Alpharetta Cumming Lake Lanier Real Estate Blog

CURRENT RATES FOR PURCHASE TRANSACTIONS
Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 4.75 % Purchase Only
15-yr Fixed = 4.25 % Purchase Only

NEW!
Conforming 5/1 = 3.50 % 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 = 4.625% - 5.00%
NEW! FHA 5/1 ARM = 3.50 % Qualify at Start Rate

Call Phil Now For More Details!
*Based on pricing as of Friday, January 21st, 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, cumming, current mortgage rates, homes for sale

In a holiday-shortened week on Wall Street, mortgage markets improved on 3 of 4 days, but still posted its fourth consecutive losing week.
Unfortunately for rate shoppers and home buyers , last week's 3 days of gains were mild improvements; the one day of deterioration was among the Top 10 worst days for mortgage bonds this year.
Mortgage rates are at their highest levels since mid-July. The Refi Boom is unwinding quickly.
Last week underscores the importance of the global community to the future of the U.S. mortgage market. Two of the main reasons why mortgage rates increased were non-domestic.
1. Concerns for a full-blown North Korea/South Korea conflict
lessened quickly
2. The likelihood of a speedy, $85 billion bailout Ireland increased
The two events stemmed the typical safe-haven buying patterns that accompany geo-political and economic uncertainty, and drive down mortgage rates.
This week, mortgage rates may rise again.
First, Ireland's bailout package was signed Sunday morning and that relieves some pressure on the European Union. Second, this week's economic releases should show that the U.S. economy is still expanding, and that U.S. consumers are still spending - both are tied to higher rates.
A sampling of the week's releases include:
• Tuesday : Case-Shiller Index; Consumer Confidence surveys
• Thursday : Initial and Continuing Jobless Claims; Pending Home Sales
• Friday : Non-Farm Payrolls; Unemployment Rate
If you haven't locked a mortgage rate and are waiting for "the bottom", remember that the mortgage market waits for no one. Rates are much higher since the start of November and look ready to rise even higher. The longer you wait, the higher that rates could go!

Tomorrow we will look at housing prices...have they hit bottom?

Labels: forsyth county, homes for sale, mortgage rates

Whether you’re planning to sell your home in the next few months or just studying up for that eventuality, there’s no time like now to prepare. If buying a house seems complicated, selling involves even more responsibilities and expenses.

The very first thing you need to do is to realistically determine what is the current value of your home. Not what you want it to be worth or not what you owe on it, but the actual value in today's market. Your real estate agent can help you with that by preparing a Competitive Market Analysis (CMA).

More than likely you won't like his or her numbers...but remember don't be angry at the messenger. If the numbers are workable for you then it is time to start the work of getting your house ready to sell.

If the numbers are not workable for you then it is not time to sell. The biggest mistake you can make is to go find another agent that tells you what you want to hear. If you do that you will end up putting your home on the market at a price that nobody will pay or ever bother to look at. So if the number will not work for you and your have to move on from your current location, you might consider leasing your home or talking to your bank about a possible short sale if you owe more than it is worth.

Our previous blogs explains short sales and the potential consequences of a short sale. In some cases a lender will allow a short sale if you can prove hardship and in other cases they will approve a short sale but will hold you responsible for the difference, this happens when you can't prove a financial hardship or have a substantial income that will allow you to pay back the difference.

Be sure to see our blog tomorrow that tells you the steps you need to follow if you decide the time is right to put your home on the market.

Labels: cma, homes for sale, preparing your home for sale, short sales

The Price Is the Same, It Just Costs Less...
The True Cost of Home Ownership...Price vs Cost
Excerpt from the article by Steve Harney on April 26, 2010 in
For Buyers

" ...it is not just the tax credit that makes this the best time in a long time to pull the trigger on the home of your dreams. Prices have reached levels not seen since before the housing bubble. The following graph shows that, according to the S&P Case Shiller Pricing Index, home values have fallen to August 2003 prices.

You Can Purchase A Home Today At The Same Price It Sold For Seven Years Ago


And it will actually COST you less! This blog has been making the distinction between the PRICE and the COST of housing for months now. Price is what you agree is the value of the home. Cost is what you pay every month in the form of a mortgage payment. The cost is a combination of the price and the mortgage interest rate you will pay over the life of the loan.
Interest rates are at historic lows. Interest rates in August of 2003 were over a full percentage point higher than they are today. We can see in the table below that, even though you would pay the same price for a house today, your mortgage payments on a $200,000 loan would be $145.61 less each month. That is an annual savings of $1,747.32. Over the life of a thirty year mortgage you would save $52,419.60"



What does this mean to you?
Move forward with your purchase before interest rates rise!

Just pick up the phone and dial 770-888-9269 to talk to Mike or Melody. They will find you the perfect home.

Labels: Alpharetta, city of milton, cumming, dahlonega, dawsonville, home prices at 2003 levels, homes for sale, johns creek, lake lanier

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, cumming, dahlonega, dawsonville, homes for sale, homes prices increasing, johns creek, Milton

Dahlonega is making headlines this month among well-read retirees in the latest edition of “Where to Retire” magazine.

The November/December issue of the national periodical delves into the sights and specialties of Lumpkin County and, in the process, names Dahlonega a top retirement town.

“Whether hiking on the Appalachian Trail, tubing and fishing in the Chestatee River or attending a First Friday outdoor summer concert, residents of Dahlonega have ample opportunities to enjoy this northern Georgia town's four-season climate,” wrote “Where to Retire” editor Mary Lu Abbott.

On Monday, Chamber President Amy Booker said she was pleased to see Dahlonega earning new accolades.

The Where to Retire article went on to praise other retiree-friendly features of Dahlonega including the golf course at Achasta, condo accommodations at The Summit and easy access to the outdoors.

“With area wineries, continuing-education courses, theater, music, arts and festivals, the community keeps retirees active,” wrote Abbott.

For Dahlonega real estate listings, click here.

Anyone interested in obtaining a copy of the magazine can do so by logging onto www.wheretoretire.com.

Yet this isn't the first brush with Where to Retire-related acclaim Dahlonega has received. In 2007, the Texas-based magazine named Dahlonega one of the top five “undiscovered” retirement havens in the country.

This is not news to those of us who know and love the area, but a great way to let others know what a great place we have in the North Georgia Mountains!

Labels: achasta, condominiums, dahlonega, georgia, homes for sale, mountains, north georgia, north georgia college, retirement, where to retire

Gold Rush Days are held the third weekend in October (the 17th and 18th for 2009), when thousands come to see fall colors peaking and celebrate Dahlonega's 1828 discovery of gold. Over 300 art and craft exhibitors gather around the Public Square and Historic District in support of this annual event, and it is estimated that a crowd of over 200,000 visit over the weekend to join in the fun and excitement! It has been voted one of the Top 20 Events in the southeast by the Southeast Tourism Society.

Included in the two day event are a parade, children's activities, a fashion show, gold panning contest, wheelbarrow race, King and Queen Coronation, hog calling, buck dancing contest, gospel singing and other live entertainment, wrist wrestling, and last but not least – some delicious food! Visit www.dahlonegajaycees.com for more information.

Labels: 2009, dahlonega, festival, gold rush days, homes for sale, jaycees, october

Just Reduced! 2750 Fairlane Dr., Cumming, GA 30041. This charming ranch style home with covered front porch has 3 Bedrooms and 2 Full Baths. It is a great starter home and has new flooring in the kitchen. The backyard is level and fenced. Easy access to GA 400 at Exit 16/Pilgrim Mill Rd. Close to Lake Lanier and located in the highly sought after Chattahoochee Elementary school district. The home has just been reduced to only $144,000 and the seller is motivated.

Click on the property address above to view more information and photos of this property. If you would like to see this property, or any other properties in the area, please contact us today. Our team at Vanderhoff Real Estate would like to help you find your next home at a great price.

Also check out the "Foreclosure" link on our website which will show you all available foreclosures in the area.

Labels: chattahoochee elementary, cumming, forsyth county, homes for sale, lake lanier, pilgrim mill, ranch, vanderhoff real estate