Alpharetta Cumming Lake Lanier Real Estate Blog

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

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

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 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

Meet the newest addition to the Vanderhoff Team. Her name is Baby. She doesn't sell real estate, but in her first month at the house she sure showed us how she could take control of the place.









She has learned how to go up and down the stairs but still can't seem to get potty box right.







Now if we can get her to mind and come when we call her things will be great.

Labels: a new pet in the household, alpharetta homes for sale, dawsonville homes for sale, homes for sale in cumming, 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

(Short Sales continued from yesterdays blog)

Mortgage Amounts, Number of Loans and Lenders

Ask your buyers agent to research how much is owed against the home and find out the number of loans that are recorded. A second or third mortgage lender will receive peanuts as compared to the amount a senior lender in first position will get.

Moreover, some lenders, deserving or not, get a reputation for being difficult to work with. If your agent is an experienced short sale agent, as we are, he or she will know who these lenders are and can advise you of the difficulty you may encounter.

If your offer is 50% of the mortgaged amount, it is unlikely that your offer will see the light of day on the negotiator's desk.


Short Sale Listing Agent's Track Record

A listing agent who is advertising a short sale but has never closed a short sale is a risky proposition for you. That's because it's up to the listing agent to submit the short sale package to the lender and negotiate. Your buyer's agent can't talk to the bank. So it is really important that you make sure your buyers agent has the understanding to ask the right questions of the listing agent.

Some listing agents hire outside companies to do their job, and the results of those negotiations are sketchy at best. Ask yourself, do you want to risk rejection of your short sale purchase because the listing agent has no experience?


Short Sale Seller Qualifications

Your buyers agent also needs to find out if the listing agent has received a completed short sale package from the seller. A complete short sale package consists, at minimum, of the following:


•Sellers' hardship letter
•Tax returns
•W-2s
•Payroll stubs
•Financial statement
•Bank statements
Some sellers do not want to cooperate and are slow to return these documents. Others have never been told by their agent that these documents are mandatory. You don't want your short sale purchase delayed because the listing agent doesn't have the required documents.

More information to follow in tomorrows blog.

If you just can't wait give Mike or Melody a call. They are always available to help.

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