Alpharetta Cumming Lake Lanier Real Estate Blog

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

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

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

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

(Third message in the continuing series)

Number of Short Sale Offers Received

Homes priced under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you do want to know how many offers you are up against.

Here's how it generally works:
•When a short sale home first comes on the market, the first offer will most likely be a tad below list price.
•The second, at list price.
•The third offer will be slightly higher, maybe by a $1,000 or $2,000.
•The fourth offer will be significantly more.
You want to make an offer that will beat the competition yet still be below market, or don't waste your time.


The Listing Agent's Short Sale Procedures

Although REALTORS are required by the REALTOR Code of Ethics to treat everybody fairly, not every agent is a REALTOR. This means the short sale listing agent may decide to submit only the first offer to the bank and withhold all other offers.

Withholding other offers could be considered to be a violation of the fiduciary relationship formed between the listing agent and the seller. The seller is entitled to receive the highest and best price. Realize that even if your offer is submitted to the bank, as time marches by while waiting for short sale approval, another buyer could outbid you.

You can live and learn or you can through your experiences or you can put your trust in the hands of an experienced agent. Mike and Melody Vanderhoff have been through many short sales and have learned these facts through their own experiences. Give us a call, we are Your Bridge To Success in Short Sales.

Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, lake lanier homes for sale, milton homes for sale, short sales

Clients are always asking me have the prices hit bottom yet? I wish I had a crystal ball so I could give them the right answer. But I do know that I have seen asking prices and sale prices begin to increase. So it appears that the low was a month ago or so. Not sure what it will do in the future, but there are some real bargains to be had out there today. I have seen homes in excellent condition over 7000 square feet selling for under $500,000. I am also seeing homes in nice small subdivision that were selling in the $300, 000 range new selling closer to $200,000. If you are looking to purchase Mike and Melody are here ready to help you find the perfect home at a great price. Give us a call at 770-888-9269

Labels: alpharetta homes for sale, cumming homes for sale, dahlonega homes for sale, dawsonville homes for sale, johns creek homes for sale, lake lanier homes for sale, milton homes for sale