Charlotte Community Heroes

  Charlotte Community Heroes Eligible Borrowers: Those who are employed as Law Enforcement Officers,Firefighters, and other First Responders, or School Teachers, with household incomes between 80.01% - 110% of the Area Median Income (AMI)   Definitions: Law Enforcement Officers - must provide proof that you are an active full-time employee of a law enforcement agency of the federal, state or general local government or Indian tribal government. The Officer must be sworn to uphold the law, and make arrest, or in other authorized enforcement activities for violations of federal, state, tribal, county, township or municipal laws.   Firefighters - must provide proof that you are an active full-time employee that is licensed, certified or authorized firefighter of the Fire Department of the federal, state or general local government, or an Indian tribal government.   Other First Responders - Emergency Medical Technicians (EMT), MEDIC Mecklenburg Emergency Medical Agency,) etc. - must provide proof that you are an active full-time employee that is licensed, certified or authorized EMT of a medical emergency medical services responder. The medical services responder can be either a private sector provider or a unit of the federal, state or local government, or an Indian tribal government.   School Teachers - must provide proof that you are an active full-time pre-kindergarten - 12th grade teacher of a state-accredited public or Charter school that provides direct educational services to students in these grade levels.   Required proof of the above listed employment:Paystub - paystub listing the organization at which you work along with the title of your position· Designation Certificate - a copy of your certificate or license indicating you are a certified law enforcement officer, firefighter, EMT, or teacher as defined above.   NOTE: The City of Charlotte/HouseCharlotte reserves the right to request additional documentation or formal verification of employment confirming that customer’s employment meets definitions above. Additional documentation is required to determine HouseCharlotte program eligibility.  Want to chat about our programs? click here: LET'S TALK 980-745-6506

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Interest Rates

As a prospective home buyer, understanding interest rates is crucial. Interest rates can make or break the affordability of a property, and they can vary greatly depending on the lender, the type of mortgage, and the economy. In this blog, we'll discuss what buyers need to know about interest rates, including how high they may go, when to expect changes, and how to navigate the current market. How High Will Interest Rates Go? Interest rates are currently at historic lows, but they won't stay there forever. According to the Mortgage Bankers Association, interest rates are predicted to rise gradually over the next few years. They forecast that rates will reach 3.8% by the end of 2021 and 4.2% by the end of 2022. While these projections are subject to change, it's important to keep in mind that interest rates are likely to go up, not down. When Will Interest Rates Change? Predicting when interest rates will change is notoriously difficult. Even experts can't predict exactly when rates will shift. However, there are some factors that can give us clues. The Federal Reserve plays a big role in interest rates, as they set the federal funds rate. This rate impacts the rates that banks charge each other for overnight loans, which ultimately affects mortgage rates. The Federal Reserve has signaled that they plan to keep rates low for the time being, but they could change this policy if inflation continues to rise. Another factor that can influence interest rates is the state of the economy. If the economy is doing well, rates tend to go up. If the economy is struggling, rates tend to go down. Given the uncertainties surrounding the COVID-19 pandemic and the ongoing economic recovery, it's hard to say exactly when rates will change. How Can Buyers Navigate the Current Market? Despite the uncertainty surrounding interest rates, there are steps that buyers can take to navigate the current market. First, it's important to get pre-approved for a mortgage before you start house hunting. This will give you a better idea of how much house you can afford and what your interest rate might be. Second, it's a good idea to work with an experienced real estate agent who can help you navigate the current market. They can help you find properties that fit your budget and negotiate with sellers on your behalf. Finally, it's important to be patient and not rush into a purchase. Take the time to carefully consider your options and make sure you're getting a good deal. With interest rates likely to rise in the coming years, it's important to be mindful of your long-term financial goals and make a purchase that you can afford even if rates go up. In conclusion, interest rates are a crucial factor for buyers to consider when purchasing a home. While it's hard to predict exactly how high rates will go or when they will change, buyers can take steps to navigate the current market and make a smart purchase. By staying informed and working with an experienced agent, buyers can find a home that fits their budget and their long-term financial goals.

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