Recasting Your Mortgage

Recasting Your Mortgage

In this market, it is challenging to make a move if you must utilize the equity from the sale of your existing home for the down payment on a new home. Most Sellers will not accept an offer that is contingent on the successful closing of your existing property. But there is simple solution. Assuming you can qualify for both mortgage payments, and you have a 3 – 5% down payment for a conventional loan, you ...

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Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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Housing Market to Spring Forward in 2018

Housing Market to Spring Forward in 2018

Just like clocks recently did in most of the country, the housing market will soon “spring forward!” According to Alexandra Lee and Ralph McLaughlin of Trulia, there was a 10.5% decrease in US home inventory in Q4 2017. This lack of inventory is like tension in a spring waiting to be released and that is what is holding back the market right now.

Traditionally, sellers believe that waiting until Spring is in their ...

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Your Atlanta Renovation Loan Guide

Your Atlanta Renovation Loan Guide

For a long time the real estate market was saturated with foreclosures. In fact, according to one expert, 60% of real estate sales in recent years have been through foreclosures and short sales. Over time, most of them have cleared out and the ones that still remain are in conditions that most buyers think they don’t have the money to fix.

Enter the renovation loan. In many ways, purchasing a home with a Continue Reading →

Turn your home into your Dream Home with One Simple Loan

Turn your home into your Dream Home with One Simple Loan

We hear it all the time, I live in the perfect location, great school district but if only we could… Let’s see; renovate the kitchen and bathrooms, add a sunroom, finish the basement, build a swimming pool, put an office over the garage or even add a second floor to our house. You get the idea, it is nice to dream. But maybe these sorts of renovations aren’t just a dream. In One Simple Loan with The Family Mortgage Team ...

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Shopping for a mortgage: How can I be sure I’m comparing apples to apples?

Shopping for a mortgage: How can I be sure I’m comparing apples to apples?

Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to “shop” effectively.

First, IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS. But you didn’t really need us to tell you that, did you? Mortgage money and interest rates all come from the same places, and if something sounds really unbelievable, it’s better to ask a few more questions and find the hook. Is there ...

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Fixed Rate Loans Vs. Adjustable Rate Loans

Fixed Rate Loans

These loans are fixed for either a 10, 15, 20, 30 or now even 40 year period. They are amortized over the period of time you select, so the shorter the period the larger the monthly payment will be. Also, the shorter the time period you select the more significant the interest savings will be over the term of the loan. But one note of caution is that you should make sure that you ...

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Interest Only Loans

Interest Only Loans

With an Interest-Only loan, home buyers are able to choose their monthly payment and can do one of a few things: They can qualify for a more home, keep more of their cash in reserve or to save for retirement, pay down high-interest debt, or make home improvements.

Interest-Only loans offer you:

  • Possibility for lower monthly payments: for the first 10 years of the mortgage you can choose to pay interest only – plus any portion of the principal that you would ...
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Factors That Affect Home Mortgage Rates

Home loans can be generally placed into one of four categories; Conventional, Alt-A and Sub Prime and second mortgages/home equity lines of credit. We will briefly touch on what impacts rates for each of these types of loans.

Let’s start with the most common, conventional loans. Fannie Mae and Freddie Mac are quasi governmental agencies that set the guidelines for what is considered a conventional loan. If a loan meets Fannie or Freddie ...

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