Experience is important when it comes to finding the best mortgage in Charlotte NC. Lawrence Diehl, Mortgage Loan Officer at US Bank, as part of a new series dedicated to wealth and finance in Charlotte, recently sat down with us to offer up his industry expertise.
US Bank was recently named one of the 2024 World’s Most Ethical Companies® by the Ethisphere® Institute, the tenth consecutive year they have been honored with this award.
US Bank is headquartered in Minneapolis, however, Larry has been lending in both North and South Carolina for years now and has some very exciting products to offer Charlotteans searching for a new home.
Larry has garnered over 20 years of experience in the mortgage industry, and this can prove very beneficial to clients searching for a mortgage loan officer in the current environment. Navigating in the lending realm through uncertain times and seeing the many different scenarios helps position Diehl to help clients with their Charlotte NC home buying experience.
Charlotte NC mortgage loan officer Larry Diehl on the current mortgage market and with digestible answers to some of the industry’s most frequently asked questions.
How long have you been in the mortgage industry?
I have been in banking for nearly 30 years, with over 20 years serving in the mortgage industry. During that time I have developed a deep wealth of knowledge and experience along the way that contributes to successfully helping my clients every day.
Can you tell us more about US Bank?
Since the Lincoln administration signed our national bank charter No. 24 in 1863, we’ve drawn on our financial strength to serve customers. This has been especially evident in times of need, such as during the COVID-19 pandemic. Our response by the end of 2020 included a $20 million premium pay program for our employees, relief assistance and 108,000 Small Business Administration Paycheck Protection Program (PPP) loans for our customers, and $30 million in expedited charitable contributions for our communities. As a result, we’re proud to have been named the most essential bank amid the pandemic in a ranking by The Harris Poll.
We also recognize that this past year has fundamentally changed banking by accelerating the shift to digital products and services. We’re positioned well for this future, having launched new tools – like the U.S. Bank Smart Assistant™ – to complement our 26-state branch footprint.
Led by Chairman and CEO Andy Cecere, our company is guided by a Managing Committee. This group includes the leaders of our core business lines – Consumer and Business Banking; Payment Services; and Wealth, Corporate, Commercial and Institutional Banking – as well as the heads of functional areas including risk management; digital; diversity, equity and inclusion; finance; legal; strategy; and more.
As a publicly traded company, we’re also governed by a Board of Directors, which is chaired by Cecere. This group brings decades of expertise from a variety of industries ranging from healthcare and logistics to retail and tech.
Our company continues to be recognized for our ethical and inclusive culture, management quality, social responsibility, digital capabilities and more. Our U.S. Bank Mobile App being rated best for customer service by Business Insider Intelligence; and being honored with a spot on the 2023 DiversityInc Top 50 Companies for Diversity.
What types of loans do you service or specialize in?
We provide servicing to all of our Residential Mortgages which include the following:
- Conventional & Jumbo conforming loans
- FHA, VA & USDA Loans
- Jumbo Loans (Defined as greater than $766,550)
- Construction Financing
- Lot Loans
Do you have experience working with developers or builders?
Yes. I have extensive experience with builders and have assisted many borrowers and their builders through our construction financing process. I have also had the opportunity to work with developers as they build out spec homes and custom homes in Charlotte NC to help find financing for clients looking to purchase.
Do you work with real estate agents and help them get their clients get financing?
Yes we do! Real estate agents are some of the best referral partners. I am pleased to be their trusted advisor and have the opportunity to work with their clients throughout the financing process from start to finish.
For Jumbo loans and construction loans how are you able to get your clients better rates than what they can typically find?
US Bank currently offers loans in the Jumbo conforming loan space and are not impacted by Loan Level Pricing Adjustments. This is a differentiator in the marketplace and allows us to offer a more competitive product.
Answers from a top Charlotte NC Mortgage Loan Officer on some of the industry’s most FAQ…
What are some common hurdles that people are running into in today’s lending market, and how do you help your clients navigate?
One of the biggest challenges we see today are rates. US Bank offers a buydown product. This allows the seller to offset the buyers rates for up to 3 years to help ease into the payment of their new home. This buydown feature is a great tool in the marketplace as we anticipate rates softening in the coming months/year.
What does your mortgage loan payment include?
Some of the money of course goes to the principal, which is the amount of money you borrowed. The rest of the monthly payment goes to other things, like interest, homeowners insurance, property taxes, and private mortgage insurance (PMI), which is typically for those who make a down payment of less than 20%.
How much of a loan can I afford?
There are a few things to think about when determining what size loan is right for you. Consider how much money you make along with your debt to income ratio. Lenders usually prefer borrowers who spend around 40% or less of their income on debt. Next, calculate your monthly expenses including food, transportation, utilities, etc., to determine how much you will require after your mortgage is paid to accommodate those spends. You will also need to consider your credit score: a higher credit score potentially means that you can get a lower interest rate on your loan. If you are interested in seeing how your interest rate will affect your monthly payment, a mortgage calculator can be very helpful!
What are the advantages and disadvantages of a fixed rate loan versus an ARM?
With a fixed-rate mortgage, the interest rate stays the same. You will make the same monthly payment every month. The most common loan terms are 15 or 30 years. The advantage is that you are locked in, and you know how much you will pay each month. The disadvantages are that the interest rate is usually higher than with other kinds of loans.
An adjustable-rate mortgage (ARM) has an interest rate that changes over time. The loan term is usually 3, 5, 7, or 10 years. Some advantages of an ARM are that the initial rate is often lower than a fixed-rate loan and that it can make the loan more affordable. However, a disadvantage is the interest rate could increase after the initial period.
It is very important to meet with a mortgage loan officer to determine which type of loan fits your needs.
Advantages of buying a home in the current market?
It may seem like an unfavorable time to buy a home. However, there are several advantages to purchasing a property during the current rates. One of the most beneficial aspects for potential buyers is that current rates often mean that property supply is much higher than, for example, in 2021 when demand was near an all-time high. Prices also tend to be lower in an environment with rates similar to the current one. Combine lower prices with future refinancing opportunities, and the current rate environments can be even more appealing.
Considerations and Conclusions
When considering buying a home in Charlotte NC in the current market, there are several advantages to doing so. From increased availability of properties and the potential for locking in long-term savings, to better loan terms and reduced overall costs. I recommend borrowers weigh all options before making any decisions.
With this in mind, when it comes to applying for a mortgage in Charlotte NC, consider working with someone who is familiar with the area, has a considerable amount of time and experience in the industry, and who represents a community and people-focused brand like Bangor Savings Banks that values relationships, communication, and going the extra mile.
Purchasing a home is a big life decision. I highly recommend meeting with a mortgage loan officer in advance of making a home purchase in order to determine how much you can afford and how you can review your customer profile to best position yourself for a loan solution to meet your needs.
Navigating the current mortgage market can be challenging so I hope this has been helpful!
For more mortgage information reach out to: Lawrence Diehl, Mortgage Loan Officer
