Alpharetta Cumming Lake Lanier Real Estate Blog: August 2010

Labels: cumming homes for sale, lake lanier

CURRENT RATES (PURCHASE TRANSACTIONS)
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.25% Purchase Only
15-yr Fixed = 3.75% Purchase Only

NEW! Conforming 5/1: 3.25% amortized; 3.75% interest only
Conforming 7/1: 3.50% amortized
HOT PRODUCT Conforming 10/1: 3.875% amortized!!!**
Consult your Covenant Mortgage Professional for Refinance Quotes

Jumbo Loans:Loan amounts over $417,000*
5/1 ARM = 3.875%
7/1 ARM =4.125%
NEW! 30-year Fixed JUMBO: 5.125%
FHA Loans: *
30-yr Fixed Range= 4.25% - 5.00%
NEW! FHA 5/1 ARM: 3.25% Qualify at Start Rate

Call Me Now For More Details!
*Based on pricing as of Friday, August 20th, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z". It is intended solely for use by Real Estate professionals.
Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774


For More Information Call or Email our preferred Mortgage Planner
Phil Blankstein
Mortgage Planner
Cell 678-938-7111
phil.blankstein@mycovenantmortgage.com
NMLS # 251790

Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates

"Always demanding the best of oneself, living with honor, devoting one's talents and gifts to the benefits of others-these are the measures of success that endure when material things have passed away."
~Gerald Ford

August 23rd, 2010

Mortgage markets stalled last week in back-and-forth trading as Wall Street grappled with weak housing data, falling builder confidence, and worsening jobs numbers nationwide. Because markets were volatile, rate shopping was challenging.

Conforming mortgage rates managed to make a new all-time low last Thursday, but quickly gave up those gains. Most of Friday afternoon was spent in the red and, as a result, for the second straight week, mortgage rates failed to fall overall. But, although last week's action puts a damper on this summer's mortgage rate rally, the Refi Boom is still going strong!

According to Freddie Mac, as compared to April 8 when mortgage rates touched their recent high-point, pricing is hugely improved across 3 popular loan products.
 30-year fixed : Then, 5.21%; Now, 4.42%*
 15-year fixed : Then, 4.52%; Now, 3.90%*
 5-year ARM : Then, 4.25%; Now, 3.56%*
As an example of potential savings, a homeowner with a $250,000 30-year fixed rate mortgage would save $96 per month at today's rates as compared to April's. Over the life of a loan, that's a savings of $34,560!

This week, it's unlikely that the Refi Boom will meet its end, but that doesn't mean you should wait for rates to fall further. Mortgage rates tend to change quickly and without notice, and should rates rise, you may find that you've missed the market bottom. If today's rates appeal to your finances and budget, consider locking something in and moving forward. Call our Mortgage Specialist Today!

Phil Blankstein
Mortgage Planner
Cell 678-938-7111
phil.blankstein@mycovenantmortgage.com
NMLS # 251790

Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates, refinance

CURRENT RATES (PURCHASE TRANSACTIONS)
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.25% Purchase Only
15-yr Fixed = 3.75% Purchase Only

NEW! Conforming 5/1: 3.375% amortized; 3.75% interest only
Conforming 7/1: 3.625% amortized
HOT PRODUCT Conforming 10/1: 4.125% amortized!!!**
Consult your Covenant Mortgage Professional for Refinance Quotes

Jumbo Loans:Loan amounts over $417,000*
5/1 ARM = 3.625%
7/1 ARM =4.625%
NEW! 30-year Fixed JUMBO: 5.25%
FHA Loans: *
30-yr Fixed Range= 4.25% - 5.25%
NEW! FHA 5/1 ARM: 3.50% Qualify at Start Rate

Call Me Now For More Details!

Phil Blankstein
Mortgage Planner
Cell 678-938-7111
phil.blankstein@mycovenantmortgage.com
NMLS # 251790

*Based on pricing as of Friday, August 13th, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z". It is intended solely for use by Real Estate professionals.

Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774

Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates, dawsonville homes for sale, low mortgage rates

For the second time this year, the FHA is modifying mortgage insurance. Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structure.
Under the new terms, assuming a 30-year fixed rate FHA mortgage with at least 5 percent equity:

• Upfront MIP drops to 1.000% of the amount borrowed from 2.250%
• Annual MIP increases to 0.850% of the amount borrowed from 0.500%


What Does This Mean For Homeowners?

This switch in MIP decreases the upfront cost of an FHA-insured mortgage, but increases the loan's long-term costs.

Using a $100,000 mortgage as an example, upfront MIP falls to $1,000 from $2,250; monthly MIP jumps to $70.83 from $41.67. The FHA expects the change will yield an additional $300 million in premiums monthly. The update is a huge win for the FHA whose reserve funds are self-proclaimed to be "perilously low". The extra monies should help recapitalize and stabilize the government group. The FHA is on pace to back 1.7 million loans this year.

For the majority of refinancing FHA homeowners and home buyers, the MIP change is neither good nor bad - the borrowing landscape will just looks a bit different. Yes, loans will cost more to carry each month, but also they'll be less expensive to procure. It's a trade-off and you can apply math formulas to solve for the best time to apply FHA.

If you're unsure of how the new FHA mortgage premiums will impact your mortgage, be sure to call or email your loan officer for help.
PLEASE NOTE : The FHA originally announced an implementation date of September 7.

It was subsequently amended to October 4, 2010.

Labels: alpharetta homes for sale, cumming homes for sale, FHA, MIP

You're Invited Back!

The cornstalk sculpture returns in just one month for a 9th season at Uncle Shuck's Corn Maze and Pumpkin Patch in Dawsonville, Georgia. The Grand Opening weekend is September 4-6, which includes Labor Day. And prices remain unchanged!

This year the pathways include two bridges and weave through the cornstalks in the shape of a giant Monarch butterfly. Make plans to come see our herd of goats climb to amazing heights at the new Great Goat Climb!

Coming Attractions...

*Boy Scout Weekend - Sept 25 & 26
*Girl Scout Weekend - Oct 2 & 3

*Kiddie CORNer returns with a soybean maze to explore and tractor tires to climb - every day
*Great Goat Climb - it's goatacular - (photo here of ramps and platforms the goats climb)
And you can still enjoy fall favorites, like the Corn Cannon, Hayrides, Bonfires with roasted marshmallows and funnel cakes from our onsite caterer!




--------------------------------------------------------------------------------


Convenience and Family Value...

Uncle Shuck's Corn Maze and Pumpkin Patch is only 40 minutes from metro Atlanta, just two miles from the North Georgia Premium Outlet Mall. Access to the main Festival Grounds is always free. We serve fresh food on weekends, so enjoy a grilled sandwich or a funnel cake. Cold beverages are always available, and clean rest rooms with sanitizing station.

Maze admission is $9 for everyone 4 and over; free for children 3 and under. Take a tractor-drawn hay ride and enjoy roasted marshmallows at the bonfire for $5 per person. Save with a value combo ticket - maze, hay ride and bonfire pass for just $12 per person.

September- first day Sat, Sept 4
Fridays, 4 to 10 p.m.
Saturdays, 10 a.m. to 10 p.m.
Sundays, 10 a.m. to 6 p.m.

October- open every day
Sundays through Thursdays, 10 a.m. to 6 p.m.
Fridays and Saturdays, 10 a.m. to 10 p.m.
Haunted Maze (dark to close) - dates tbd

November - final day Sun, Nov 21
Fridays, 4 to 10 p.m.
Saturdays, 10 a.m. to 10 p.m.
Sundays, 10 a.m. to 6 p.m.



If you are interested in moving to Dawsonville call Mike and Melody Vanderhoff

Labels: dawsonville homes for sale, great fun for the kids, lake lanier homes for sale

Have you considered buying a foreclosure from Fannie Mae?

It can be an intimidating task. You really need to have an experienced agent to help you through it.

You first have to submit a standard purchase contract with your agent. If your bid is accepted, you will receive an addendum to sign that consist of about 13 pages. This addendum supersedes the majority of your purchase contract and can be a bit frighting to review and comprehend. The addendum will give you a 10 day period of time for your due diligence period from notice of acceptance of your offer, not from the actual binding agreement date which will come much later.

Most buyers are fearful that they will spend money for a home inspection and appraisal during this period only to find out that the agreement was not approved by the higher ups that make these final decisions.

It has been our experience that this fear is unwarranted. Every Fannie Mae foreclosure purchase that we have facilitated both on the selling side and the buying side have received the final approval based on the original agreement.

So I would say that it is a safe bet to go ahead and spend the money for the inspection and appraisal prior to final acceptance.

For more information about buying foreclosures call Mike and Melody Vanderhoff.

Labels: alpharetta homes for sale, cumming homes for sale, foreclosures

CURRENT RATES (PURCHASE TRANSACTIONS)
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.25% Purchase Only
15-yr Fixed = 3.75% Purchase Only

NEW! Conforming 5/1: 3.375% amortized; 3.75% interest only
Conforming 7/1: 3.625% amortized
HOT PRODUCT Conforming 10/1: 4.125% amortized!!!**
Consult your Covenant Mortgage Professional for Refinance Quotes

Jumbo Loans:Loan amounts over $417,000*
5/1 ARM = 3.875%
7/1 ARM =4.875%
NEW! 30-year Fixed JUMBO: 5.375%
FHA Loans: *
30-yr Fixed Range= 4.25% - 5.25%
NEW! FHA 5/1 ARM: 3.50% Qualify at Start Rate

Call Me Now For More Details!
*Based on pricing as of Friday, August 6th, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z".
Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774


For More Information Call or Email

Phil Blankstein
Mortgage Planner
Cell 678-938-7111
phil.blankstein@mycovenantmortgage.com
NMLS # 251790, GA License# 26422

Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates, dahlonega homes for sale, dawsonville homes for sale, lake lanier homes for sale, milton homes for sale

The fiscal responsibility of a homeowner extends beyond the mortgage's basic principal and interest repayments. Homeowners are also responsible for the real estate taxes on the home and its insurance premiums, too. Failure to pay taxes can lead to foreclosure, and failure to insure is breach of your mortgage contract.
As a homeowner, you have a choice about how you manage your real estate tax and insurance bills. You can choose to pay them from your own bank account when the bills come due, or you can choose to pay 1/12 of the annual bill to your mortgage servicer each month, and then let your servicer pay the bills on your behalf when they come due. In theory, when the servicer is paying the bills, the home's taxes are always current and the home's insurance is always paid. This method of managing taxes and insurance is commonly called "escrowing".
To calculate a home's monthly escrow payment is simple. Just take the sum of the annual real estate tax bills and insurance bill, then divide it by 12 months in the year.
As an example, a $4,000 annual tax bill with a $800 insurance policy = $4,800 annually = $400 paid into escrow monthly. These monies are collected as part of the regular mortgage payment along with the mortgage's scheduled principal + interest payment.
Homeowners choosing to escrow tend to get the lowest rate, lowest fee loans. This is because lenders often charge a premium to "waive escrow" (i.e. pay their own taxes and insurance). Escrow waiver fees vary between banks, but can range up to half-percent of the amount borrowed. The larger the loan, the stiffer the penalty in dollar terms.
Choosing to waive escrow can also raise your mortgage rate by up to 0.250 percent. If you're unsure whether escrowing is right for you, talk to your loan officer and/or financial planner. There's good reason to go either route depending on your profile.

Labels: alpharetta homes for sale, escrow, impound accounts

Forsyth County Residents, You better leave for work a little earlier today. School is back in session. Watch out for the little ones and be patient in the traffic.

Labels: best realtors in town, cumming homes for sale

Case-Shiller Index For Metro Atlanta – May 2010

The peak of our market was July of 2007 according to the Case-Shiller index. The bottom was March of 2010. Since July of 2007, our homes values have slipped 20.98% – which is an improvement from previous lower months. The spring selling season was very active in March and April showing year-to-year increases in pendings of 47% and 28% respectively. Inventory remains down from last year but is increasing from the previous months of March & April. Remember, Case-Shiller reflects closed sales and not pended sales. We expect to see the index continue to show slight gains over the summer months and then begin to trail off in the fall and winter months. We do not expect to test the low point of March 2010. Remember, you will not know the bottom of the market until it is already passed. Our conclusion is that we are passed the bottom of homes values for Metro Atlanta but do not expect a robust recovery. We expect to see home values slowly increase over time with a few seasonal bumps along the way.

If you look at the average annual Case-Shiller index for each year, here is how homes purchased in recent years would compare to the current index:

Homes Bought in 2000 – Gain of 4.44%
Homes Bought in 2001 – Loss of 1.09%
Homes Bought in 2002 – Loss of 4.76%
Homes Bought in 2003 – Loss of 7.76%
Homes Bought in 2004 – Loss of 10.90%
Homes Bought in 2005 – Loss of 1518%
Homes Bought in 2006 – Loss of 19.05%
Homes Bought in 2007 – Loss of 19.57%
Homes Bought in 2008 – Loss of 12.09%

Yes, we are slowly climbing our way out of this unprecedented housing crisis – but we are not there yet. So where will home values go from here? The key factors that will impact our home values include the following:

1. Demand From Buyers (We expect to see continued demand through spring and summer months.)
2. Mortgage Rates/ Credit Availability (We expect to see incredibly low mortgage rates for an extended period with increases coming in late 2010 and 2011.)
   
3. Supply/ Inventory Levels (We expect inventory levels to remain lower than normal.)
4. Competition from Short Sales/ Foreclosures (We expect to see significant numbers of short sales & foreclosures for the next two years. However, we do not expect a flood of foreclosures that drives the overall inventory too high.)

You and your agent should be carefully watching the trends for short sales and foreclosures. Right now, home affordability is exceptional. We still have the combination of low home prices and the lowest mortgage rates in 50 years. Many wonderful properties are available below their replacement costs. But this scenario will not last forever. Rates will go up over time. Home values will be increasing – slowly but surely. Yes, we will continue to see some ups and downs along the way, but home values are on the rise. In 5 or 10 years, many will look back and regret not buying their dream home when they had the chance!

Check back with Mike and Melody for our next posts with the latest facts and insight that can make you money!

Labels: Atlanta foreclosures, Atlanta homes values, Atlanta new homes, atlanta real estate agents, atlanta real estate market report, Atlanta short sales, Case-Shiller Index Atlanta

CURRENT RATES (PURCHASE TRANSACTIONS)
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.375% Purchase Only
15-yr Fixed = 3.75% Purchase Only

NEW! Conforming 5/1: 3.375% amortized; 3.75% interest only
Conforming 7/1: 3.75% amortized
HOT PRODUCT Conforming 10/1: 4.125% amortized!!!**
Consult your Covenant Mortgage Professional for Refinance Quotes

Jumbo Loans:Loan amounts over $417,000*
5/1 ARM = 4.375%
7/1 ARM =4.625%
FHA Loans: *
30-yr Fixed Range= 4.25% - 5.25%
NEW! FHA 5/1 ARM: 3.375% Qualify at Start Rate

Call Me Now For More Details!
*Based on pricing as of Friday, July 30th, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z". It is intended solely for use by Real Estate professionals.
Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774


For More Information Call or Email

Phil Blankstein
Mortgage Planner
Cell 678-938-7111
phil.blankstein@mycovenantmortgage.com
NMLS # 251790

It is a great time to buy. If you have found the house you like...don't hesitate or you may lose the opportunity to buy it...call Mike and Melody today

A local upscale builder is trying to unload a million dollars worth of unused furnishings from their model homes. And they're going to do it with rock bottom prices. They'll have refrigerators for $250, mattresses, couches, washers and dryers, media centers, and dozens and dozens of other items. The sale will start August 4th and will go for three weeks, but only Wednesday through Sunday. If you would like to go, it is at the old Walmart in Cumming on highway 9. And you can preview the sale at www.atl-estates.com

Every week the prices will be lowered, so if you're willing to gamble a little bit you might get an incredible bargain. But everything will start at about 25% of what it was originally worth.

If you need a bigger home to put all these great bargins call Mike and Melody Vanderhoff

Labels: cheap furnture and appliances, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, forsyth county homes for sale

News
Hackers release new version of iPhone Jailbreak app
By Jeremy Kirk
August 2, 2010 08:28 AM ETComments (9)Recommended (3)FacebookTwitterShare.IDG News Service - The latest version of software that allows iPhone owners to install applications not approved by Apple has been released just days after the practice was declared legal under U.S. copyright law.

JailbreakMe 2.0 can be installed by going to its developers' Web site, jailbreakme.com, where it is installed via the Safari Web browser. One of its developers, Comex, wrote on Twitter that there were initial problems with JailbreakMe and the MMS (Multimedia Messaging Service) and FaceTime video chat functions, but those problems are now fixed.

The practice of jailbreaking was illegal under the Digital Millennium Copyright Act (DMCA), which prohibits the circumvention of copy protection mechanisms. But last week the Librarian of Congress issued a batch of exemptions, ruling that the installation of legally acquired third-party software for non-infringing reasons on mobile phones doesn't violate U.S. copyright law.

Jailbreaking also allows an iPhone to be used on other phone networks. Apple's exclusive agreement with AT&T to offer the iPhone is being challenged in a class-action suit filed last month in which customers contend the two companies secretly agreed to unfairly "technologically restrict voice and data service" for five years.

Apple, which has never pushed for prosecuting someone for jailbreaking their iPhone, nonetheless discourages the practice, saying that it could interfere with the phone's normal operation. Jailbreaking also will potentially invalidate the iPhone's warranty, Apple has warned.

Apple's regular iPhone software updates often also invalidated the jailbreak modifications, and the jailbreaking software had to be regularly updated.

Labels: best realtors in town, iPhone 4, Jailbreak

DONATIONS NEEDED


The Place of Forsyth County needs donations for its school supply drive to benefit children in need. Backpacks with basic school supplies will be distributed from 9-11 a.m. Aug. 7 to approved students. Supplies are needed by Aug. 2. For more information, call (770) 887-1098.