My Carolina Loan » Archive Posts

38 reasons to purchase a home in 2010!

Geoff Brown — Mon, 16 Aug 2010 19:01:26 +0000

Many people are on the fence about purchasing a home. It’s understandable as unemployment remains high and many people are worried about the economy and whether or not they are going to be able to reach their long term financial goals in these uncertain times.

Let’s also not forget that there is always opportunity in times of uncertainty. There are some incredible values on homes that are in foreclosure or going through a short sale.

I also sometimes feel like broken record in telling our clients how low mortgage rates are in relation to previous years. Well, I came up with 38 reasons why it’s better to purchase a home in 2010 than ever before……..

30 year Average Fixed Rates

REASON #1 1972 7.38%

REASON #2 1973 8.04%

REASON #3 1974 9.19%

REASON #4 1975 9.04%

REASON #5 1976 8.87%

REASON #6 1977 8.84%

REASON #7 1978 9.64%

REASON #8 1979 11.19%

REASON #9 1980 13.77%

REASON #10 1981 16.63%

REASON #11 1982 16.08%

REASON #12 1983 13.23%

REASON #13 1984 13.87%

REASON #14 1985 12.42%

REASON #15 1986 10.18%

REASON #16 1987 10.20%

REASON #17 1988 10.34%

REASON #18 1989 10.32%

REASON #19 1990 10.13%

REASON #20 1991 9.25%

REASON #21 1992 8.40%

REASON #22 1993 7.33%

REASON #23 1994 8.36%

REASON #24 1995 7.96%

REASON #25 1996 7.81%

REASON #26 1997 7.60%

REASON #27 1998 6.94%

REASON #28 1999 7.43%

REASON #29 2000 8.06%

REASON #30 2001 6.97%

REASON #31 2002 6.54%

REASON #32 2003 5.82%

REASON #33 2004 5.84%

REASON #34 2005 5.87%

REASON #35 2006 6.41%

REASON #36 2007 6.34%

REASON #37 2008 6.04%

REASON #38 2009 5.04%

TODAY’s Average 30 year fix rate in 2010….. 4.25%

(4.40% APR)!!! Please contact me today to get pre-approved.

The Year Is Half-Over. How Did The Housing Experts Fare On Their Predictions?

Geoff Brown — Thu, 01 Jul 2010 12:46:38 +0000

As 2009 was ending, the “experts” were busy making forecasts about the U.S. economy and what to expect in 2010.

With respect to the housing markets, two predictions were made again and again:

Home prices would fall in the first half of 2010
Mortgage rates would be higher in 2010

Well, it’s July 1 and the year is half-over. Both predictions are proving to be incorrect. Home values are rising in most markets and mortgage rates are down. Way down.

It reminds us that economists are much more skilled with analysis of the past versus predictions of the future.

A pile of data can only get you so far. Think of Charlotte housing market predictions like watching a local weather forecast. A meteorologist can look at the radar and tell you that rain is coming, but it’s never with 100% certainty. There is always a chance of change.

The housing market is the same way. Just as the U.S. economy is unpredictable, so are housing prices, and so are mortgage rates.

Therefore, when you have a personal finance decision to make, evaluate your options based on the information at hand today rather than an educated guess about the future. The future, after all, is subject to change — despite what the experts forecast.

Who loves the Charlotte area?

Geoff Brown — Wed, 28 Apr 2010 14:10:48 +0000

I was just thinking over the weekend how exciting it is to live here and how much has changed over the last 5 years. I was in Uptown this past weekend to enjoy the Bobcats Playoff game Saturday afternoon meanwhile the Queens Cup horse race was in full swing just south of the city. I walked by the new Bechtler Museum of Modern Art and saw that there were two different “Amazing Charlotte Races” going on while Quail Hollow was getting ready for the coming PGA event!

Can you also believe that the NASCAR Hall of Fame is set to open in a couple weeks? I love the energy of this city ! Please share the excitement with anyone looking to relocate here and tell them about how we can help them to find their dream home in the Queen City!

Tips of the WEEK !

Geoff Brown — Wed, 17 Mar 2010 16:47:45 +0000

FHA tip of the week……

• Increased Mortgage Insurance Premiums starting April 5th
• Reduced seller contributions from 6% to 3% starting April 5th
• You need to be under contract by April 1st so we have enough time to order the FHA case number to avoid the changes.

USDA tip of the week…

• USDA Funding will likely run out in April. Please work to get qualified with us and under contract as soon as possible. We will continue to originate these loans until the funding runs out but you must be prepared to choose another loan program if funding runs out.

Tax Credit tip of the week…

• Did you know that you don’t need to sell your primary residence to qualify for the $6500 Move-Up Credit? As long as you have lived in the primary residence 5 consecutive years out of the last 8, go under contract by April 30th and close by June 30th, you will be eligible for the tax credit even without selling their existing home.

Siemens expanding in Charlotte – adding 800 jobs

Geoff Brown — Thu, 11 Mar 2010 15:30:20 +0000

Charlotte is continuing to diversify it’s economy and create a new “energy capital” . Yesterday Siemens announced an expansion — its second in Charlotte in less than a year — that should bring more than 800 jobs and at least $170 million in local investment over five years. The new jobs would pay an average of $65,000 a year. The Shaw Group, which also services the energy industry, has also recently expanded in Charlotte. A nuclear division of Toshiba announced last year it would add nearly 200 jobs in the area. Having anchor companies – Shaw Group and Duke Energy is helping Charlotte move forward and rebrand itself as an energy hub.

#4 Best affordable suburb in the U.S.A – Huntersville, NC

Geoff Brown — Tue, 09 Mar 2010 15:42:32 +0000

I have called Lake Norman area home for over 5 years and absolutely love the area. I am not alone ! Huntersville which is located just 10 miles north of Charlotte was awarded the #4 best affordable suburb in the U.S.A

The town also offers a variety of beautiful parks. These parks are home to many amateur sporting events and youth tournaments every year and offer neighborhoods playground and team sport activities.

Huntersville also provides access to Lake Norman and its 520 miles of shoreline. This is great news for Charlotte and the Lake Norman area! It doesn’t hurt when it’s 70 degress yesterday and the boats were hitting the lake ! Every day, I am so happy to be living in the Carolinas where the quality of the life is fantastic ! Bring on the Spring !