Buying New Construction in Atlanta

When you’re ready to buy a home, you have basically just two choices: resale or new construction. For must of us, the knee-jerk reaction is to opt for the resale home because we think it will be cheaper. Maybe it will be – but, then again, maybe it will cost more in the long run. Sometimes, then, it’s a tough decision, but a good mortgage broker can help you make the right choice for you.

And if you’re already leaning toward new, keep in mind that a builder’s rep is working for the builder, but your mortgage broker is working for you, helping you get the best deal. But before getting into that, let’s look at the benefits of buying new construction in Atlanta.

1. Customization Possibilities

Buying new construction in Atlanta, unlike buying an older resale home, offers you some customization possibilities if the home is still in the construction stage. You can decide where the bathrooms will go and the kind of flooring you’ll get. Basically, you’ll have more flexibility and will be able to have some input into the final product – rather than just having to accept what is already there.

2. Energy Efficiency

With respect to energy efficiency, building codes have grown progressively more stringent over the last few years. You can be pretty certain, then, that buying new construction will save you a significant amount of money on utility bills.

In fact, new construction that conforms to the most recent International Energy Conservation Code is 17% more energy-efficient than homes built before the latest code. These new homes are more tightly sealed, they have energy-efficient doors and windows, and they usually have energy-efficient “green” appliances.

3. Far Fewer Repairs

Buying new construction in Atlanta also means that you won’t have to sink a bunch of money into repairs – as is often the case with resale homes even after inspections. Everything is new so you won’t have to make major plumbing repairs or replace the roof or HVAC unit, and you won’t have to worry about painting for several years.

Just be aware that builders do sometimes cut corners, but your mortgage broker can be a big help here. To find out more just call [404-238-7888].

4. Less Need for Maintenance

Similarly, new homes, because they are brand new, will need less maintenance. Wiring and plumbing, trim and siding, appliances and fixtures – they are all newly run, hung, and installed.

So, barring manufacturers defects, these shouldn’t need any repairs or painting or looking after for a good long while. Buying new construction means that you can simply enjoy your new home for several years without any maintenance hassles.

5. Warranty Peace of Mind

New construction homes often come with at least a year’s builder’s warranty covering the entire home. So if anything major goes wrong during the warranty period, the builder will have to take care of it. Also, an extended but limited warranty is often available as well.

But do make sure you have your mortgage broker check into this so that you’ll know exactly what the warranty covers. You don’t want any surprises here after the fact.

6. Better Financing Options

Better financing terms may be available through builder financing. Larger builders often have their own mortgage companies and can finance the purchase. They may even pay closing costs. Their primary business, after all, is building and selling homes, not financing them.

How a Mortgage Broker Can Help When Buying New Construction in Atlanta

So there are some significant benefits to buying new construction in Atlanta. The trick to realizing all these benefits, though, is having a qualified mortgage broker in your corner.

Your mortgage professional will be working to secure the best deal for you, and there won’t be any hidden fees related to your mortgage. You will know exactly how much you’re paying and what you’re paying for.

Are you ready to buy a Atlanta house? We can help! Send us a message or give us a call today!

Buying a Condo or Townhouse in Atlanta

Although a condo and a townhome aren’t exactly the same, they do have more in common with each other than either has with a single family home. So whether you’re purchasing a condo or a townhome, there are certain things you need to carefully consider before laying down your money. And among these things are some major hidden risks that could cost you a bundle in the long run. Here, then, are the things to watch out for when purchasing a condo or townhome in Atlanta.

Fees

Whether purchasing a condo or townhome in Atlanta, you will have to pay HOA and other fees. These fees should be calculated as a component of the purchase price, but you do need to make sure they are justified and aren’t going to put the condo or townhome beyond your financial reach. Just factor these fees into you preparatory financial calculations to ensure that you don’t wind up buying more home than you can actually afford.

Insurance Coverage

One thing you definitely want to watch out for when purchasing a condo or townhome in Atlanta  is exactly what the HOA insurance covers. So make sure to get a copy of the association’s insurance policy and review it carefully and thoroughly.

You don’t want to purchase a condo or townhome and then find out that the coverage in case of fire or natural disaster is too low or outdated. You also need to find out whether the policy covers your personal belongings if the roof leaks or there is a building fire.

Homeowner’s Association

In addition, you need to find out early on what the HOA is like. The personality of the board can be a huge factor in whether you will or will not enjoy your living experience. The first step, then, is to review the HOA’s rules, regulations, and bylaws, as well as asking for and reviewing a copy of the minutes of the last meeting or two. If you find anything that makes you uncomfortable, you may want to reconsider purchasing that condo or townhome.

Repairs

You also need to know how repairs are handled. Associations generally have insurance policies in place to cover some repairs along with a reserve fund for major projects like swimming pool repair and parking lot resurfacing.

But just because there is some funding to handle these repairs and projects, that doesn’t necessarily mean there will be sufficient funding or that they will be handled well or taken care of in a timely fashion. So that’s what you need to determine. Do research before purchasing so that you don’t wind up paying a portion for these repairs out of your pocket.

Other Residents

One thing you’ll definitely want to watch out for when purchasing a condo or townhome in Atlanta it what the other residents are like. Do their lifestyles mesh well with yours? If, for example, you’re an early riser, you wouldn’t want to live next door to someone, with only a wall between, who stays up till all hours playing loud music.

Delinquency Rate

Another thing to watch out for is the delinquency rate, which is the percentage of residents who pay their HOA fees late. This matters because most banks won’t approve mortgages where the delinquency rate is high. In this case, you may not be able to get financing. And if you do get financing and ever want to sell, that high delinquency rate may make it extremely difficult.

These, of course, are only the main things to watch out for when purchasing a condo or townhome in Atlanta. There are others that may be even more critical depending on your particular financial situation and lifestyle. Your local mortgage broker can help you with the necessary research to help you avoid a costly mistake.

Discover how we can help when purchasing a condo or townhome. Contact us today!

Choosing the Right Lender in Atlanta

One of the most important and complex decisions you will ever make is choosing the right lender when buying your home. This decision will profoundly impact your life financially for the next 15 to 30 years. And just because a lender accepts your application, that doesn’t necessarily mean that lender is the right one for you. You need to research and shop around. To help you out, here are 6 tips for choosing the right lender in Atlanta.

1. Determine the Kind of Lender for You

You can choose between a big national mortgage lender or a small local lender (or even something in the middle). It all depends, really, on whether you prefer better rates or personalized customer service – in general, the larger lender for the former and the smaller for the latter. You need to research the differences and choose the one that best meets your needs and preferences.

2. Decide if You Need a Mortgage Broker

A mortgage broker is a sort of liaison between a lender and the borrower, earning her fee by arranging the deal between the two. The major benefit of using a mortgage broker lies in the time savings because she will do a large share of the work involved in finding a lender. A good broker can help you get the right mortgage and great rates.

What you have to watch out for are brokers who set up a deal with the greatest profit for them, but not the best mortgage deal for you. If you decide to use a mortgage broker for choosing the right lender, just be sure to do your research and get references.

3. Inquire About Mortgage Companies

Perhaps an even better way to go about choosing the right lender in Atlanta – better than going through a broker or doing tons of research – is simply to ask friends and family about lenders. People who have had personal, first-hand experience with certain lenders can give you the real lowdown. They know whether the lender they worked with met their needs or not.

4. Check Out the Reputation

But no matter how glowing a lender’s recommendation from a friend you trust, you still need to check out the lender’s reputation yourself. You could begin by getting names and contact information of past clients and then speak with them yourself.

Reputable, third-party review sites are also good sources to find out about lenders, their quality of service, and their reputation. Performing this due diligence now could save you headaches and money farther down the road.

5. Compare Rates

Choosing the right lender should also involve the same kind of price comparison analysis that shopping for anything else does. Today, you have nearly endless options when it comes to mortgage lenders – big commercial banks, neighborhood banks, credit unions, online lenders, and more. So make sure you compare rates as a major segment of your selection process.

A good starting place (though certainly not the end of the process) is an online search so you could begin, for example, by doing a Google search for, say, “best mortgage rates in Atlanta” or “lowest mortgage rates in Atlanta.” There is a lot more to choosing the right lender than finding the lowest rate, but it still matters.

6. Talk to Your Real Estate Agent

Your qualified, local agent can also be a huge help in choosing the right lender. Savvy loan officers at reputable lenders strive to take care of customers recommended by agents because repeat business is the most profitable. So don’t hesitate to get your agent’s opinion on the best mortgage lenders in your area.

If you’re ready for choosing the right lender in Atlanta, we’re equipped and ready to help. Contact us today to get started!

Down Payment Money for Your House in Atlanta

Money For Your Down Payment in Atlanta

Most of the time when purchasing residential real estate, a bigger down payment is better. But with rent, car payments, food, utilities, saving for the kids’ college tuition, and a little entertainment now and then, saving for that larger down payment certainly seems far easier said than done.

But you can do it. It just takes planning, a little discipline, and some out-of-the-box thinking. To help you with your goal of homeownership, here are 6 ways to generate more money for your down payment in Atlanta.

1. Pay Off Credit Cards

The first step toward collecting more money for your down payment in Atlanta is always getting rid of credit card debt. It may take a little self-discipline and go without, but you can do it – in fact, must do it. Depending on your balance and interest rates, you could be spending thousands of dollars every year that you could be putting toward a down payment instead.

2. Try Laddering CDs

After you get a little extra cash in hand, you should put it to work making more money for you. A good place to put at least some of that money is in certificates of deposit (CDs) because they are low risk and generally pretty accessible. The trick, though, is not to put all your money in one large CD, but to maximize the earning power by opening several CDs with different maturity dates (called “laddering”).

You could, for example, spread your money across three-month,six-month, and one-year CDs. That way you can make adjustments and shuffle your invested money around to best advantage as savings rates fluctuate, keeping you from being locked into a long-term commitment with all your money when rates are down.

3. Take Advantage of Special Down-Payment Programs

While not strictly a strategy for getting more money for your down payment in Atlanta, taking advantage of such programs is still a way to get the needed down payment in certain cases.

Fannie Mae and Freddie Mac, for example, are government-sponsored agencies that help struggling first-time home buyers come up with down payments. These agencies buy mortgages and then package them as investments, which allows them to waive some or all of the down payment.

Read – 6 Tips for Choosing the Right Lender in Atlanta

4. Dip into Your IRA

The money is already there, and using it toward a down payment could be more profitable in the long run. According to tax law, you can withdraw up to $10,000 from your IRA to buy a first home. And if you’re married and both you and your spouse are first-time home buyers, each of you can make that withdrawal from the respective IRAs for a total of $20,000.

5. Find Overlooked Money

It may sound a little out-there, but this is a way you may be able to find more money for your down payment in Atlanta. There is a lot of lost, forgotten, and/or overlooked money out there, and some of it may be yours. According to the U.S. Treasury Department, there is approximately $23.8 billion worth of matured but unredeemed savings bonds floating around – bonds that have simply been ignored or forgotten by owners.

So check to make sure you’re not one of them, that you don’t have forgotten bonds that are no longer learning any interest. Also, still other people have money sitting in old bank accounts that they’ve forgotten about. The point is you may have money that you don’t remember having.

6. Ask for a Raise

This isn’t for everyone, of course, but sometimes it works. Many people haven’t gotten a raise in a while simply because they haven’t asked. If you ask tactfully and emphasize your accomplishments and value to the company, you just may get that raise. Getting a raise is an easy way to get more money for your down payment in Atlanta.

Generating more money for your down payment in Atlanta is definitely a smart move. But you also have to be smart about using that larger down payment for the house that best fits your needs and is the best for your financial situation. In most cases, only a good mortgage brokers can help you safely realize those goals.

Are you ready to buy a Atlanta house? We can help! Send us a message or give us a call today!

Getting a Mortgage as a Freelancer in Atlanta

How To Get A Mortgage As A Freelancer in Atlanta

Trying to get a mortgage as a freelancer comes with its own set of challenges. Being a freelancer is a tough enough row to hoe (chiefly because of the many hats you have to wear) without the added burden of trying to convince a lending institution to give you a loan for a house. It’s certainly not impossible to get a mortgage as a freelancer.

You just have to understand the process, have the necessary documentation, and be prepared to jump through the hoops. So here are some vital tips on how to get a mortgage as a freelancer in Atlanta.

The Tallest Hurdle

There is one fairly tall hurdle you’ll have to overcome to get a mortgage as a freelancer in Atlanta. And that is the difficulty posed by not having proof of a stable, regular income and steady employment, as you would with a job. The simple fact is . . . lenders are hesitant to extend mortgages to those who are self-employed because they see them as greater risks.

Necessary Documents

In order to overcome this greater-risk hurdle, then, you’ll need plenty of documents so show that, although your income fluctuates as a freelancer, you aren’t a risk after all. Some mortgage brokers offer bank statement only loans. So, instead of W2 forms to verify income, here’s what you’ll need:

  • Previous two years’ tax returns (at a minimum), including Schedule C tax form and Schedule K-1 (for partnership or S Corp)
  • Bank statements, usually for at least the past six months
  • Year-to-date profit/loss statements
  • Business license from the past two years  (but only for certain kinds of freelancers)
  • Verification of employment from your CPA (often, but not always)
  • Verification letters from clients proving that you actually worked for themselves

Steps to Get a Mortgage in Atlanta

Then there is a fairly well-established process you’ll need to follow to get that mortgage. The major steps in this process are . . .

PREPARE WELL IN ADVANCE

All your necessary tax documents must be in order and absolutely must be accurate. Then have all the other essential business documents (listed above) organized and ready to turn over to the lender. Your goal is to show that your freelancing business is legitimate, profitable, and sustainable and so little risk to the lender.

SEPARATE PERSONAL AND BUSINESS EXPENSES

Make sure you have separate bank accounts – one for personal matters and one for business expenses. This will make it easier for the lender to track business expenditures and deposits in order to assess the profitability of your business.

EMPHASIZE YEAR-OVER-YEAR INCREASES

Do everything you can to illustrate the fact that your freelancing business makes increasingly more money from year to year. Proving business growth will increase your odds of getting that mortgage.

HAVE A GOOD DOWN PAYMENT

Experts agree that coming to the table with a sizable down payment will show that you are much less of a risk as a borrower.

FORFEIT SOME TAX DEDUCTIONS

Tax and real estate experts also advise giving up some tax deductions in order to make your taxable income appear greater, which may allow you to qualify for a larger loan.

Learn About – Generate More Money for Your Down Payment

GET LOAN APPROVAL BEFORE SHOPPING

Because it’s a little more difficult to get a mortgage as a freelancer, it’s a very good idea to get loan approval before even thinking about house hunting. Then, when you do get an agent and begin actively shopping, you’ll know exactly what you can afford and that you can actually get the financing.

The Most Important Tip for Freelancers to Get a Mortgage in Atlanta

Now, we understand that all this can seem a little daunting to an already busy freelancer just to get a mortgage in Atlanta. But you can get expert help to ease the burden and provide guidance for navigating through the whole process.

Are you ready to buy a Atlanta house? We can help! Send us a message or give us a call today!

Buying a Home in Atlanta

Buying a home can be a thrilling, exciting new chapter in your life, as well as being a sound investment. But if you don’t do some critical things beforehand, it can be a long-term financial albatross around your neck. That’s why we want you to take a careful look at these 5 things to do before buying a home in Atlanta.

Determine Whether You Can Really Afford All the Costs

The very first thing you should do before buying a home in Atlanta is to determine whether you can really afford all the costs of homeownership. There is, after all, a lot more involved than the purchase price.

In addition to mortgage payments, property taxes, homeowner’s insurance, and (perhaps) homeowner’s association fees, there are all those inevitable maintenance and repair costs. To cover all this, financial experts recommend that you set aside every year at least one percent of your home’s sale price to cover maintenance and repairs.

So if you purchase your new home for $100,000, you’ll need to put back at least $1,000 every year. You may go a few years without having to spend any of it, but there will come a time when some major goes wrong, and you’ll need it.

Also See – Get a Mortgage as a Freelancer in Atlanta

Work on Credit Score and Get Pre-Approved

Because a higher credit score will get you better financing deals, working on your credit score is the next thing to do before buying a home in Atlanta. If, for example, your score is below 660 or 680, you’ll have to pay higher fees and come up with a much larger down payment. Ideally, you want to get your score up to 720 or higher.

Then, before you start house hunting, you should get pre-approved for financing. Doing so lets you know how much house you can afford ahead of time. It also tells sellers that you are a serious buyer and gives you more negotiating leverage.

Determine Whether Buying a Home Is Actually a Good Investment

No matter how much you fall in love with a certain home, it should also be a good investment. This means that you need to set aside emotional considerations and make some rational decisions before entering into the largest financial transaction of your life. That is, you need to determine whether the home you’re considering is actually a good investment for you.

There are two prime considerations here. Is the home located in an area where, historically, property values increase over time? Will there be, now or in the future, any major repair or renovation costs? If you get the right answers to these questions and you can buy the home at a reasonable price, then it is probably a good investment.

Consider How Long You Intend to Live There

A final thing you need to do before buying a home in Atlanta is to carefully consider how long you intend to live in the home. A house is not a very liquid asset, so if you don’t intend to live there for several years, maybe you should consider other options.

Real estate experts agree that you should intend to live in a home for a minimum of five years. That allows enough time for the property to increase in value. Then, if you do decide to sell, you’ll be more likely to recover the costs of the transaction.

Have you done the critical research and planning, keeping in mind these 5 things to do before buying a home in Atlanta? If you have, then you’re ready to buy that home and start your new life. And we have the experience and expertise help you achieve your dreams.

IF YOU ARE LOOKING TO PURCHASE A NEW HOME IN Atlanta, CONTACT US TODAY!

Securing a Home Loan in Atlanta

You’re ready to buy a house, you know you’ll need a large loan for that. If you’re like most of us, you’re just a little nervous about it – we all fear rejection of any kind. There are, however, several things you can do to increase your chances of getting the financing you’ll need. So here are 7 tips to help you secure a loan in Atlanta.

1. Improve Your Credit

The first step you’ll take to secure a loan in Atlanta is getting your credit score as high as possible. A score of about 620 is the recommended minimum, but with a higher score (700 and above), you will qualify more easily and get lower interest rates. A higher score can also help you get more financing so that you won’t have to come up with a high down payment.

2. Increase Your Savings

You will also have a better chance of securing a loan in Atlanta if you have a good amount of savings. The reason is that there a lot more costs and expenses than just the purchase price of the house – for example, property taxes and private mortgage insurance. And if you can show the lender that you have the wherewithal to cover these costs, they’ll be far more likely to loan you the money you need.

3. Know What You Can Actually Afford

This sounds obvious, but many people neglect to consider it. If you know exactly how much house you can afford when approaching your lender, you will, in their eyes, seem like a much better risk. There are many calculators available for this purpose, but the general rule of thumb is that your home should cost no more than 2.5 times your annual income.

4. Get Pre-approved

Pre-approval will let you know the range of what a bank will be willing to lend you. It will also show the seller that you’re a serious buyer.

5. Consider All Mortgage Options

When you want to secure a loan in Atlanta, keep in mind that you have several options. You’re not limited to just choosing between 15-year and a 30-year mortgage, a fixed-rate mortgage, and an adjustable rate mortgage. Choosing the option that best fits your unique situation, say, an FHA loan, will improve your odds of getting financing.

6. Be Patient, Then Pounce

You certainly should take plenty of time to shop and find exactly the right home that falls within your price range. Rushing is almost always counterproductive. But since you know what you can afford and you’ve been pre-approved, you should act fast once you’ve found the house you want. That way, neither the lender nor the seller will have time to have second thoughts and back out.

7. Jump Through the Final Hoops

Finally, be aware that there will be a lot of paperwork and a lot of hoops to jump through to secure a loan in Atlanta, especially near the end of the process. Your lender will have to have an appraisal and an inspection done before they can officially hand over the cash.

And if the appraisal falls short of the sale price or the inspection turns up major problems, you have to negotiate a lower price for the house. A title search will also have to be performed before you can close.

Dealing with banks and other mortgage lenders can be both intimidating and frustrating. But these tips to help you secure a loan in Atlanta should move you much closer to your home-owning goal.

If are ready to buy in Atlanta, send us a message now!

Getting help with Your Refinance in Atlanta

Sure, you can go out and find a refinance deal yourself. People who are looking to refinance shop for their own loan all the time, but they also miss out on the three key benefits of using an agent: ease of process, better deals, and speed.

If you need to refinance your house quickly, a mortgage broker may be the way to go. Why? Well, just consider these 5 things an agent can offer that will help you sell your house faster in Atlanta.

1. Experience

One of the most important things a mortgage broker brings to the table to help you refinance your house faster in Atlanta is experience. A local mortgage broker knows the market, knows the area and has experience working with others in the same area you do. Not to mention the more deals they do the better and faster they get at getting a deal done.

2. Local Knowledge

Your broker’s knowledge of the local market will also help you refinance your house faster in Atlanta. Local market knowledge is, as we just pointed out, a key ingredient in getting the numbers just right for your refinance.

Often, homeowners who are looking to get a new mortgage don’t really know the value of their home because they don’t have a good understanding of the local housing market, especially at the neighborhood level. But your local mortgage broker will have a thorough understanding of the various local markets and how those values affect your refinance.

Also Read About Tips to Help You Secure a Loan in Atlanta

3. Negotiating Expertise

Negotiating – this is where the rubber really meets the road, where you either lock in a good deal or lose it. And a mortgage broker can bring to bear their negotiating expertise to help you get the best deal, faster in Atlanta.

It’s always beneficial to have a mortgage professional in your corner to handle negotiations. In short, you are far more likely to get a great deal on your to refinance when you have an experienced broker handling the negotiations.

4. Help with Paperwork

Another thing a broker can offer that will help the refinance process go faster in Atlanta is the willingness and ability to do all the necessary, and often, mundane paperwork. Refinancing a house involves a host of time-consuming minor tasks, which would take you much longer and delay the process because you have a job and other obligations. Do you really have the time to interact with a lender, every time they need something or have a question?

5. Built-In Lender Network

A seasoned, professional mortgage broker will have developed relationships with numerous different banks and lenders over their career. This is to your advantage when it comes to finding you the best deal.

Some mortgage brokers will shop your loan with upward of 20 different lenders and banks to make sure that everything works to your benefit. Find out how we can help help you refinance your house faster.

Get help to refinance your house faster with our team of experienced professionals! Contact us today!

Help with Refinancing in Atlanta

Get A Home Mortgage

Buying a home is an exciting undertaking, especially for first-time home buyers. The purchase of a home often marks the beginning of a whole new chapter in their lives. But the process of buying that home also brings with it not a little nervousness and anxiety.

Most people worry about whether they can qualify for and then get the mortgage they need to purchase the home. It doesn’t have to be so anxiety filled, though. Here’s how to guarantee that you’ll get a home mortgage in Atlanta.

Know What You Can Afford

The first and most essential step toward guaranteeing that you’ll get a home mortgage in Atlanta is simply to figure out what you can truly afford. Then, just shop in that price range. You can find many mortgage qualification calculators online to help you find your affordability range.

The standard rule of thumb is that you should not spend more than 28% of your monthly income on monthly mortgage payments. Your agent can also assist you in this area. (To find out more, call [phone].)

Increase Your Income

Lenders will look long and hard at your qualifying income in determining whether you qualify for a mortgage. So to help guarantee that you’ll get a home mortgage in Atlanta, increase your income. And, no, that doesn’t necessarily mean getting a second job.

You may have more qualifying income right now than you realize. For example, the Equal Opportunity Act of 1976 made it possible for you to use income from public assistance programs to qualify for a mortgage if you are likely to continue receiving that income for at least three years. And there are other sources of income you can use that you may not have considered . . .

  • Child support and/or alimony
  • Capital gains income
  • Long-term disability income
  • Boarder income
  • Foster care income
  • Auto allowance
  • Employment offers/contracts
  • Interest and dividends
  • Royalty payments
  • Trust income
  • Unemployment benefits
  • VA benefits

Pay Down Debt

While you don’t have to have a zero balance on your credit cards, it does help to pay down debt as much as possible to help guarantee you’ll get a home mortgage in Atlanta. After your qualifying income, the next most important thing for lenders is your total debt.

Lenders will look closely at the debt-to-income ratio to determine your mortgage qualifications. To satisfy your lender, your total monthly debt payments – and that includes the mortgage payment – should not be more than 36% of your monthly gross income.

You should also avoid taking on any new debt after applying for the mortgage. You can be sure your lender will go back over your credit with a fine-toothed comb before closing – and new debt can bring a halt to the whole thing. So, even if you need a new bedroom suite or a new refrigerator for that new house, put off these major purchases until after closing.

Get a Different Mortgage

If things still look bleak for you to get a home mortgage in Atlanta, the solution may just be to choose a different kind of mortgage – one that you’re likelier to qualify for. With respect to income, some mortgages have more lenient guidelines than others.

For example, one of the ways VA loans determine mortgage qualification is the “residual income” method, which is more generous than the standard debt-to-income ratio method. There is also the Freddie Mac Home Possible program to help lower income people get a home mortgage. If you have a history of paying bills on time, an FHA loan is another possibility.

Hire an Agent

And if you really want to guarantee that you’ll get a home mortgage in Atlanta, be sure to hire a good agent. An experienced, local real estate agent will have their finger on the pulse of the local market. They can help you find the home you want in your price range. (Remember the first tip about knowing what you can afford?) A good agent can also guide you successfully through all those other steps.

Are you ready to buy a Atlanta house? We can help! Send us a message or give us a call today!

Atlanta Mortgage Rates

Refinancing a house probably isn’t as simple as we’d like it to be, but it’s not as complicated as it may seem at first glance. As with anything, if you break it down into the constituent steps of the process, it will be much easier to understand and accomplish – despite the legal and financial complexities and the mountain of paperwork. To that end, we offer this step by step guide for refinancing a house in Atlanta.

Decide For or Against a Mortgage Broker

You have two basic options for refinancing your house in Atlanta: go to a bank or work with a broker. If you decide to go about it yourself, you might only end up with a couple options to choose from. A mortgage broker, on the other hand, will present you with a number of different options, making your life easier and often getting you a better and faster deal.

Determine the Type of Refinance You Need

The first step in the actual process of refinancing your house in Atlanta involves determining what type of refinance you’re looking for. It’s a relatively simple process at first. The main factors you’ll need to consider for the type of refinancing are:

  • Do you want a lower payment and rate?
  • Do you want to pay off your home sooner and with less interest?
  • Do you want to get cash out of the equity in your home to pay off debt or do home improvements?

The best way to figure out what options you have in regard to what you need is to talk directly with a local mortgage broker. (If you have any questions, just call [phone].)

Research Local Mortgage Brokers

You didn’t buy the first house you saw, right? Same goes for mortgage lenders. Do your research. Even if you just do a Google search for “best mortgage broker in atlanta” and start there, that is better than nothing. Look at the companies website, check their reviews, give them a call. This is a great first step in choosing someone you know will have your best interest at heart when getting your refinance done.

  • Search the internet for local mortgage brokers
  • Check their website, see who they are and how they present themselves
  • Check their reviews across multiple platforms, Google, Facebook, Zillow, Yelp, etc. Do they come recommended?
  • Give them a call and ask questions until you feel confident that they are professionals worth working with.

Tell Your Story and Ask Questions

The truth is that every mortgage is not the same. Every person has a different experience, different needs, and a different story. Talk to your licensed mortgage professional about your needs and what your goals are. Through a conversation they will be able to present you with all your options. This gives you the most flexibility when choosing the best loan for you.

Apply for Your Refinance

After you’ve had a conversation about your options you can officially apply for your refinance. This process shouldn’t take too long and in most cases, if you need help, the loan officer you are working with can take your information right over the phone. Some things you may be asked:

  • How much do you currently own on your home?
  • What is your current rate?
  • How much is your home worth?
  • What is your credit score?
  • Do you want to get any cash out?

After you you provide some of this information you will be provided a loan estimate. If you are satisfied with the estimate you have been offered you can move forward with processing.

Loan Processing

The main step in refinancing your house in Atlanta, the conclusion and finalization of the transaction, is the processing of your loan. During processing:

  • You will provide all necessary documents
  • Get your home inspected and appraised
  • Your loan will go through underwriting to ensure everything is as expected
  • You will lock in your rate
  • You will sign your loan documents and your loan will be funded!

Do you want to discuss your refinance options for your house in Atlanta! Contact us today!