Mint Hill NC Brick Ranch

• Just listed
• 5 Bedroom 3/12 Bath
• All Brick Ranch

 

• Very Large Lot

Large back yard and wonderful screened porch

Don't miss this opportunity to live in MInt Hill.

Call Rich Ferretti today for all the details

Rich Ferretti your Mint Hill Specialist

Mint Hill NC Homes and Mortgage update

)—If you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.

-Mortgage rates are blissfully low, and that may not last. The rate on a 30-year mortgage averaged 5% last week, according to Freddie Mac. Rates are low in part because the Federal Reserve has been buying up about $3 trillion in mortgage-backed securities and mortgage agency debt. The aim is to hold down interest rates and keep mortgages available. But the Fed is slowly removing that financial crutch as the economy improves. It has no plans to buy any more past March 30, 2010. The likely result is an uptick in rates. Meanwhile, the recovering economy by itself should raise rates as the year goes on. Economists at the Mortgage Bankers Association expect to see a 6.1% rate by year end. Such a rise would add about $104 to the monthly payment on a $150,000 mortgage

For more information contact

Rich Ferretti

Mint Hill Real Estate Specialist

Don’t (Necessarily) Say No To A Foreclosed Home - and other reasons to BUY NOW!

Sometimes during our search for real estate in the Charlotte area, we might overlook foreclosed homes--since there are so many great properties available. The forclosure seizure often leaves a stigma on these properties, but one that is fairly misunderstood. Foreclosed homes are often in just as good of condition as any other home on the market. But the benefits of buying a foreclosure home have never been better, thanks to two major factors. Home prices are at record lows and rare government incentives are available for a limited time…But neither factors will last forever!

Record levels of foreclosures hitting the market at the same time in Charlotte is keeping their prices low, and dropping. While their isn’t much wiggle room or bargaining with these properties, they are always deeply discounted… Many at a rock bottom price, and they probably won’t last, so consider buying now. The economy is already beginning to rebound, and the foreclosed homes will not stay on the market for long.

Now to the tax credit…The foreclosure tax credit gives buyers of foreclosed properties a $7,000 tax credit. This credit is to be divided equally between the two years following the home’s purchase. (For married couples filing separately, the credit will be divided into $3,500 per person.) One catch is that the credit is only available for real estate bought as your principle residence – not as investment property. You’d have to use the home as your home for the 24 months following the purchase date in order to receive the full $7,000 credit.

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out http://www.minthillrealty.com/

What is the FHA?

WHAT IS THE FHA?


The FHA (Federal Housing Administration) is an agency within HUD (Housing and Urban Development--a cabinet of the United States), and was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

The FHA does not require perfect credit or a high-paying job to qualify for a loan, and also makes loans more accessible by requiring smaller down payments than conventional loans. No tax dollars are used to fund the program. Lender claims paid by the FHA mortgage insurance program are drawn from the Mutual Mortgage Insurance fund. This fund is made up of premiums paid by FHA-insured loan borrowers.

To apply for an FHA-insured loan, you must meet the credit requirements, be able to afford the mortgage payments and the cash investment, and plans to use the property as a primary residence.

If you are interested in an an FHA loan, you can apply via mail, telephone, the Internet, or video conference. There is no minimum income requirement. But you must prove steady income for at least three years, and demonstrate that you've consistently paid your bills on time.

Are you looking for more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

For Sale: 2840 Barnard - Perfect Family Home

Who do you know that is looking for a home in this area or Matthews/ Stallings?

Make sure you check out the Virtual Tour--http://www.2840barnard.com/.

Listed at $225,000, this beautiful home has a great floor plan -- perfect for a family.

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

Real Estate Market Report

CHARLOTTE is experiencing a buyers market with prices trending downward. Average prices of existing homes range from 180k and 240K

-->Based on all data from the Charlotte Regional Realtor Association, as of November 9, 2009 the average sales price of homes in our area was $195,244. This was an increase of 1.1% over November of 2008. amd .5% over October 2009.

-->A recent Trulia.com study indicates that 31% of the active listings in Charlotte have been reduced an average reduction of 9.1%.

-->Things have improved in the last several months, with home sales averaging about 800 per month, (up from the first half of the year it where it was about 600 per month).

-->With 6,831 homes on the market, there is about an 8 1/2 month supply of inventory in the Charlotte area was given the rate of sales.

-->It is still a buyer's market, but the price per square foot sold is up--showing a positive sign for our market. Prices on closed sales has been as low as $95.00 in the last year and is now at $105 per square foot on average.

-->The Charlotte Observer reports that foreclosures are increasing. Sales increased due to government incentives and current listing showing activity seems to indicate that the current 2010 government home buyer incentives are working.


Listen to us LIVE on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am. - Talk to Rich Ferretti - Call 704.374.3500 with questions!


Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com

Home Closing 101

For first time home-buyers, the "closing" is sometimes an overwhelming flurry of lawyers, Realtors and paperwork. Many homebuyers really do not understand all of the details, and the complex issues can be confusing at best and can have major long-term ramifications.

Here are some details for first time homeowners about your closing:

WHAT HAPPENS AFTER I'VE APPLIED FOR MY LOAN?
It will take a mortgage lender 1-6 weeks to complete the evaluation of your application--and more and more often, they are asking for additional information. The faster you can provide that information, the faster your application will be processed. After the lender is satified with what you've provided, your information will be verified and the lender will make a decision on if you will be given a loan. They will let you know if you are an approved and if that is the case, a closing date will be set. After closing, you'll be able to move into your new home.

WHAT SHOULD I LOOK OUT FOR DURING THE FINAL WALK-THROUGH?
The walk-through is the last chance for you to walk through the house after it has been emptied. You will get a clear view of the walls and ceilings, and the opportunity to see any work the seller agreed to do in response to the inspection. If you notice any problems, you should bring them up prior to closing. It is the seller's responsibility to fix them.

WHAT MAKES UP CLOSING COST?
Closing costs are usually made up of the following:

-->Attorney's or escrow fees (Yours and your lender's if applicable)
-->Property taxes (to cover tax period to date)
-->Interest (paid from date of closing to 30 days before first monthly payment)
-->Loan Origination fee (covers lenders administrative cost)
-->Recording fees
-->Survey fee
-->First premium of mortgage Insurance (if applicable)
-->Title Insurance (yours and lender's)
-->Loan discount points
-->First payment to escrow account for future real estate taxes and insurance
-->Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
-->Any documentation preparation fees

WHAT CAN I EXPECT TO HAPPEN ON CLOSING DAY?
On your closing day, you will present your paid homeowner's insurance policy (or a binder) and receipt showing that the premium has been paid. The closing agent will then present a list of the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proofs of any inspections, required repairs and warranties.

You will be presented with all of the documentation and it will be explained to you. Once you're sure you understand each piece, you will sign the mortgage, agree that if you don't make payments the lender is entitled to sell your property (and apply the sale price against the amount you owe plus expenses). You will also sign a mortgage note, promising to repay the loan. The seller (or his agent) will give you the title to the house in the form of a signed deed.

You will pay the lender's agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds.

Now you are a homeowner!

WHAT DO I GET AT CLOSING?
At the closing, you will get a:

-->Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
-->Truth-in-Lending Statement
-->Mortgage Note
-->Mortgage or Deed of Trust
-->Binding Sales Contract (prepared by the seller; your lawyer should review it)
-->Keys to your new home

If you would like more information about the Mint Hill, Matthews and Charlotte area real estate market? Call me: Rich Ferretti, When YOU are ready! 704-564-0807
Check out www.minthillrealty.com