7 Factors: What to Consider When Choosing a Home to Retire In

7 Factors:  What to Consider When Choosing a Home to Retire In

As the population ages and more baby boomers near retirement, the question of what to do about housing becomes an important one. Given the low available inventory in the starter and trade-up home categories, it makes sense for homeowners to evaluate their homes’ ability to adapt to whatever needs retirement may bring. According to NAEBA (National Association of Exclusive Buyers Agents), there are 7 factors that you should consider when choosing your retirement home.

  1. Affordability

“It may be ...

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Georgia HARP Refinances Shave Mortgage Payments for Home Owners

Georgia HARP  Refinances Shave Mortgage Payments for Home Owners

Are a homeowner in Georgia looking to refinance your mortgage but you owe more than your home is worth?

GA HARP LoanYou may be a candidate for a HARP refinance loan despite your homes value. There a few requirements for obtaining a Georgia HARP loan and the process can be a little complicated but don’t sweat it. ...

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Rolling Closing Costs Into a New Loan

When you refinance and pay closing costs, you can certainly roll in these expenses to the new loan if you so desire as long as you have enough equity to avoid paying PMI.

If you will be over the threshold by rolling in your closing costs we could set you up with a small 2nd mortgage to avoid paying the PMI. This way you still would not be required to come up with the cash to pay closing costs.

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Can I combine my first and second mortgages?

Oftentimes it may seem like a good idea to refinance to combine a first and second mortgages. If you have enough equity to keep your combined loans under 80% of the appraised value of your home this may work. There are some considerations however.

If you’re existing 2nd mortgage was not used to originally to purchase the home, it will be considered a “cash out” refinance and the lenders will charge a .50 discount point one time fee. Just multiply .0050 ...

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Will I have to write a check at closing with my refinance?

There may be some out of pocket funds required at closing depending upon a couple of factors. If you have an escrow account for taxes and insurance, it does not roll over to your new mortgage.

This means we must collect for the new escrow account whatever amount should be in that account at this time of year  You will receive a refund from your current lender, any funds they are holding in escrow for you – usually about 30 days ...

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Reasons to Refinance

Convert your adjustable to a fixed rate

When you bought your home originally or refinanced your home the last time, you most likely predicted that you would be moving prior to the expiration of your initial fixed rate period on your adjustable rate mortgage. Or because the rate was much lower at the time, it made sense to “risk it”. If you are reading this you most likely are planning on staying in your home past your initial fixed period. Depending ...

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