Experience is important when it comes to finding the best mortgage in Charlotte NC. Lawrence Diehl, Vice President and Mortgage Loan Officer at Bangor Savings 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.
As you’re probably aware, Bangor Savings Bank is headquartered in Maine, 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.
What types of loans do you service or specialize in?
Bangor Savings Bank has the ability to service your loan. In addition, we offer a wide variety of products and programs to meet our borrower’s needs. We specialize in the Jumbo market both with Fixed and Adjustable Rate Mortgage (ARM) products as well as construction and conforming rates.
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?
As a community bank, Bangor Savings Bank has the ability to price aggressively in the marketplace. We are highly competitive compared to our competition and we are always adapting to remain flexible and ensure we serve customers with our You Matter More experience.
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?
Affordability has become a challenge as we see the rates increasing. Bangor Savings Bank has in place a host of aggressively priced loan products to include Adjustable Rate Mortgages (ARMs) that can help customers manage their interest rate risk.
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, Vice President and Mortgage Loan Officer