American banks have seen an upwelling in mortgage applications for refinancing. Applications for the week of August 5 rose more than 21% over the previous week, and three-quarters of those applications were for refinancing, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. This makes us wonder, is it time to refinance your Atlanta real estate now? Mike[...]
If you’ve been a faithful contributor to your IRA or 401(k) while at the same time building up considerable debt, it may be tempting to dip into those retirement savings and wipe out the debt payments once and for all. If you’re looking at purchasing your Atlanta new home under today’s stricter mortgage guidelines, you may even be considering using[...]
Surprise, surprise! You’re ready to get a mortgage loan for your new Atlanta real estate, and your lender finds a problem on your credit report. Fortunately, the experts at the Equifax Personal Finance Blog have some words of advice. In the Equifax article, “ How to Find and Dispute Credit Report Errors,” the experts begin by reminding you of the basics. If[...]
Are you worried about taxes going up? With the government looking for ways to put more money in the coffers, they have suggested eliminating the mortgage interest deduction. If you own your home, you should care! In an effort to keep you up-to-date on this issue, The National Association of Home Builders (NAHB) has launched www.SaveMyMortgageInterestDeduction.com. "Americans overwhelmingly oppose any action[...]
The FHA loan program is playing a vital role in the Atlanta real estate market today. Leveling the playing field, more low-to-middle income families are obtaining their dream homes through this government-backed program. How? The FHA guarantees the loan in the event a borrower defaults. Lenders are more likely to give out the loan with such a guarantee. In addition, these loans[...]
Are you in the market for Atlanta real estate? How do you know if you are a good risk? How does a lender decide whether to loan you money for that new Atlanta home or not? They look at your credit report to make this decision. They can purchase your credit report from Equifax or one of the other[...]
Nobody wants to go through foreclosure. In the foreclosure process, if the sale of the home does not yield enough money to pay off the mortgage that a lender had given the homeowner, the homeowner could be on the unfortunate end of a deficiency judgment, having to repay the difference between the balance owed on the mortgage and what was received[...]
If the mortgage balance on a home is higher than what the house is worth, and you lose your home to foreclosure, can your lender go after you for the difference (between what the bank gets from the sale of your home and what you owe on the home)? In most states, no. In other states, lenders can be issued a[...]
With all the news about the nation’s credit crisis, Atlanta Real Estate Forum (AREF) brings you a series on the world of home mortgages. We’ve asked the experts at Five Star Mortgage about today’s best options for financing or refinancing your Atlanta home. In our first installment, Barbara Klonga, Five Star Mortgage’s expert on reverse mortgages, offers insight on the[...]
If accepted, new disclosure rules for mortgages should help home buyers to understand the true costs of buying a home. A standard Good Faith Estimate proposed by the Department of Housing and Urban Development will provide new home buyers with the loan's interest rate and monthly payment, as well as specifics on when and if the interest rate will change[...]