North Carolina 2nd Mortgage Resources

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How Market Conditions Affect Interest Rates
When the Chairman of the Federal Reserve lowers “rates, he lowers the “Federal Funds rate. Its the interest rate at which large banks lend funds to one another and is a “short-term rate. Mortgage interest rates are long-term, up to 30 years. Longer-term interest rates are sensitive to expectations about inflation. When short-term rates fall, like the ones the Federal Reserve controls, borrowing and spending usually increase, which can actually cause inflation. Longer-term rates, like mortgage interest rates, can rise when concerns about inflation increase.

What is a Field Review Appraisal?
In todays market, many loan programs are now requiring a field review appraisal in addition to a standard appraisal. This allows the lender to feel more comfortable with the opinion of value given by the original appraisal.

Credit inquiries
Credit inquiries may reduce credit scores due to the association of inquiries to high risk of default. Borrowers that are distressed may contact many lenders to shop around but may in turn be hurting their scores because of multiple inquiries.

Renting
Renting an apartment or renting a house can be a very exciting time in ones life, especially if this is your first time being out on your own. There are many things you need to be aware of when renting a house or renting an apartment. Be aware that there will be other items that you will need to pay for such as phone service, gas services, electric services, water and sewer, trash service, Internet and/or cable service, etc... Some of these will probably be included into your monthly rent payment, but it is highly advised that you ask questions about these items and read your rental agreement very carefully.

Who is Eligible for a First Time Buyer Loan?
Who is Eligible for a First Time Buyer Loan? First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.

High debt to income ratio mortgage loans
Many people have high debt to income ratios and can still qualify for a mortgage loan. There are many options available out there for people who have a high debt to income ratio, also referred to as DTI. One solution to a high debt to income ratio is to work with a lender that allows for a high debt to income ratio. Typical good credit lenders allow for debt ratios around 40%, although many times an automated underwriting system may qualify borrowers with a much higher DTI too. Typical below average credit score lenders will allow a maximum debt to income ratio of 50%. Then there are even a few other lenders who will allow debt to income ratios up to 55%, and sometimes even 60% on rare occasions. Consult a mortgage broker today to find the right lender for your individual situation.