News You Can Use

Who doesn’t love a sale? That’s exactly what’s going on with our housing market right now.  Economists speculate we may be near the bottom of the market – and with it the lowest home prices.  If you’ve been eyeing your dream home for awhile, now might be just the time to scoop it up.

Once the perfect home is found, the next important step is arranging the mortgage.  The good news – and somewhat contradictory to reports – is that money IS being lent…everyday…to all sorts of buyers. 

When I started lending, ‘full documentation’ was the only way to get a loan.  Then the pendulum swung to the other extreme – where people could essentially ‘sign and drive’ to buy a home.   Over the past few years, the lending guideline pendulum has swung back to ‘old school’.   ‘Old school’ meaning: borrowers need need to meet a minimum credit score requirement, have a stable job, money in the bank and demonstrate the ability to repay the loan – not too wild of a concept.  Many loan types are available to fit long and short term goals.   

If you or someone you know, is interested in buying a home,  contact me to evaluate options and get preapproved.  A preapproval is a review of income, assets and credit history that allows a buyer to evaluate the best available options, help narrow a home search and give buying power when it’s time to make an offer.  Here’s to a wonderful 2011!________________________________________________________________
Rebecca Madej is a Charlotte mortgage banker who excels at helping clients choose the appropriate mortgage strategy and enjoys demystifying the financial process on her blog at rebeccamadej.com.   She publishes a weekly “Mortgage Matters” e-newsletter and can be reached at rebeccam@cunninghammortgage.com or 704.488.8883.

News You Can Use

This weekend the Charlotte Observer reported that Simonini Builders is proceeding with spec homes in three high-end neighborhoods.  As the article mentioned, increased interest in home purchases lines up with the activity we’re seeing in our office.  Hopefully the recent rebound in Charlotte’s home market will continue as first-time and move-up buyers try to purchase a home in time to get a tax credit.

With most mortgage programs requiring a minimum credit score of 620, some prospective homebuyers are nervous about getting preapproved because they’re unsure of what their credit report may contain.  My advice for these clients is that the smartest strategy is to proceed with the preapproval so we can review their report together for understanding and clarification.  If necessary, we can then develop a plan to get them in the position to buy a home.  Hoping derogatory credit information goes away often doesn’t work but credit knowledge and efficient actions will!

My main operation base is our SouthPark office but like many of you I have times when I’m on the go – to a closing or an appointment – and it’s important that my office is a mobile one.  I thought these ten tips for those of us on the go were useful reminders about mobile offices’ best practices and worthy of sharing.

The first half of the week looks to be exciting in the world of mortgage rates.  We have a report tomorrow on retail sales and then Fed Chairman Ben Bernanke will speak at noon.   Then Wednesday will bring October’s Consumer Price Index report.  In the latter part of the week the bond market will likely take its lead from the stock market’s performance.

Featured Loan Program

Jumbo ARMs

Cunningham & Company offers below market rates on Jumbo ARM loans.

• Owner Occupied or Second Home
• 3/1, 5/1, 7/1 and 10/1 ARMs available – Fully amortizing or Interest Only
• Minimum credit score of 700
• 30 and 40 Terms available
• 75% max Loan to Value

Have You Heard?

Have you heard about Charlotte’s Organica Deluxe – an eco-friendly online boutique?  If you haven’t, there’s an opportunity to check out what they’re all about at their Pop-Up-Shop at Phillips Place.  Best part – you can support a local business while finishing (or starting) your holiday shopping!

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