| Vanderhoff Real Estate's North Fulton Blog
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Tuesday, May 17, 2011
What’s Ahead For Mortgage Rates This Week
 Mortgage markets worsened overall last week for the first time in 5 weeks. Better-than-anticipated economic data plus dwindling concerns for Greece’s sovereign debt combined to a spark a bond sell-off. Conforming mortgage rates moved higher as a result. Rate shoppers were hit especially hard last Tuesday. At Monday’s close, conventional fixed- and adjustable-rate mortgages were posting their lowest levels of 2011, but by Tuesday’s market close, rates had climbed as much as 0.250 percent across the board. In some cases, more. The spike highlights how quickly mortgage rates can change in a recovering economy, and why “floating” a rate can be costly. This week, mortgage rates figure to be equally volatile. There’s a large set of market-changing data planned for release, and several Fed members have planned public appearances, including a 9:00 AM ET, Monday morning kickoff from Fed Chairman Bernanke. •Monday : Bernanke speech; Homebuilder Confidence Survey •Tuesday : Housing Starts; Building Permits •Wednesday : FOMC Minutes •Thursday : Existing Home Sales In addition, Thursday brings a second rate shopper-risk. The Initial Jobless Claims will be released at 8:30 AM ET and it will be closely watched by Wall Street. Initial claims are sharply higher since the end of April and investors believe the jobs market is key in a sustained economic recovery. If the data shows that initial claims receded, mortgage rates are expected to rise in response Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates
Tuesday, April 05, 2011
Thought For The Day
 Ability is what you are capable of;
Motivation determines what you do;
Attitude determines how well you do it!
Labels: alpharetta homes for sale, best realtors in town, cumming homes for sale
Tuesday, March 22, 2011
"Atlanta's Newest Mortgage BANKER!"
 We are pleased to announce that Covenant Mortgage Corporation (our preferred Lender) and its associates are merging interest with Supreme Lending of Dallas, Texas Why Are they Transitioning? This merger will enable them to transition from their current "brokering" model to a "mortgage banking" model creating the solid foundation for superior customer service and increased speed in each transaction. Their goal is to establish the industries best "Customer Experience" for our clients. Why Supreme Lending? They explored a multitude of potential partners over the past two years. Supreme Lending is a 2 Billion Dollar National Lender whose outstanding reputation with their bankers and customers has proven their attention to character, competency and chemistry in this industry. What Does This Mean For You? • Local Underwriting, Processing and Closing • Local Decision Making...Common Sense Approach to Lending • Coming Soon...7Day Approval, 10 Day Close • Package to Attorney 48 Hours Prior to Closing • Settlement Statements Delivered 24 Hours Prior To Closing (With Covenant Chosen Firm) • FHA, VA and Conventional For More Information Call or Email our preferred loan officer Phil Blankstein Senior Loan Officer Cell 678-938-7111 phil.blankstein@supremelending.com NMLS # 251790, GA License# 26422 Labels: alpharetta homes for sale, best mortgage, cumming homes for sale, thinking of buying a foreclosure
Tuesday, January 18, 2011
This weeks Mortgage Rates
 CURRENT RATES (PURCHASE TRANSACTIONS) Conforming Loans: Loan amounts $417,000 & under* 30-yr Fixed = 4.625 % Purchase Only 15-yr Fixed = 4.00 % Purchase Only NEW! Conforming 5/1 = 3.375 % amortized; 3.75% interest only Conforming 7/1 = 3.875% amortized (Consult your Covenant Mortgage Professional for Refinance Quotes) Jumbo Loans:Loan amounts over $417,000* 5/1 ARM = 4.25% 7/1 ARM = 4.50% NEW! 30-year Fixed JUMBO = 5.50% FHA Loans: * 30-yr Fixed Range = 4.375% - 5.00% NEW! FHA 5/1 ARM = 3.25 % Qualify at Start Rate *Based on pricing as of Friday, January 14th, 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 Licensee # CL0800186, North Carolina Licensee # B-147025, Covenant NMLS # 144774 For More Information Call or Email our Preferred Lender 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, milton homes for sale
Adjustable versus Fixed Rate Mortgages
 Comparing Mortgage Rates For Adjustable And Fixed Rate Mortgages For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan. Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac's weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent. On a $250,000 home loan, a 1.02 differential yields a payment savings of $149 per month. ARMs are not for everyone, of course. Over time their rates can change and that can frighten people. An ARM can finish its respective 30-year lifespan with a mortgage rate as much as 6 percentage points higher from where it started. Some homeowners won't like this. Other homeowners, however, won't mind it. For this group, the ARM can be a terrific fit. Especially with the huge, relative discount in today's pricing. A few scenarios that should warrant consideration of a 5-year ARM include homeowners that are: 1. Buying a new home with the intent to sell within 5 years 2. Currently financed with a 30-year fixed mortgage with plans to sell within 5 years 3. Interested in low payments; comfortable with longer-term rate and payment uncertainty In addition, homeowners with existing ARMs due for adjustment may want to refinance into a new ARM, if only to push the first adjustment date farther into the future. Before choosing to go with an ARM, speak with Phil Blankstein, our preferred Lender, about how adjustable rate mortgages work, and their near- and long-term risks. Payment savings may be tempting, but with an ARM, payments are permanent. You can reach Phil at 678-938-7111 or email him at phil.blankstein@mycovenantmortgage.com Labels: alpharetta homes for sale, cumming homes for sale, fixed versus adjustable mortgages
Tuesday, January 04, 2011
What's Ahead For Mortgage Rates This Week January 4th, 2010
 Mortgage markets improved last week during a snow- and holiday-thinned series of sessions on Wall Street. Mortgage bonds improved on year-end profit-taking, mostly, leading conforming mortgage rates lower. Last week marked the first calendar week in which mortgage rates dropped since early-November, a pleasing development for rate shoppers and home buyers. Falling rates means lower monthly mortgage payments. But don't expect for rates to improve again this week, however. Last week's gains were the result of extremely low trading volume and a close-out of 2010 mortgage bond positions. With markets re-opened for 2011, and Wall Street back at full volume, mortgage rates may resume rising. There will be a lot of data and information on which for mortgage bonds to trade, too. The week starts with a growth report from the U.S. manufacturing sector. The Institute for Supply Management's monthly report has shown improvement over 16 straight months, and Monday's report is expected to show the same. Because manufacturing is key in U.S. economy, a stronger-than-expected value could send stock markets higher, and mortgage rates, too. Then, Tuesday, the Federal Reserve releases the minutes from its December meeting. There won't be policy changes transcribed in the minutes, but Wall Street will scrutinize its pages for clues on the economy. A bullish bias from the Fed will push rates higher. A bearish bias will drag rates lower. And lastly, Friday, the government will release its Non-Farm Payrolls report for December. This is a major market-mover because of how closely jobs are tied to the economy overall. Plus, Fed Chairman Ben Bernanke speaks Friday - another risk to mortgage rates. The gravity of this week's economic releases and speeches should make shopping for a mortgage difficult. Stay in close touch with us about mortgage rates and how they're moving. There's no promise rates will ever go lower. Labels: alpharetta homes for sale, cumming homes for sale, milton homes for sale, mortgage rates
Tuesday, November 23, 2010
What's Ahead For Mortgage Rates This Week November 22nd, 2010
 Mortgage markets worsened last week as the U.S. dollar gave up ground in currency markets, and inflation concerns mounted. In response to the events, conforming mortgage rates rose for the third straight week. Mortgage rates have now climbed by as much as half-percent since the start of the month, and Freddie Mac reports average loan fees to be higher, too. The 7-month rally in rates may be nearing its end. The 30-year fixed rate mortgage is at a 4-month high after reaching an all-time low just 3 weeks ago. The abrupt change in rates makes for an interesting study in expectations, and how they can influence a market. Remember, inflation is bad for mortgage rates. Inflation devalues the dollar which, as a consequence, devalues repayments made to mortgage bond holders. As a result, when inflation is present, mortgage bonds tend to sell-off which causes mortgage rates to rise. This is what's been happening these past 3 weeks. However, we're not in an inflationary environment. To the contrary: 1.The Federal Reserve has said inflation is too low to be economically healthy 2.Last week, the Cost of Living posted its lowest year-over-year gain in history But mortgage rates are rising anyway. This is because global investors believe the Fed's most recent market intervention - a $600 billion bond purchase program - will later lead to inflation. Just on the expectation, markets are behaving like inflation is already here. This week is holiday-shortened, and rates should remain volatile. There's a bevy of data including the Existing and New Home Sales reports, consumer confidence data, and the FOMC Minutes from the November 3 meeting. If you haven't made a decision on what house to buy, now is the time to consider making that decision and locking in a mortgage rate as well. Rates have farther to climb than the fall. Call Mike and Melody today! Labels: alpharetta homes for sale, homes for sale in cumming, interest rates
Tuesday, November 16, 2010
This weeks mortgage rates
 CURRENT RATES (PURCHASE TRANSACTIONS) Conforming Loans: Loan amounts $417,000 & under* 30-yr Fixed = 4.25% Purchase Only 15-yr Fixed = 3.50% Purchase Only NEW! Conforming 5/1: 3.125% amortized; 3.75% interest only Conforming 7/1: 3.25% amortized HOT PRODUCT Conforming 10/1: 4.00% amortized!!!** (Consult your Covenant Mortgage Professional for Refinance Quotes) Jumbo Loans:Loan amounts over $417,000* 5/1 ARM = 3.875% 7/1 ARM =4.000% NEW! 30-year Fixed JUMBO: 5.00% FHA Loans: * 30-yr Fixed Range= 4.125% - 4.50% NEW! FHA 5/1 ARM: 3.125% Qualify at Start Rate Call Me Now For More Details! *Based on pricing as of Friday, November 12th, 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 Mortgage Man Phil Blankstein Mortgage Planner Cell 678-938-7111 phil.blankstein@mycovenantmortgage.com NMLS # 251790, GA License# 26422 Brought to you by Mike and Melody Vanderhoff Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates, dawsonville homes for sale, lake lanier homes for sale
Monday, October 25, 2010
Current Mortgage Rates
 Conforming Loans: Loan amounts $417,000 & under* 30-yr Fixed = 4.00% Purchase Only 15-yr Fixed = 3.375% Purchase Only NEW! Conforming 5/1: 3.00% amortized; 3.75% interest only Conforming 7/1: 3.375% 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: 4.875% FHA Loans: * 30-yr Fixed Range= 3.875% - 4.50% NEW! FHA 5/1 ARM: 2.875% Qualify at Start Rate Call Me Now For More Details! *Based on pricing as of Friday, October 22nd, 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, GA License# 26422 Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates
Friday, August 27, 2010
This weeks mortgage rates
 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
Monday, August 23, 2010
What's Ahead For Mortgage Rates This Week:
 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
Tuesday, August 17, 2010
This Weeks Mortgage Rates
 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
Monday, August 16, 2010
Higher (And Lower) FHA Mortgage Insurance Premiums Start October 4, 2010
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
Friday, August 13, 2010
Fannie Mae Foreclosures
 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
Thursday, August 12, 2010
This Weeks Mortgage Rates
 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
Monday, August 09, 2010
What Does It Mean To Escrow Taxes And Insurance?
 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
Wednesday, July 28, 2010
Can Do Attitude
 We recently had a client that was moving to the Alpharetta area from Florida. He had been transferred by his company. He had fairly normal requirements for the house he wanted, 4 bedrooms and 3 baths. What was not so normal was that he wanted to be within 2 miles of his new office and he only wanted to make right turns to get to work and if possible only right turns to get home. I thought this was a bit strange so I asked him why only right turns? He said it made it easier and quicker in the traffic. Well we took the can do approach and were able to find him the perfect home 1.5 miles from his office. He turned right out of his subdivision, right on the main street and right on the street he worked on and right into his parking lot. I showed him that he could exit right out of his parking lot, turn right on the next major street, right again to get to his main street, then right on it and right on it into his subdivision. So there we have it, a can do attitude, all right turns to and from work and only 1.5 miles from his office, well it was 2.1 miles on his way home if he only wanted to turn right. The next time you are looking for a home call Mike and Melody Vanderhoff, the Realtors with a Can Do Attitude and a track record to prove it. Labels: alpharetta homes for sale, homes for sale in cumming
Tuesday, July 27, 2010
This Weeks Mortgage Rates
 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 23rd, 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, homes for sale in cumming, low mortgage rates
Yes, You Can Still Get A Mortgage If You're Pregnant
 The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing. NBC's The Today Show picked up the story as well, as shown in the 3-minute clip. Click here for the video The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time. The loss of income can raise a household's debt-to-income ratio to unlendable levels. Now, your loan officer cannot ask you about a pregnancy; such questions would be in violation of Equal Credit Opportunity Act. But he can ask if whether you expect your future employment and income situation to change. This would be a perfect time to broach the topic. And you should. If you're found to have withheld employment and income information from your lender at a later date, it could result in an immediate loan denial plus a loss of earnest monies paid. Across both pieces, though, the prevailing message is this: Families concurrently planning to (1) have a baby and (2) buy a home should be up-front and forthcoming with their loan officers. Financing is often still available for families expecting an addition - there's just some extra paperwork though which to work. Be prepared for that paperwork and you're more likely to get your loan. Call Mike and Melody to find a lender that will help you. Labels: alpharetta homes for sale, buying a home, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, milton homes for sale, moving up
Monday, July 26, 2010
Have we hit the bottom yet?
There are several reports that have been issued over the past month indicating that we have past the bottom price levels in the housing market here in metro Atlanta and that we are on our way back up. Several factors can lead us to believe this. Pending Sales have increased dramatically over the last month. New listings coming on the market are down. When the pending sales close this means there will be less on the market kicking in the old supply and demand rules. Don't wait until it's to late. Now is a great time to buy. Check out the homes available on our website. It does not require your registration and shows virtually all homes for sale in the metro area. If you have any questions or find one you want to see give Mike and Melody a call. Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, milton homes for sale
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