Mortgage Applications Increasing

One mortgage company in Atlanta, America Homekey Mortgage, is happily reporting an increase in mortgage applications. American Homekey Mortgage is the preferred lender for Atlanta builder Bowen Family Homes. Many of their communities feature spacious homes priced from the $100’s in communities with an abundance of neighborhood amenities. The price, product and location make these homes ideal for first-time homebuyers. So, maybe the increase in mortgage applications that America Homkey Mortgage is experiencing is a result of the amazing deals and incentives available to first-time homebuyers, i.e. the $8,000 home buyer tax credit. And if this is the case, then we are happy to report that the federal housing tax credit is doing exactly what we hoped it would – how often does that happen?

Here is what America Homekey Mortgage had to say about the recent increase in business:

“We are having our biggest month ever for the month of June (for the year of 2009).  Great loans, high credit scores, and most of the folks are coming up with their own required 3.5% down verses pulling funds from the few grant programs we have with the county.  We have doubled in closings compared to May.  We are staying pretty steady which is awesome.

“Now, if you are asking about the market we have had an increase within the last few days.  We don’t know if rates are going back up to what we would consider the norm. We had been in the high 4’s but rates had not been this low since 12-1956 therefore I’m thinking it might be back to the norm.  For those buyers that were sitting on the fence, it is now time to get off and buy before we get any higher.”

You heard it directly from the mouth of a mortgage broker – get out and buy before these low interest rates vanish!

Visit our first time homebuyers category for tips on buying your first home.