4th of July in Harrisburg, NC

Harrisburg, North Carolina is gearing up for their annual July 4th celebration. Get ready for three days of family fun! If you are in the area, this is one celebration you don't want to miss!

Here's the schedule of events:
Monday July 2nd, 2007 - Harrisburg Town Center
6:00pm - 9:00pm
Miss July 4th Pageant

Tuesday July 3rd, 2007 - Harrisburg Park
4:00pm
Park Opens
5:00pm - 8:00pm
Battle of the Quartets
6:00pm - 9:30pm
Amusements Open
8:00pm - 10:00pm
Music by Too MUCH Sylvia
9:30pm
Amusements Close
10:00pm
Fireworks
10:30pm - 11:00pm
Music by Too MUCH Sylvia
11:00pm
Park Closes

Wednesday July 4th, 2007 - Harrisburg Park
9am
Parade begins
10:00am
Park Opens
11:00am - 3:00pm
Amusements Open
11:00am - Noon
Battle of the Bands
Noon
Prayer, National Anthem, Pledge
12:15pm
Mayor's Pro-Am Invitational Cow Milking Contest
12:30pm - 5:00pm
Battle of the Bands Continues
5:00pm - 9:30pm
Amusements Open
5:30pm - 7:30pm
Music by Deja Vu
8:00pm - 10:00pm
Music by SuperGlide
9:30pm
Amusements Close
10:00pm
Fireworks
10:30pm - 11:00pm
Music by SuperGlide
11:00pm
Celebration Ends

This is a great event that is fun for the whole family. If you decide you want to live in this great town, give us a call and let us help you get ready to begin your search!

Understanding Your Credit Score

There are a lot of fallacies out there when it comes to understanding your credit and what the variables are which cause your scores to fluctuate up and down. I bet if you ask 10 different people about this very mystifying topic, you’ll more than likely receive up to 10 different responses! So what’s the deal? Is figuring out your credit really THAT complicated?! The answer to that very legitimate question is both yes and no. Though the advance math algorithms used to compute your scores may be difficult to explain, truth is, when it comes right down to it, the primary philosophy has always remained the same, ‘don’t be late, and don’t borrow more than you need!’

So then, exactly who is it that determines your ability to borrow money, and just how are these mystifying credit scores calculated? I would like to first point out that the “who” who needs identifying here is YOU! Although privately owned reporting agencies are responsible for collecting and disseminating information on you (there are literally hundreds of credit reporting agencies throughout the land, all of which report to at least one of the three major credit bureaus), you are ultimately the one who controls your ability to borrow in the future. As most of you know, your credit worthiness is expressed as a 3-digit numeric score, ranging anywhere from 350 to 850. The closer your score is to 850, the more likely you are to have credit extended to you. In addition, the total amount of money accessible to you, as well as the cost of borrowing it (interest rate) will be more favorable if your score is higher. With those incentives laid before you, it’s very important to know what the factors are that boost or reduce your scores. There are 5 primary categories that determine a borrower’s credit “worthiness,” and each of them carries a different weight, 1) Payment History (35%), 2) Outstanding Balances (30%), 3) Length of Credit History (15%), 4) New Credit Established (10%), 5) Types of Credit Used (10%). Knowing how you’re being evaluated gives you a “heads up” on where you should devote more of your attention on your credit profile. In a follow-up blog, I will debunk some common credit myths, as well as offer some practical tips that will prove to be useful in improving and maintaining your credit scores...Remember to check back!

Adjusting to Higher Mortgage Payments

In a recent online article, Yahoo Finance's David Bach writes,

"More than a trillion dollars in adjustable rate mortgages are scheduled to reset this year. As a result, experts predict that foreclosures could double in 2007, and reach an even higher level in 2008. With all this negative news, you have to wonder if you'll be affected. What are you doing right now to protect yourself? Are you simply waiting for something to happen? I hope not, because you need to be proactive if you have an adjustable rate mortgage.

For instance, have you called your lender to determine what your new monthly payment will be and when it will take effect? Do you have a mortgage that's currently 4.75 percent and headed to 7.5 percent when it adjusts? Do you have a clue as to when that adjustment will occur?" Read More

If you are one of the millions of Americans that have an ajustable rate mortgage set to adjust in the near future, give us a call today. We will discuss your options and help you come up with a plan that will keep you from experiencing that dreaded payment shock. You may be able to pay off some bills and even lower your monthly payments!

Staying Away From Loans That Are Bad For You

A recent article from CNN Money stated that, "Bad loans are contributing to a crisis in home ownership with delinquencies and foreclosures rising steeply this year."

Here at First Family, we believe that it is the loan officer's responsibility to look out for your best interests as the customer and consult with you to find the best loan scenario for you. In the end, we believe that what's best for the customer is ultimately best for us.

The article then went on to outline some practices that are deemed most troublesome. We've outlined them here so that you can know what to look out for and when to ask more questions. Some times these things can be beneficial, but when misapplied they can be abusive.

1. Prepayment penalties: When borrowers seek to pay off expensive loans early they may be hit with a fee of as much as six months of mortgage payments.

2. Failure to require escrows for taxes and insurance: These expenses add to the monthly costs of home ownership but mortgage servicers do not always require borrowers to bank the payments in escrow accounts with them. As a result, the payments may be put off, resulting in tax delinquencies or insurance coverage lapses.

3. Stated income and low-documentation lending: "So-called "liar loans" that encourage borrowers to exaggerate income to qualify for larger mortgages than they can handle.

4. Failure to give adequate consideration to a borrower's ability to repay a loan: Many loan originators have no monetary interest in loans after they the deal is done. That encourages them to approve borrowers they know, or should know, cannot afford to make the payments.

The article then goes on to conclude, "These practices are not, in themselves, abusive. Borrowers may, for example, rightly choose a loan with hefty prepayment penalties if that lowers the interest rates on their loans. The problems arise when loan originators apply these provisions indiscriminately or with predatory intent."

These facts make who you are doing business with on your loan or refinance of utmost importance. Read More Here

6 Things to Do Before You Start Looking For Your New Home

Taking the time to work through these 6 steps will save you time, money, and headaches. We can help you work through all 6. Give us a call to get started.


1. Check your credit rating. Straighten out any errors before its too late.


2. Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.


3. Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).


4. Choose a REALTOR® that you trust and who understands your needs. We can help you find a great one!


5. Determine what neighborhood best matches your needs.


6. Identify important features you need your new home to have.

Once you've made it through this list, you are ready to set out to find your dream home!

Faith, Family, and Freedom Celebration

New Life 91.9 is sponsoring the Faith, Family and Freedom Celebration with MercyMe, Salvador and Todd Agnew Saturday, June 30th at 6:00 pm at Knight's Stadium in Fort Mill, SC. This will be a time of great music, great family fun and great fireworks!



What: Faith, Family and Freedom Celebration
Who: MercyMe, Salvador and Todd Agnew
When: Saturday, June 30th at 6:00 pm
Where: Knight's Stadium in Fort Mill
Tickets: On Sale Now!

For more information, click - HERE

The Spiritual Heritage of Charlotte North Carolina

It's amazing when you take a closer look at the rich Spiritual Heritage of Charlotte, NC. There are so many ministries in this city! One couldn't think of Charlotte without thinking of it's native son, the Rev. Billy Graham. I can't wait to check out the new library that was just opened in his name! It's supposed to be awe inspiring. Many other great men of God and ministries have made Charlotte home as well. Derek Prince Ministries, SIM International (Serving in Mission), FIRE School Of Ministry, Gordon Conwell Seminary, Dr. Michael Brown's ICN Ministries, Norman Geisler's Southern Evangelical Seminary, and Rick Joyner's Morning Star Ministries just to name a few. This not to mention the seemingly countless churches of every stripe that meet faithfully many times each week. Vibrant new church plants are springing up all over the city like the multi-cultural Freedom House Church in the UNCC-University area, and Elevation Church of Charlotte. Charlotte is truly a great place to grow in your Christian faith. It's also a great place to raise a young family. If you are from this area, can you think of other ministries that I have left out? I know there are alot. Let me know about your favorites. If you have been thinking and praying of moving to this area, what are you waiting for? If we can be of any help, just give us a call!

Alternatives for Subprime Refinancing

Due to recent changes in the sub-prime market traditional lenders like FHA and Fannie Mae Community Lending have loosened their guidelines allowing more people with lower credit scores the ability to refinance their current mortgages for lower rates.

The great news is that the guidelines don’t go off of credit score or the fact that they've had a discharged bankruptcy. They are looking to see how well a person has paid their bankruptcy and mortgage payments over the last two years. These programs give people the second chance they need to lower their monthly payment and maybe even get cash out for certain instances. If you are one of these people or know someone who may fir this description, give us a call!

All of the Things We Do!

Here is a list of all of the programs we have to offer...if you're interested!

Community Commitment: 100% Financing, No Money Down, No PMI, No Min. Credit Score, Income Limit of 52k in Mecklenburg and Cabarrus

My Community: For Low to Moderate Income Borrowers, High Debt to Income ratio borrowers can utilize this program to purchase more home, Minimal mortgage insurance, below market interest rates for qualified buyers.

FHA: Flexibility, Low Down Payments, 3% Seller Gifting of Down Payment and Closing Costs, Good Rates and Payments!

VA: No Money Down, No PMI Loan for Veterans of the US Armed Forces. Low Rates and Payments!

Fast and Easy Doc: 7 Day Close, 680 for non-conforming and 700 for conforming, No Doc for Excellent Credit, 5-10% Down, No Verification Needed, Low Rates and Fees!

Stated Income/Stated Asset: Self-Employed or Alternate Income Borrowers, Min 2 years business history in most cases, Flexible programs that suit most any W-2'd incomes, 100% Financing for qualified buyers, Lender Paid MI!, 620 Scores.

Fannie Mae: Conventional Mortgage that will allow No Money Down for many customers with credit scores in the 500's!, Past due balances can't exceed $5000, Must see to believe the approvals we get with this one!

Subprime: All credit types considered, No mortgage insurance in most cases, No excessive points and fees for someone with less than perfect credit, treated with dignity and respect regardless of credit profile.

Investors: We specialize in getting foreclosed property loans done, HUD foreclosures or bank foreclosures, little or no money down options for qualified investors.

Rehab loans: 203 and 203k streamlined along with other alternate financing, owner occupied buyer purchasing a fixer-upper, Don't let the investors get all the deals!

Manufactured Homes: FHA and Conventional, For good credit borrower, Rehab loans available for these too.

W-7's: Up to 95% financing for undocumented, non-permanent aliens, No credit scores needed so long as qualified, non-traditional credit available, No SSN required, Tax ID loans available.

Commercial: Multi-Family Dwelling, Offices, Warehouses, Churches, Rehab, Residential Properties zoned commercial, Stated Income/Verified Assets, No Doc/Verified Assets.

The Value of Doing Business With Someone You Trust

Integrity is a word that is becoming unknown in today's business world. Recent corporate scandals have only sought to highlight this growing trend. In mortgage lending, integrity is even more of a sought after commodity. The recent crash of the subprime market has accentuated this fact. Many homeowners were put into high interest and/or high risk adjustable rate loans without the proper consideration of their ability to repay these loans. These factors are have tarnished the reputation of many ethical businesses that have sought to operate their companies with integrity.

To us, integrity means doing what you say you are going to do. It means letting your Yes mean "Yes" and your No mean "No." When we are counseling a potential customer, it means giving them the best advice for their situation even if it meens losing a deal. And lastly it means creating a true "win-win" situation that adds value to our customers and helps our business grow through repeat and referral business.