Charlotte Mortgage Guy

03/26/2024

Did you know the seller can pay a portion of closing costs? Seller-paid closing costs (or seller concessions) are money paid toward the closing on your behalf.

There are exceptions to the rules, but the maximum allowable seller concessions by loan program are as follows.

• FHA loans: up to 6%
• USDA loans: up to 6%
• VA loans: up to 4%
• Conforming (Fannie Mae and Freddie Mac) loans: up to 3-9%, depending on down payment
• Investment properties: up to 2%

It’s important to remember that sellers are not going to just pay for your closing costs as a kind gesture. The amount is built into the sales price. It’s okay if the seller gets a higher sales price in exchange for covering your closing costs, as long as the property appraises for at least the sales price.

Consult with your real estate agent when negotiating your sales purchase.



Bill Goodwin
[email protected]
(704) 281-3808

*All assistance is provided in compliance with FHA guidelines.
*Integrity Home Mortgage Corporation is not affiliated with or acting on behalf of or at the direction of FHA or the Federal government.

03/25/2024

We know this topic is HOT HOT HOT.

The major changes include:
• The seller will no longer automatically pay both agents, though they can choose to do so.
• The fields that contain commissions will no longer be in the MLS.
• Sellers and buyers will have more flexibility in their negotiations, which could result in lower commission costs and lower home prices.

How will the changes impact the process?
• Sellers can still negotiate the commission they pay, and they may be able to secure a lower cost. They can agree to pay commission for the buyer's agent, but it's not required.
• Buyers can negotiate both the commission they will pay and how they will pay it, whether out of pocket or through other avenues.

The bottom line is that buyers and sellers will still compensate agents for the many services they provide, and these fees will be negotiable, like always.

Your agent and I will stay up on any changes that may occur before court approval. Please reach out with any questions or concerns, and we'll be happy to assist.

Bill Goodwin
[email protected]
(704) 281-3808

03/22/2024

Here's your weekly look at the markets!

Markets in a Minute

03/21/2024

Although these loans are similar, they’re not the same! It's important to know the differences.

If you already have a mortgage, a home equity loan or a HELOC will be a second payment to make, while a cash-out refinance replaces your current mortgage with a new one — complete with its own term, interest rate and monthly payment.

HELOCs usually come with an adjustable rate, so your monthly payments will vary.

A cash-out refinance replaces your original mortgage with an entirely new loan that's greater than what you currently owe. The difference between the current loan amount and the new loan amount provides the "cash out."

And though rates for cash-out refinances are generally higher than for rate and term refinances, your interest rate will still probably be lower than a home equity loan or HELOC rate.

Connect with us for more details to see if a cash out refinance might be right for you.

Bill Goodwin
[email protected]
(704) 281-3808

03/19/2024

Did you know we offer reverse mortgages?

Reverse for Purchase (R4P) is a strategic tool that allows adults 62+ to increase buying power for a new home while eliminating required monthly mortgage payments.

A Reverse for Purchase can give you more control over where you spend the years that matter most.

Program Requirements:
· Must meet all loan obligations, including using the property as your primary residence.
· Must pay property charges including first mortgage payment, property taxes, fees, and hazard insurance.
· Must maintain the home

Learn more at www.ReverseWithIntegrity.com

Bill Goodwin
[email protected]
(704) 281-3808

03/17/2024

Cheer to turning properties into four-leaf clovers and bringing the luck of the Irish to the closing table on every deal!

Happy St. Patrick's Day!

Bill Goodwin
[email protected]
(704) 281-3808