program allows Teachers, Firefighters, Law Enforcement Officers and Emergency Medical Technicians in the Charlotte area to purchase a HUD home for half price!
some restrictions apply
Apply online for your Charlotte area GNND mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Teachers: Buy a home for Half Price

Charlotte Home Loans - Your Charlotte Mortgage Lender — Thu, 24 Apr 2008 07:48:52 -0500

Attention Charlotte NC area School Teachers.
Did you know that you have the ability to purchase a Charlotte HUD home for only 50% of the list price? That's right! Using the Good Neighbor Next Door program, Charlotte area teachers can buy a home for half price. In addition to that, Charlotte teachers can take advantage of special Charlotte mortgage loans that require no money down and come with some of Charlotte's lowest mortgage rates!
There are a few restrictions and items you need to be aware of. So for more information on this program and how you can get pre-approved to take advantage of it, visit Charlotte Teachers Half Price Homes and Mortgages
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Ed Nailor is a loan specialist working with Residential Mortgage Center, a HUD approved Mortgage Lender offering mortgage loans for the Good Neighbor Next Door Program. This program allows Teachers, Firefighters, Law Enforcement Officers and Emergency Medical Technicians in the Charlotte area to purchase a HUD home for half price!
some restrictions apply
Apply online for your Charlotte area GNND mortgage loan
or call 704-651-8704 for your free mortgage consultation.
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Zillow Update

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sat, 12 Apr 2008 22:36:22 -0500

Earlier I posted my opinion on Zillow's new Mortgage Marketplace. Wow.. I actually got Zillow's attention. Not only did I get comments, I also got phone calls!
So to be completely fair to their new system that allows borrowers to blindly pit lenders against each other to provide quotes based on... well, based on nothing really... I decided to try it out myself.
I registered as a customer and filled out the form. On that form I asked for a mortgage quote for a no money down mortgage loan with a credit score in the mid 600's. 5 days later I have received 2 quotes (ONLY 2) and they were close to 1% apart in rate.
The problem is that outside of VA or USDA loans, there are no more 100% loans available today... FHA and conforming loans will require at least 3% down, and conforming would require 5% down with a mid 600 score. Neither of the quotes provided me with any feedback beyond a rate and estimated fees.
Here we have an uninformed lender advising an uninformed borrower about the best rate or program they can get.... WHAT? When will we all get beyond smoke and mirrors?
Or does this even matter? I only got 2 quotes in 5 days in the only good market in the US! Could I be worried about nothing here? Or is it just a matter of time that somehow this will get popular and make mortgage professionals look bad in the end. After all, we are the professionals and SHOULD know better than to quote rates based on NO INFORMATION. How can you back up your quote?
I hope some major changes are made here if it continues, but somehow I doubt it. Zillow's money model is to sell ads, not service. So the service does not have to be real if they can simply attract enough people that might click on the ads...
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Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation

Charlotte's Preferred Mortgage Lender
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Approval Revoked....

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sat, 12 Apr 2008 22:19:44 -0500

I have been getting a lot of phone calls lately from Charlotte area real estate agents and salespeople. It seems that they have been seeing a lot of mortgage approvals getting denied! What in the world is going on?
One of the most common concerns has to do with big local banks, such as Bank of America and Wachovia. Because these are such big banks in Charlotte, many Realtors and sales people have just sent their clients to them. The problem is that large banks like Bank of America only offer Bank of America mortgage products. So when they make changes to their own mortgage loan products, it becomes a "yes or no" decision, not a "let's move it to another program" decision.
Check out the case in point: Surprise! Your Approval Denied.
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Apply online for your Charlotte area mortgage loan

The Ed Nailor Mortgage Team with Residential Mortgage Center.
Charlotte's Preferred Mortgage Lender
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Wachovia Changes

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sat, 12 Apr 2008 22:17:28 -0500

Wachovia has announced that they will now imposed minimum credit scores on products they did not have one in place. They did not disclose the specific products or what the scores are, but this does mean that Wachovia is getting tighter on offering mortgage loans.

For those going directly to a bank, please consider that a bank has its limitations. If they do not have the mortgage loan you need (or are having trouble approving it) they are limited to just the select few mortgage products they have. A mortgage lender / broker will have several more options to work with and should one lender have certain areas they can not get past to approve your loan, a good lender / broker has the ability to place the loan elsewhere.

As far as higher fees and rates, my experience is that banks can actually cost you more than a good quality lender / broker. Why? For example, you do not see any stadium or ball parks named after Ed Nailor. However, there are many big bank names tied to major arenas. They have to cover those costs in their retail offerings. As someone that works in Wholesale money, I can get mortgage money that does not have all that extra fluff built in. This allows me to be more competitive that the big banks majority of the time!

Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.

Going beyond the Approval

Charlotte Home Loans - Your Charlotte Mortgage Lender — Sat, 12 Apr 2008 22:08:09 -0500

So you have been pre-approved. Even better, you have actually been approved using an automated approval system. Now you know how much home you can buy and are ready to shop.
But as you shop for your home the budget doesn't seem to be enough. "Can't I just get a little bit more?"
I hear this often. The answer here is a quick... "Well, that depends..." On what?
Find out how (or if) you can go Beyond the Approval Limits
Mortgage information for Carolina residents. Check out CarolinaMortgageConnection.com for more information, suggestions, advice and tips on getting the best mortgage in the Carolinas.