Rates have improved from where we ended the week last week. The markets ended

down overall today with mortgage backed securities edging up in price due to a pretty

steep drop in the bond market today.

It still appears that some of our competitors are pricing themselves out of the market to

control volume. I had two rate shoppers call in today who refused to believe my rates

based on what they were hearing from their banks!

W.R. Starkey had its best single month ever last month and is on course to have an

even better month this month! In anticipation of the huge increase in volume, we've

increased our capacity to fund loans by $200,000,000! 

Today's rates:

30 Yr Fixed: 4.875% (5.132% APR)

Conforming Loan - Based on 1% Origination, $200,000 loan amount.

15 Yr Fixed: 4.75% (4.926% APR)

Conforming Loan - Based on 1% Origination, $200,000 loan amount.

30 Yr Fixed: 5% (5.292% APR)

FHA Loan - Based on 1% Origination, $200,000 loan amount.

Jumbo 5 Year ARM: 4.75% (5.012% APR)

Jumbo - Based on 1% Origination, $1,000,000 loan amount

Jumbo 7 Year ARM: 5.125% (5.393% APR)

Jumbo - Based on 1% Origination, $1,000,000 loan amount

30 Yr Fixed: 6.5% (7.128% APR)

Investment Property - Based on 1% Origination, $100,000 Loan Amount***

(Green = Rate Improved / Red = Rate Worsened / Black = Rate Unchanged)

These are just a few of the products I have to offer. Please call me if you a have a

specific program type in mind and I'll be happy to customize a quote for you.

Max Robertson

Sales Manager

W.R. Starkey Mortgage

(P) 704.439.3481

(F)  866.662.8110

(M) 704.490.2774

maxrobertson@wrstarkey.com

Recent volatility is linked to some movement in Treasuries last week. Also, please be aware that the Fed is meeting next week (Jan. 27 and 28). This could certainly spark some upward rate movement.

Today's rates:

30 Yr Fixed: 4.875% (5.132% APR)

Conforming Loan - Based on 1% Origination, $200,000 loan amount.

15 Yr Fixed: 4.625% (4.876% APR)

Conforming Loan - Based on 1% Origination, $200,000 loan amount.

30 Yr Fixed: 5% (5.327% APR)

FHA Loan - Based on 1% Origination, $200,000 loan amount.

Jumbo 5 Year ARM: 4.75% (5.012% APR)

Jumbo - Based on 1% Origination, $1,000,000 loan amount

Jumbo 7 Year ARM: 5.125% (5.393% APR)

Jumbo - Based on 1% Origination, $1,000,000 loan amount

30 Yr Fixed: 6.5% (7.128% APR)

Investment Property - Based on 1% Origination, $100,000 Loan Amount***

(Green = Rate Improved / Red = Rate Worsened / Black = Rate Unchanged)

These are just a few of the products I have to offer. Please call me if you a have a specific program type in mind and I'll be happy to customize a quote for you.

Got a client you need prequalified? Give me a call!

Have a great day!

Max Robertson

Sales Manager

W.R. Starkey Mortgage

www.LoansByMax.com

Phone: 704-439-3481

Cell: 704-490-2774

Fax: 704-439-3490

Today's rates:

30 Yr Fixed: 4.625% (4.872% APR)

Conforming Loan - Based on 1% Origination, $200,000 loan amount.

15 Yr Fixed: 4.375% (4.542% APR)

Conforming Loan - Based on 1% Origination, $200,000 loan amount.

30 Yr Fixed: 5% (5.327% APR)

FHA Loan - Based on 1% Origination, $200,000 loan amount.

Jumbo 5 Year ARM: 4.75% (5.012% APR)

Jumbo - Based on 1% Origination, $1,000,000 loan amount

Jumbo 7 Year ARM: 5.125% (5.393% APR)

Jumbo - Based on 1% Origination, $1,000,000 loan amount

30 Yr Fixed: 6.75% (7.128% APR)

Investment Property - Based on 1% Origination, $100,000 Loan Amount

(Green = Rate Improved / Red = Rate Worsened / Black = Rate Unchanged)

These are just a few of the products I have to offer. Please call me if you a have a specific program type in mind and I'll be happy to customize a quote for you.

Got a client you need prequalified? Give me a call!

Have a great day!

Max Robertson

Sales Manager

W.R. Starkey Mortgage

www.LoansByMax.com

Phone: 704-439-3481

Cell: 704-490-2774

Fax: 704-439-3490

As a life long resident of the Lake Norman area, it was  hard to imagine the lake as a vacation destination for travelers from all over the United States....But I found out a few years ago how wrong I was!!!  

My husband and I purchased a small home on the water in  2004 with the plan of updating it, renting it out on a yearly lease for a few years, then selling it, hopefully for a profit.   We then decided that it could be more profitable for us to rent it weekly as opposed to monthly.  So, when the remodel was complete, we furnished it from top to bottom with great furniture, kitchen supplies, linens, small appliances...the works...

It took about a month from the time we began advertising the rental to book it solid for the entire summer of 2005, at $1750 per week.  (We were shocked! ) We had plans to charge a monthly rent of the same!  We were pleasantly surprised to find out just how many people wanted to come to Lake Norman to spend their vacation time with their families, as opposed to going to the mountains or the coast.    We also booked the home for other events throughout the year..... wedding parties,  families coming in to attend graduation,  NASCAR race weeks,  the holidays, spring break, class reunions, etc......We even had guests come stay with us that booked for several weeks while they shopped for a home in the area.  

At the time we started renting our home there were only 15 or so waterfront rentals.  Now there are over 75....all around the Lake, from a small lake cabin to a waterfront estate.  You have your choice.  The options are varied and come in all sizes and price ranges.

If you need help in finding a vacation rental on Lake Norman, please never hesitate to call me!  It truly is a wonderful way of enjoying our wonderful Lake for just a little more than the cost of a hotel room, especially if you are bringing in a family or several couples.  Most properties will rent by the week, and give you small discount for multiple weeks/months.  And it is a great option for those needing furnished temporary housing in the area for whatever reason.

And if you are interested in investing in a Lake Norman waterfront home...it is a great way to get return on that investment!!! 

Here's a thought....Just say you live elsewhere, but have plans of retiring to Lake Norman down the road.  Why not buy NOW, while WF prices and interest rates are  LOW, and rent the home out as  a weekly vacation rental until you are ready to move to the area??  That way you can still come to use your home whenever you would like,  and cover some or most of that monthly mortgage..    

If you need assistance in searching for a waterfront home, or just want some pointers on renting your current home,  I will be happy to assist!   Never hesitate to contact me at 704-995-9838 or email at elizabeth@christywalker.com.

Elizabeth Davis

Buyer Specialist -Christy Walker & Associates

Keller Williams Lake Norman

704-995-9838

Buying, Selling, or Flipping Foreclosed Homes Part II

In my last blog I left you at the step of Identifying prospective properties for purchase through foreclosure. Now comes the fun part! There are 3 different ways to buy foreclosed or pre-foreclosure (short sale) properties:

1. The Short Sale.

This is when the deal is done through the seller, with approval from the bank, accepting any losses on the short sale. In this instance the bank is basically saying that they don't want to have to go through the hassle of selling the home themselves. They are in the financial business, not the real estate business and it takes time, man-power, and costs them money to have the home cleaned out, to hire a realtor to list the home and pay them commissions, and to deal with the paper work and red tape required to foreclose on a property. Sometimes they would rather take a loss on the property up front rather than go through all of that hassle so they accept a deal for less than what they are owed. Once again this is what's known as a Short Sale.

2. On the court house steps at the foreclosure auction.

This is arguably the best way to find a true deal on a home, but it is also the most time consuming, frustrating and difficult. It starts with visiting your local courthouse and finding where the list of homes to be sold on the courthouse steps is posted. This is usually outside the clerk of courts or register of deeds office and is posted on the 1st of the month...although sales aren't held every month. Then comes the research. This part of the process is very involved and difficult to explain so call me when you get to this point and I'll help you through. Basically you must pull the file on the property, contact the executor on the estate to insure the home is actually going to be sold, find how much is owed to the bank, complete a comparative market analysis to determine the value of the home, visit the home to see the condition so you can get a feel for how much it's going to cost to get the home in livable condition (if any), then hope that the home actually makes it to auction. The homes are sold in true auction form and you must have bring with you in certified funds 10% of the final auction amount. You must wait through the 10 day upset bid period through where anyone can upset your winning bid by offering more than 5% of what you offered. These upset bids will go back and forth until no one brings a higher offer. Then there's a 5 day statutory redemption period where the original owner can buy the property back from the bank for what is owed. If you make it through all this, the home is yours! Like I said, it is hard work.

3. Through the bank after a foreclosure auction where no one bid high enough to satisfy the bank note.

If no one buys the home at the auction, or the bank feels they can get substantially more for the home on the open market, the bank will have a Realtor list it as bank owned. They will usually price it under market value and negotiate substantially more than a typical seller. This process is more difficult than a typical sale because you're dealing with a bank, not an individual, and it can take weeks to get an answer on an offer, but often you'll get better than market price on the home.

Did you know that you can get FREE buyers representation just by calling me at 704.467.0669. My commission is paid by the Seller! What does that mean? That means you have someone fighting on your side, someone who already knows and has great relationships with the inspectors, attorneys, surveyors, handymen, and  property managers needed to make the transaction happen, all for FREE! It's as easy as a phone call.

Buying, Selling and Flipping Foreclosures Part I

It seems that the next trend in Real Estate, at least for the next couple years, will be in foreclosure sales and investment. Now don't get me wrong, I'm not saying this is a new trend, but given the current market conditions, the rising unemployment rate, and the growing number of people unable to make their mortgage payments, it's inevitable that we'll see an even greater increase in the number of homes available for short sale or foreclosure.

The process is not easy by any means, but for the prepared individual willing to put forth the effort and take a little risk, the gains (or savings) can be substantial. It starts with identifying which properties are available for short sale or foreclosure. There are a large number of resources available for someone searching, but very few of them are free. One website that will provide you with a small number of available foreclosures is http://www.hud.com/ . Of course this site only shows you HUD owned homes, but it's a start. You can also visit the county courthouse at the beginning of the month for a list of homes to be auctioned. For more accessible, including online and hardcopy sources, please don't hesitate to contact me as I personally subscribe to several of them.

The next step is to determine the condition and market value of the home. This is usually best left to the professionals as we have resources making information readily available to us, allowing us to look at and compare recent sales. We are also very familiar with market conditions. This helps us form an educated opinion on the potential appreciation for the property and at what price you need to stay below in order to make the effort worthwhile.

I will continue this article on Monday November 10th, 2008. For immediate help please contact Mike Iosue at 704.467.0669.

Did you know that you can get FREE buyers representation just by calling 704.467.0669. My commission is paid by the Seller! What does that mean? That means you have someone fighting on your side, someone who already knows and has great relationships with the inspectors, attorneys, surveyors, handymen, and  property managers needed to make transaction happen, all for FREE! It's as easy as a phone call.