Atlanta Real Estate Services

  Questions You Should Ask Your Lender . 1. What Types Of Mortgages Does Your Lender Offer? Most mortgage companies offer a wide array of loan options to fit various situations. Tow most common loan types are fixed-rate and adjustable-rate mortgages (ARMs). A fixed-rate mortgage interest rate and principal payment remain constant for the life of the loan. Since the interest never changes during the life of the loan, the borrower can always budget for a mortgage payment. (Keep in mind that Insurance and Taxes are adjustable annually if the borrower is escrow they may see a slight adjustment in their mortgage payments due to these annual adjustments). A fixed-rate mortgage is the best option especially if the borrower is planning to stay in the home for a while (5 years or more). With the ARMs, the interest rate and your payments are adjusted upon down periodically as the market index changes. The rate usually is adjusted between three months and five years. ARMs are usua...

The short sale is simple in theory. You owe more than the home is worth or you can no longer pay the mortgage payments so in order to sell without bringing money to the table yourself you must convince the bank that you have financial hardship and cannot make the payments. The bank may then agree to take a lower payoff than the total loan amount. Example: if you owe $350,000 but can only sell for $300,000 then the bank will be "forgiving" $50,000 in debt. But, at least you've sold the home and avoided foreclosure. In practice, the short sale usually isn't that simple. There is a lot of work that needs to be done. A short sale package must be put together to show bank hardship, inability to pay, the homes value, repairs, net to the bank after-sale, etc. It will be the bank's decision whether or not to accept or reject an offer. The bank will have the final say over any offer you accept because the offer will be less than your loan payoff. Banks can take their tim...

While being a homeowner is the quintessential American dream, finding the right time to buy can be a challenge. Owning a home is likely the largest investment a person makes in their lifetime. Performing a "Rent vs Buy" analysis looks at not only the financial factors involved but the overall value of homeownership versus renting. With so many factors going into a home purchase: finances, lifestyle, employment, and personal goals, it's critical to run the necessary due diligence. Every potential homeowner should run a buying versus renting analysis to determine if the time to buy is now, or if renting is a more prudent decision. Here are the factors to consider when running a buy versus rent analysis: Can You Afford It? A Cost Comparison This question is a bit more complex than it might seem. Often, potential buyers stack the mortgage payment alongside the monthly rent and consider the comparison complete. But buyer beware: there are many overlooked costs associa...

Last month’s article wasn’t meant to frighten anyone. It was simply my way of letting you know what the heck is going on in the mortgage industry and what got the market in the situation we’re in these days. Let me set the tone for this article by mentioning a few things from last month’s: “The market is correcting itself.” “It’s just in a slump.” “Guidelines are changing.” “The industry will always find ways to make home-buying affordable.” Many of you probably ask how can there be options. I personally think things will get back to normal sooner than most think because my idea of normal goes back much farther than anyone who has been in the housing market within the past 5 years as a homeowner, realtor, investor or mortgage loan officer. When I got into this business in 1982, 30 year fixed rate mortgage interest rates commonly   were  in the double digits (something we won’t see). You had to put 10–20 percent down, and pulling equity out of your home was   taboo ...

HUD sells properties at reduced prices that you might want to buy! What is a "HUD Home"? When someone with a HUD-insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed, and HUD takes ownership of the home। Then sell it at market value as quickly as possible Frequently Asked Questions About HUD Homes Who can buy a HUD home? Answer: Anyone! If you have the cash or can qualify for a mortgage, you can purchase a HUD home. Are HUD Homes meant for people with low incomes? Answer: HUD homes range in price, but most are affordable for low-and moderate-income Americans. Is it true I can get a HUD Home for a dollar?  Answer: No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area. If the HUD Home needs repairs, will HUD make them? Answer: HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any...