Da ADR BLOG

Raleigh, North Carolina (PRWEB) April 05, 2014
 
February 2014 data point to continued short supply of housing stock in the Research Triangle (Raleigh, Durham and Chapel Hill), as Andy May, the mortgage expert, and Lynn Furr, Realtor, explain the data. Raleigh-Durham-Chapel Hill continues to be a Sellers' Market. As predicted over the last year, home prices are gapping northward in Wake County, up 11.8% year over year through February (median home prices) 2014.
With a housing supply that has fallen to just 3.8 months, according to Triangle MLS, this top relocation market will see home prices continue to rise. Interestingly, due to the bad weather Raleigh has experienced (nothing like New York, Chicago, and other frozen tundra areas), there was a slight increase in housing stock supply to 3.8 months from 3.5 months in January. As expected, during the run-up to spring (March) additional homes were listed and about 300 extra homes caused the housing supply to extend to 3.8 months. This number is low by any standard, except looking at it from January to February of 2014. Year over year data indicate a 25% reduction in housing stock from 5.1 months to 3.8 months.
Here's the additional data: 
Unit home sales in Wake county are up +5.6% in February 2014 compared to February 2013. Lynn Furr, Realtor, can provide neighborhood level data when looking more specifically. Additionally, average home prices are rising rapidly. February 2014 home prices are up 11% compared with the same period last year (median). The percentage off original list price that a home sells for in Wake County has also risen to 97.5% February 2014. Indicating that sellers are getting closer to the original list price. 
While all this is interesting, what about the future housing stock and unemployment rates in Wake County? Wake County has a super-low housing stock supply of 3.8 months (aka a "Sellers Market").
Couple the housing stock numbers with job growth (and unemployment) and future home prices can be predicted with relative accuracy. According to WRAL, the Triangle has some of the lowest State unemployment levels. This site has a color-coordinated map that easily illustrates that future job growth is around the counties of the Triangle area (Wake county unemployment is down to the upper 5% range).
Triangle residential home price appreciation should continue to follow a low overall unemployment rate with a short supply of housing stock. Durham and Chapel Hill data can be requested by contacting Andy May, the mortgage expert.
On the National front, we turn to Case Schiller indices to see where the home price market has corrected to within 25% of the 2008 peak. Home prices nationwide are back to 2004 levels and have another 25% to go before hitting the all-time high level of 2008.
For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Lynn Furr, Realtor, states, "The Triangle has remained a top 5 relocation market due to excellent schools, outdoor activities, and a big city life style at country prices."
Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. Why risk your biggest asset to an 18 year old unlicensed person at a bank or credit union (these "loan officers" are often times unlicensed, although afforded lofty titles)? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. Refinance, Purchase, VA, FHA, and nearly every loan product - for additional information, please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.

Posted by Andrew Walter May on April 9th, 2014 11:52 AMPost a Comment (0)

Subscribe to this blog

Best Raleigh Mortgage Broker, Andy May, Explains Top Five Ways to Tell if the Consumers' Builder is Deceptive

Best Raleigh Mortgage Broker explains top five ways to tell if the builder is deceptive, by Andy May, the mortgage expert.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

andymay@adrmortgage.com

Get independent, professional fiduciary help, that's not always the consumers' Realtor since they may be be-holden to the builder. One Realtor showed us her husbands' custom built homes without informing us.

Raleigh, North Carolina (PRWEB) March 21, 2014

Best Raleigh Mortgage Broker, Andy May, explains top five ways to tell if the consumers' builder is deceptive. Top five ways to tell if the home builder is deceptive. The Consumer Financial Protection Bureau is here to help with unfair and deceptive mortgage practices. But if the consumer doesn't have a personal relationship with one of these Washington D.C. employees, can the State Banking Commission help? Can the consumer understand if the builder is deceptive? It's more than the Chinese wall-board situation. It's about full disclosure at the closing table. Here are the five ways to tell if the consumer is getting a fair deal.

First, if the builder only allows one lender-option the consumer may be deceived into thinking their is an "open market" for the property and the loan. Andy May, the mortgage expert, has seen many cases where a "Too-big-to-fail" bank offers a "great deal" on the mortgage. The builder indicates that the consumer can only use this one Bank. Why? Often times the bank changes the rate and fees and/or the builder simply jacks the sales price up and papers over the appraisal. The consumer loses by potentially purchasing an inflated home. The result? The community may implode on itself. This deceptive practice continues to go on despite all the changes in the mortgage industry. The consumer, rather than save .125% on the rate, winds up potentially losing $25,000 or more. Regulators have tried to stop this insidious practice, with limited success.

Second, if the person selling the property to the consumer is the same person "pulling" the consumers' credit and signing the purchase and sales contract the consumer may be getting "bundled". One client came to ADRMortgage.com in this situation, and often times the builder keeps the earnest money and due diligence checks when the consumer doesn't want to use the in-house providers (ADR got this consumers' due diligence and earnest money back). Builders have quite the profit incentive to simply keep your down payment, due diligence and earnest money. Many consumers never get their money back. If the Realtor says, "put your best foot forward and pay full price" - run, don't walk.

Third, hire custom builders. The big box builders are professional at getting the most profit out of the deal - and even potentially leaving the consumer with no mineral rights to the consumer's own property. Be a wise consumer and google the US Justice Department or the State Attorney General's office and the big box builder's name prior to stepping foot in a new development. If there are over a million complaints on the builder, simply select a smaller custom builder that isn't the "one-stop-shop" experience that is being sold. Remember, if all the consumer's advice is coming from the same circle-of-companies (owned or paid under a CBA - controlled business arrangement) the consumer may pay more than the property is really worth.

Fourth, check the local government websites (http://services.wakegov.com/realestate/) for the cost per square foot, not of the builder's offerings but rather, of the neighborhoods within 1 mile of the builder. Here the consumer will see what the cost per square foot is, for competitor properties. If the builder wants an extra $25 or more per square foot the consumer should seek professional help.

Lastly, if the builder has the potential to open up the back-40 to "estate homes". Run, don't walk. These often times wind up never happening, or worse yet getting converted to town homes. Andy May has built several custom homes and knows what to avoid and what the consumer can expect.

Call Andy May if interested in getting pre-approved for a loan at 919-771-3379.

Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. Why risk your biggest asset to an 18 year old unlicensed person at a bank or credit union (these "loan officers" are often times unlicensed, although afforded lofty titles)? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. Refinance, Purchase, VA, FHA, and nearly every loan product - for additional information, please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.


Posted by Andrew Walter May on March 21st, 2014 10:11 AMPost a Comment (0)

Subscribe to this blog

Lynn Furr, Realtor Coldwell Banker and Andy May, senior loan officer ADRMortgage.com explain December 2013 home price data in the Triangle (Raleigh Durham Chapel Hill).
Home Prices continue to go up as Wake County and the Triangle experience strong growth.

http://www.myprgenie.com/images/business_news_room/press_release_icon.png

Raleigh, North Carolina -- Jan 17, 2014 / (http://www.myprgenie.com) -- December 2013 data point to continued short supply of housing stock in the Research Triangle (Raleigh, Durham and Chapel Hill), as Andy May, the mortgage expert, and Lynn Furr, realtor, explain the data (919-306-0018). Raleigh-Durham-Chapel Hill continue to grow as relocation and government spending in the capital city propel home prices.

 

With a housing supply that has fallen to just 3.5 months, according to Triangle MLS, this top relocation market will see home prices continue to rise.
Here's the data:

 

Unit home sales in Wake county are up +19% in December 2013 and +25% YTD through December 2013. Lynn Furr, Realtor, can provide neighborhood level data when looking more specifically. (919) 306-0018. Additionally, average home prices are rising rapidly. Average YTD through December, 2013 home prices are up 4%. The percentage off original list price that a home sells for in Wake County has also risen to 98% YTD December 2013. Indicating that sellers are getting closer to the original list price.

 


While all this is interesting, what about the future housing stock 
and unemployment rates in Wake County? Wake County has a super-low housing stock supply of 3.5 months (aka a "Sellers Market"). The supply of home inventory is down another 28% December 2013 over December 2012 resulting in only 4836 homes for sale (less than 4 months supply).

 

Couple the housing stock numbers with job growth (and unemployment) and future home prices can be predicted with relative accuracy. According to WRAL, the Triangle has some of the lowest State unemployment levels. This site has a color-coordinated map that easily illustrates that future job growth is around the counties of the Triangle area (Wake county unemployment is down to the mid 6% range).

 

Triangle residential home price appreciation should continue to follow a low overall unemployment rate with a short supply of housing stock. Durham and Chapel Hill data can be requested by contacting Andy May, the mortgage expert.

 

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Lynn Furr, realtor, states, "The Triangle has remained a top 5 relocation market due to excellent schools, outdoor activities, and a big city life style at country prices."

 

Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. Why risk your biggest asset to an 18 year old unlicensed person? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.


Contact: Andy May, andymay@adrmortgage.com, 9197713379 


Posted by Andrew Walter May on January 22nd, 2014 9:58 AMPost a Comment (0)

Subscribe to this blog

Why Raleigh and Fayetteville home prices continue to head up through November, 2013.

Raleigh, North Carolina (PRWEB) December 14, 2013

November 2013 data point to continued short supply of housing stock in Fayetteville and the Research Triangle (Raleigh, Durham and Chapel Hill), as Andy May, the mortgage expert, and Lynn Furr, realtor, explain the data (919-306-0018). It's official - Raleigh-Durham-Chapel Hill is a Sellers' Market.

Heat maps show where home prices have advanced throughout the nation. Florida is + 10 to 25%, Virginia is +4 to 6%, and North Carolina is +6 to10% according to the federal government hyperlink above (4th quarter home price increases). And according to Case Shiller data, national home prices have increased to reach the levels experienced in Q2-2004.

With a housing supply that has fallen to just 4 months, according to Triangle MLS, this top relocation market will see home prices continue to rise.

Here's the data:
Unit home sales in Wake county are up +12% in November 2013 and +25% YTD through November 2013. Lynn Furr, Realtor, can provide neighborhood level data when looking more specifically. (919) 306-0018. Additionally, average home prices are rising rapidly. Average YTD through November, 2013 home prices are up 3.8%. The percentage off original list price that a home sells for in Wake County has also risen to 98% YTD November 2013. Indicating that sellers are getting closer to the original list price.

While all this is interesting, what about the future housing stock and unemployment rates in Wake County? Wake County has a super-low housing stock supply of 4 months (aka a "Sellers Market"). The supply of home inventory is down another 9% November 2013 over November 2012 resulting in only 5500 homes for sale (about 4 months supply).

Couple the housing stock numbers with job growth (and unemployment) and future home prices can be predicted with relative accuracy. According to WRAL, the Triangle has some of the lowest State unemployment levels. This site has a color-coordinated map that easily illustrates that future job growth is around the counties of the Triangle area (Wake county unemployment is down to the mid 6% range). Fayetteville is slightly higher with a 9%+ unemployment rate in Cumberland County.

Triangle residential home price appreciation should continue to follow a low overall unemployment rate with a short supply of housing stock. Durham and Chapel Hill data can be requested by contacting Andy May, the mortgage expert.

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Lynn Furr, realtor, states, "The Triangle has remained a top 5 relocation market due to excellent schools, outdoor activities, and a big city life style at country prices."

Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. Why risk your biggest asset to an 18 year old unlicensed person? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.

For the original version on PRWeb visit: http://www.prweb.com/releases/2013/12/prweb11417417.htm



Read more: http://www.virtual-strategy.com/2013/12/14/november-2013-data-reveal-new-gains-raleigh-and-fayettville-home-prices-heat-maps-include#ixzz2pnL1NtvU
Read more at http://www.virtual-strategy.com/2013/12/14/november-2013-data-reveal-new-gains-raleigh-and-fayettville-home-prices-heat-maps-include#rF7v2863UK6UahKu.99

Posted by Andrew Walter May on January 7th, 2014 11:48 AMPost a Comment (0)

Subscribe to this blog
November 6th, 2013 3:53 PM

What to Ask When Looking for a Mortgage Broker in the Raleigh NC Area, by Andy May Licensed Professional Loan Officer

Posted:

This article was originally distributed via PRWeb. PRWeb, WorldNow and this Site make no warranties or representations in connection therewith.

SOURCE:

This release answers the question what to ask when looking for a mortgage broker in the Raleigh NC area.

Raleigh, NC (PRWEB) November 06, 2013

While many consumers ask for a mortgage broker in the Raleigh NC area, consumers needs to know why. Andy May, explains in five easy steps why a consumer needs a mortgage broker in the Raleigh NC area.

First, the consumer should run when they see descriptive advertising for a loan officer that states, "enthusiastic" or "highly educated." Rather, the consumer should look for license number (103418) or Duke University Fuqua School of Business as the true substance behind the person the consumer hires. What are the facts? Don't let the "loan officer" (in quotes since the consumer could actually be a loan officer if the bank hires them, with no other requirement than being 18-years-old) hide behind the bank.

Second, has the "loan officer" been at the bank fewer than five years in the "loan officer" position? Approximately 80% of bank loan officers fit that description. Bank loan officers barely make enough to survive, as the bank keeps the bulk of the money on a loan and shares very little with the potential 18-year-old.

Third, does the bank offer other bank mortgage products? Probably not. By definition brokers do.

Fourth, why is it so important to have a licensed loan officer? A relatively simple question with a simple answer: Fiduciary. Licensed loan officers have an obligation to look out for the consumer, whereas unlicensed loan officers do not.

Fifth, google the word "complaints" and the bank. Then google the word "complaints" and the broker's name. Simple to see why banks are losing business.

At ADRMortgage.com consumers will not see the following (that was in my mailbox today): New Rate: 2%/3% Fixed. What does that mean? ADRMortgage.com is a licensed broker and the consumer's fiduciary by law.

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Get the most value out of a home sale or purchase by working with licensed professionals who have significant experience. Youll be thankful you did. You can find additional information from Andy May, mortgage expert, at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information, please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.

For the original version on PRWeb visit: http://www.prweb.com/releases/2013/11/prweb11301341.htm

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.


Posted by Andrew Walter May on November 6th, 2013 3:53 PMPost a Comment (0)

Subscribe to this blog
October 22nd, 2013 8:55 AM


Top 5 Home Buyer Risks for the New 2013 Due Diligence and Earnest Money Deposit Equation Explained by Andy May, the Mortgage Expert

New regulations are causing financial losses for un-enlightened home buyers, explains Lynn Furr, Realtor, and Andy May, mortgage expert.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

andymay@adrmortgage.com

I was sitting there purchasing ice cream at the grocery store listening to a bank employee repeat the social security number of someone getting a loan....that's just wrong.

Raleigh, North Carolina (PRWEB) October 18, 2013

Andy May, the mortgage expert, and Lynn Furr, veteran of the Raleigh North Carolina real estate market, explain the top 5 reasons why the consumer needs to be well educated before moving on the purchase of a new home.

Who is the consumers' fiduciary? Where does this person work? What are this person's credentials? Is this person regulated by the State? Federal entities? Will this person be fired next week, with 50,000 other bank employees? Is this person licensed?

These are the basic questions a consumer should ask when employing a professional to handle the consumer's (likely) largest liability. After-all, some banks hire only 18 year olds to sell, sell, sell... without a care for the after-effects on the consumer. Here, Lynn Furr, 919 306 0018, and Andy May explain five important methods to limit the consumer's liability when purchasing a home.

Number 1 - 
Do not "put your best foot forward" when making an earnest money and due diligence check out to the seller.

Some Realtors use this as a tactic to force the consumer into purchasing the property. Andy May just had this experience occur whereby the consumer put down $10,000 on a $300,000 purchase. Whoops. There it goes. We were unable to close this loan due to the consumer's change in marriage status during the underwrite. And what about the $10k? Goodbye. So, don't think that putting more money down for earnest money and due diligence is a good idea. Lynn Furr states, "some consumers think that more money makes the consumer look stronger, when in reality it only hurts the consumer financially if the property isn't purchased".

Number 2 - 
Remember, the consumer is the best advocate for the consumer (get educated). A consumer should put no more than 1% of the purchase price down for both earnest money and due diligence. Due diligence money is considered "at risk" and is lost if the home is not purchased. This started in 2011 and benefits the seller for the seller's time. If the home doesn't appraise then due diligence money may be recovered. But effectively, the consumer needs to know that this money is gone when the due diligence period hits.

Number 3 - 
Change the contract. Yes, attorneys and Realtors love to hear that (facetious). One property that is closing this month the buyer wrote into the purchase and sale contract a two-tier due diligence period (11-20 days $200 and 21 days and beyond $500). If the person hired to be the Realtor doesn't understand this - educate!

Number 4 - 
While the seller will get the buyer's due diligence money when the date hits, the buyer will also have to pay $425 for an appraisal and $350 for home inspections. Lynn Furr recommends getting the inspection first, so if the results are bad then the buyer can re-negotiate before spending the $425 for an appraisal. Generally a home buyer should expect to lose between $500 and $1,000 per home that is put under contract and not purchased, sometimes more if the time period extends into 3 weeks or so of review.

Number 5 - 
Earnest money is the biggest part of the equation. If the consumer isn't able to obtain financing then the buyer often times will receive the earnest money back. However, make sure the consumer finds out the Realtor's policy on this. Of the suggested 1% earnest money/due diligence money - try to put 90% of that amount in earnest money. Other money saving areas (the consumer must plan for these costs): HOA fees (HOAs may charge $500 to see the insurance policy); Surveys (not required by the lender - don't waste money); septic and well testing.

These simple steps put the home buyer back on equal footing with the home seller. Before 2011 the equation tilted in favor of the buyer. Now, the seller is in command. The buyer is flat-out the due diligence check, inspection monies, time, appraisal monies, and incurs the frustration of potentially not acquiring the home.

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. You’ll be thankful you did. You can find additional information from Andy May, mortgage expert, at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.


Posted by Andrew Walter May on October 22nd, 2013 8:55 AMPost a Comment (0)

Subscribe to this blog


Mortgage Expert, Andy May, Explains Why It's Better to Pay Off the Mortgage

The age-old question of carrying debt into retirement is answered by Andy May with a few first hand examples.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

andymay@adrmortgage.com

Mortgage Interest deductions are being eliminated for high income earners. Don't be surprised by the AMT.

Raleigh, North Carolina (PRWEB) October 10, 2013

As Andy May enters the AARP age, a more focused understanding of mortgage debt and whether to pay it off early comes into focus. This article is patterned off the early 1950s Modigliani-Brumberg Life Cycle theory whereby people spend more when younger and save more when older.

The top three reasons to pay the mortgage off in full:
Number 1 - Still the best reason. It feels great. With no mortgage payment, the consumer is limiting one side of the balance sheet. Liabilities, like assets, can change in value.

As the world watched the U.S. Housing market crumbled and tens of millions of U.S. Citizens found that debt/liability taken out in the early 2000s was actually worth more than the underlying assets. Foreclosure in the retirement is a little more unsettling then in the consumer's early 30s. Income is also pretty much fixed by retirement age. Consumers don't regularly get a great new job paying double in a great new city in their retirement years.

Number 2 - pay off the mortgage if the consumer is in the Alternative Minimum Tax bracket. Fidelity Investments has a great piece on 2013 AMT buckets.

According to Fidelity, "In 2013 the AMT exemption is $51,900 for single filers and $80,800 for joint filers, up from $50,600 for single filers and $78,750 for joint filers in 2012." When a consumer lives in one of America's top cities they pay more to live there. Housing is more expensive. And naturally, incomes are higher. However, the AMT snares them and starts to gradually eliminate tax deductions. Coupled with ever higher state tax rates, while the mortgage interest deduction looks juicy - a thorough review of the consumer's income and deductions really needs to be done to understand if $30,000 in interest deductions really make it through in today's AMT environment. Speaking with a good CPA or book-keeper is critical. Linwood Johnson of Linwoodsbooks says, "all it really takes is a brief 5 minute review of the consumer's tax return to determine if mortgage interest is having the intended effect."

Number 3 - As the consumer ages the portfolio invested in risky - high return assets should be shifted to more stable assets. Similarly, paying the mortgage principal down is a great way to guarantee a stable rate of return. If the consumer is paying a 5% interest rate, where else can the consumer make 5%? In the case of AMT tax payers - many of whom do not get the maximum deduction for mortgage interest, the after-tax dollar effect may be the equivalent of a 7% rate of return.

When the tax structure provided clear and present benefits from mortgage interest deductions many consumers elected to go with liquidity and grow both sides of the balance sheet (assets and liabilities). Now however, it is important to understand the risks associated with high levels of mortgage debt as the consumer moves closer to retirement age. After all, the consumer can't take the house to heaven but can leave debt to heirs.

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. You’ll be thankful you did. You can find additional information from Andy May, mortgage expert, at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.


Posted by Andrew Walter May on October 16th, 2013 3:11 PMPost a Comment (0)

Subscribe to this blog
October 16th, 2013 3:09 PM


Andy May, owner of ADRMortgage.com, provides top tips on how to avoid misleading mortgage rate advertising.

Andy May, the mortgage expert, explains how to protect yourself against banks that make rates up.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

andymay@adrmortgage.com

When getting a mortgage quote ask if the person on the phone is:1. Licensed (as a mortgage loan officer);2. Educated (did they graduate from anywhere); and 3. Complaint free (google can help here)?

Raleigh, NC (PRWEB) October 12, 2013

Andy May, the mortgage expert, concisely explains the facts of advertising interest rates for mortgages. Should the consumer simply type into Google, Raleigh Mortgage Expert, and see who advertises the lowest mortgage rates? Is the FTC (Federal Trade Commission) doing enough to protect consumers against false and misleading advertising today?

On October 10th, 2013 Andy May received one of several marketing fliers advertising fake rates. Today's rates (received from a large bank on October 10th, 2013) were purported to be 2.99% on a 30 year fixed. Closing costs? Why bother? Only $450 in total closing costs. So, the APR was 3.18% on a 30 year fixed. Should the consumer believe this bank? I mean it's a large (Tarp money bailed out) bank. Of course, the bank wouldn't lie?

Tips to prevent the consumer from falling victim to fake rates:
1st - Start by reading the fine print. Mailings are old by the time the consumer receives them. Rates can be up to 3 months or older.
2nd - Call a licensed local broker to inquire where rates have been and where rates are now.
3rd - Don't believe everything on the web. The web is where many rates are fictitiously created.

Well the CFPB (Consumer Financial Protection Bureau) discussed the importance of false and misleading advertising in a recent article. Interestingly - no convictions. No fines. At ADRMortgage.com interest rates are not advertised because rates change daily, and sometimes hourly. Call for a free quote. But at banks, rates are offered that the consumer can not attain. Why?

It's fairly simple. Banks and certain unscrupulous brokers advertise rates to the unsuspecting public. The consumer is protected by the CFPB and the FTC, but so far all that's occurred since 2012 appears to be warning letters. The old laws used to indicate that if a bank did a loan over the last 3 months (or 6 months, depending on the regulator) that bank could advertise that rate. The fact that the consumer doesn't know that the rate was for the EVP of the bank for a Veterans Administration loan (usually one of the lowest rates available) is often times absent from the advertising. Why?

According to Locke Lord attorney Paul Van Slyke, "advertising mortgage loans can be a tricky business". Many lenders advertise a 30 year fixed rate only to bait and switch the consumer into a adjustable rate mortgage. According to this July 25th, 2013 article a $7.5M fine was extracted from illegal actions of lenders.

The bank just wants to get the consumer on the phone. And then into a loan application. After the consumer spends a few hours of time, and sometimes a $500 or $800 app fee, the consumer will likely just close with the bank. That's the way it is. Sadly.

How should the consumer be smart about finding the best rate? Lynn Furr, Realtor at Coldwell Banker Advantage in Raleigh, NC 919 306 0018, says, "the consumer needs to go with a broker that can offer a multitude of banks. A simple Google search will reveal which brokers are the best. Go local so the broker is in the consumer's community. From there, the consumer should be able to locate the best rate." Andy May has been financing homes in the mortgage industry for nearly 25 years, without a BBB complaint. Each consumer's profile is unique. And therefore, each consumer's rate and closing costs are different.

After a 5 minute phone call (no upfront charges from ADRmortgage.com occur), a licensed loan officer (not just registered) is able to provide real-time options to the consumer. Consumers are not charged app fees or any upfront fees to work with a licensed loan officer. ADRMortgage.com makes money when the loan closes.

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. You’ll be thankful you did. You can find additional information from Andy May, mortgage expert, at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.


Posted by Andrew Walter May on October 16th, 2013 3:09 PMPost a Comment (0)

Subscribe to this blog
October 7th, 2013 9:32 AM

Raleigh, NC (PRWEB) September 30, 2013

Andy May, the mortgage expert, and Adam Abronski, Realtor, explain the pros and cons of building a primary residence. Build versus buy decisions are as old as time itself. Should the consumer buy a new car? Or lease? Or buy used? Here, two starkly different opinions on building a new home or buying a "used" home are presented.

Andy May, owner of ADRMortgage.com and a 25 year veteran of the mortgage industry, has seen a lot of mistakes made by consumers, has built two new homes (California and North Carolina), and has counseled thousands of consumers on the build versus buy decision. Adam Abronski has been selling real estate for over a dozen years and works as a Realtor on behalf of builders.

Andy May's position tilts toward purchasing an existing home for the following Top 10 reasons:

10 - Most consumers do not have the liquidity needed to build a new home.

9 - Cost over-runs can get expensive. Every change may come with a change order cost.

8 - The consumer is paying for the general contractor, the subs, and all materials. A built in profit of 15-25% is not unusual. Similar to a new car, once the consumer turns the key on the new construction - it becomes used. The cost? It varies, but a 20% loss could be in the cards.

7 - Google Big-Box builders to check on reputation. Many big-builders have spotty reputations. Google is a pandora's box of posted complaints. Do not make a move without checking Google.

6 - Recently, in the State of North Carolina, certain builders "stole" riparian rights from consumers. After lawsuits were threatened, said builders returned drilling rights (imagine purchasing a home and having gas fractured on the consumer's property) back to the consumer.

5 - That one-stop shop builder that claims, "do it all with me. It's cheaper." doesn't always have a fiduciary relationship with the consumer. Therefore, a lot gets swept under the rug. The consumer owes it to themselves to hire an independent mortgage broker - that is not influenced by the person that writes the paycheck. Andy May has seen dozens of consumers badly hurt in the process of obtaining a newly constructed home primarily due to the lack of standards when dealing with a one-stop shop. The consumer needs advice from independent sources.

4 - The lending process is pretty onerous when it comes to construction loans. Google US Justice Department and (consumers' state) Builders to learn more.

3 - The person advising the consumer may only have the requirement that they be 18 years old. Brokers are required to be licensed, tested, bonded/insured, and have experience. Often-times a one-stop shop approach doesn't have these requirements.

2 - With an existing home the consumer can see it, feel it, touch it, and most importantly inspect it. The consumer can see traffic patterns, neighbors, trees, etc. With new construction that back 540 acres may become condos, or worse.

1 - With an existing home the consumer can negotiate aggressively on price with another consumer that may not have the savvy price negotiating skills of a professional builder. The result is often times worth tens of thousands of dollars more to build new.

Adam Abronski, Realtor, focuses on finding the perfect home for families and has a strong background in construction and new homes. Adam states,

"10. There are many financing options for new construction projects and a few provide more control and interest cost savings for the Buyer.

9. Changes during construction projects do occur, that’s the benefit, the ability to “change” the structure. A well written construction contract and realistic budget manages anticipated unknown costs.

8. A car has historically (10-20+ years) been a depreciating asset. A new home has historically been an appreciating asset.

7. Always check Google. There are poor to excellent corporate and custom builders in business. That is why it is invaluable to have an experienced “New Construction” Realtor representing your interests.

6. North Carolina is a “caveat emptor” State, meaning, “let the buyer beware”. Always choose experienced, professional licensed (not just registered, but licensed) Lenders, Realtors, and Attorneys for your real estate investments.

5. Always shop around for builders, homes and financing by using licensed and independent, experienced professionals representing your interests.

4. A professionally crafted, comprehensive, and understood construction contract is essential for a successful, positive, building completion.

3. A one-stop shop only promotes their financing programs. Hire an independent, licensed financial Broker for advise.

2. The process of buying or building a new home has always been a process of elimination. Experienced Realtors perform due diligence land analysis prior to a build project to assess both risks and rewards.

1. Typically corporate builders do not negotiate price. They prefer to market reductions through discount programs. Let custom builders compete for business and get a better value."

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Call Adam Abronski at 919-538-1069 for Realtor advice.

Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. You’ll be thankful you did. You can find additional information from Andy May, mortgage expert, at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go tohttp://www.adrmortgage.com or contact Andy May directly. License number 103418.


Posted by Andrew Walter May on October 7th, 2013 9:32 AMPost a Comment (0)

Subscribe to this blog

Raleigh, NC (PRWEB) September 07, 2013

The data point to continued short supply of housing stock in the Triangle, as Andy May, the mortgage expert, and Brett Bushnell, realtor, explain the data (919-608-2141). At some point with the rise in interest rates (from 3.5% to 5% - and now back to 4.5%) we will see the housing market come off its record 1 year marks. Remember, real estate is cyclical and the government is not particularly surgeon-like, responding with a sledge hammer to an issue that can get quite out of hand at the local level.

When purchasing a home few people think about the timing of their purchase, as they are more interested in schools (school data can be found athttp://www.adrmortgage.com) and location. Well, I for one like to know the effects of poorly timing real estate markets. And right now the Triangle appears to be ready to break out on the positive side of home price increases.

Home sales in the three counties are up 34-39% in Wake, Orange and Durham counties year over year July 2012-13 (according to Triangle NMLS). Brett Bushnell, Realtor, can provide neighborhood level data when looking more specifically. (919) 608-2141. On a year to date (12 months ending July 2013) basis Durham falls to +17% while Wake and Orange are at 31% home sale increases.

Digging a little deeper in the statistics we find that Durham saw a strong 3.9% average sales price increase for the year to date ending July 2013 (wake county 2.8% and Orange almost 0%).

While all this is interesting, what about the future housing stock and unemployment rates in these three counties? It appears Wake County has the lowest housing supply (under 5 months) Durham at slightly over 5 months and Orange at almost 6 1/2 months supply (highly correlated with pricing changes). These indicators imply a heated housing market. A supply under 5 months is considered a sellers' market.

Couple the housing stock numbers with job growth (and unemployment) and future home prices can be predicted with relative accuracy. According to WRAL, the Triangle has some of the lowest State unemployment levels. This site has a color-coordinated map that easily illustrates that future job growth is around Guilford and the counties of the Triangle area (Mecklenburg and Guilford counties are at 8.5% and 8.6% unemployment respectively). The Triangle generally has unemployment in the 6% or lower range.

Triangle home price appreciation follows a low overall unemployment rate with a short supply of housing stock.

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Brett Bushnell, realtor, states, "the combination of excellent job opportunities with a highly educated work force keeps making the Triangle one of the top 5 relocation markets in the country."

Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. You’ll be thankful you did. You can find additional information from Andy May, mortgage expert, at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go tohttp://www.adrmortgage.com or contact Andy May directly. License number 103418.


Posted by Andrew Walter May on September 10th, 2013 9:32 AMPost a Comment (0)

Subscribe to this blog

Archives:

My Favorite Blogs:

Sites That Link to This Blog:

 

<div style="width:300px; text-align:center; padding:5px; border:solid 1px gray; font-size:12px; font-weight:300px; color:#333333;"><a href="http://activerain.com"><img src="http://activerain.com/images/linking/ARLogoSmall.gif"/></a><br/>You can find great local <a href="http://localism.com/NC/Raleigh">Raleigh, North Carolina real estate</a> information on Localism.com Andy May is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.</div>


American Dream Residential 4801 Hargrove Road Ste 11 RALEIGH, NC 27614
Phone:

Copyright © 2014 American Dream Residential
Portions Copyright © 2014 a la mode, inc.
Another XSite by a la mode, inc. | Terms of UseSite Map