Last week I was unable to publish my weekly update on the mortgage industry. For those of you that enjoy the updates, I do apologize! With the holidays here, please understand that the next couple weeks will be hectic and I will try to publish as much as I can.

Rates

Over the past 2 weeks, Charlotte mortgage rates have remained fairly flat. We have seen minor adjustments, but overall rates have stayed within 1/8th of the rates from a month ago. Over the next few weeks I anticipate rates to remain flat for the most part, however there is a trend that indicates rates will begin to adjust upwards very soon.

With that being said, borrowers with lower credit scores will see a slightly increased rate from last week. The Fannie Mae and Freddie Mac add-on for borrowers with lower scores has been implemented by most major lenders. So those with scores under 680 and less than 30% down will see slightly higher rates than those with perfect credit. More information about Mortgage Rates by Credit Score...

Mortgage Reform

As most people have heard by now, there is legislation underway before Congress to reform the way mortgages are created and originated. Both subprime and FHA mortgage loans are being looked at and major changes could be made. Although changes do need to be made, mortgage companies and real estate professionals across the country are working hard to be sure that Congress does no over-regulate the mortgage industry. The danger is that in a quick reaction to what has happened over the past few months, Congress could put such tight restrictions on who can qualify for a mortgage that they could easily lock many potential buyers out! Most changes are expected to be finalized in the next month or so.

First Time Home Buyers

First Time Home Buyers have had the hardest time in getting started as of late. Lenders have tightened guidelines and have required more documentation of items such as income. This has made it more difficult to get started in owning a home for some. The best advice for those that are considering buying a home is to get with a lender right away, even if you are not ready to buy today. Get pre-approved for a home loan and know where you stand. With all the changes coming down the pipeline, you do not want to be assuming you are ok based on 30 year old credit and home buying advice. Good lenders will know what is going on and how to best guide you towards being ready to buy. For more information, or to get pre-approved for a mortgage...

Is 100% done?

Lenders have been cutting back on a lot of programs. In many areas hard hit by foreclosures, 100% loans are getting impossible to get, regardless of credit. In the Carolinas, we still have access to No Money Down loans, but it is getting tougher. Underwriters are looking at loans harder than ever, so working with a top quality home loan specialist is more important than ever! Find out if you qualify for a No Money Down loan today!

Should I wait to buy?

The short answer is NO. If you are thinking about buying a home, now is the best time ever! Even with the lender and mortgage changes, now is the time! Rates will be going up soon, and getting qualified will only get tougher! And with such selection in homes for sale in the Charlotte area, you really need to get going! The first step is to get pre-approved so you know what you not only qualify for but also what you can afford. This is usually an easy process and should not cost you a dime! Get pre-approved to buy a home in Charlotte or anywhere in the Carolinas.

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This newsletter is brought to you by Ed Nailor, of The Ed Nailor Mortgage Team. Dedicated to educating, inspiring and assisting in the American Dream. - "when time and money really matter"

Ed Nailor

We know Charlotte Mortgage Loans

704-651-8704 Phone or visit http://www.ednailor.com/