Olan will report regularly on the state of the mortgage market, rates, conditions and changes to the market. As we've all noticed, the mortgage market can change and change fast. He works for Myers Park Mortgage, the area's largest mortgage lender.
NO DOC LOAN CHANGES
I currently work for the largest mortgage broker in the Charlotte area, as ranked by the Charlotte Business Journal. We are known for aggressive programs and rates. One area I have personally specialized in is No Doc loans, especially for people new to the area.
When you first move to a new state and don't have employment in place, you can not qualify for a new home with a traditional mortgage. I have often been able to help borrowers with high credit scores and large down payments to close on their new home before they obtain employment in the Charlotte area, and typically with very good interest rates.
These programs have changed greatly! Most lenders have stopped offering them or have raised the interests by several percentage points. I just had a client ask me if she could get a No Doc loan for an investment property. After checking with our product specialist, I discovered that we no longer have any lenders offering that program. Hopefully with time these products will return, but for now you can plan on paying over 9.00%.
CURRENT RATES - 9/14/2007
This is not a rate quote. I am posting the average market range for each program.
30 Year Fixed - 6.00% to 6.5%
30 Year Fixed (Zero Down) - 6.375% to 6.75%
15 Year Fixed - 5.625% to 6.00%
FHA/VA 30 Year Fixed - 6.25% to 6.50%
Olan Carder
Olan Carder
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