Homebuyer Closing Cost Estimator for Georgia
I’ve been reviewing my 2009 posts and the Georgia Home Closing Cost Estimator was one of the most popular. Therefore, I’ve updated the spreadsheet and reposted it below. When using the spreadsheet, feel free to make any changes, although the green numbers are the ones you’ll most likely change. If you make a mistake, just hit “refresh” on your browser and the spreadsheet will reset. The estimated costs in the spreadsheet can vary widely. I also tried to include the most common line items. If you’re lucky, and negotiate well, your mortgage broker may not...
Read More5 key features of Obama’s loan modification plan
Loan modification is one of the most effective ways to stay current on your mortgage if you’re not able to make your monthly payments. It can be defined as a restructured payment agreement between you and your mortgage lender. US President Barack Obama has introduced mortgage modification plan that can help the borrowers to stay current on their mortgage and avoid foreclosure. 5 key features of Obama’s loan modification plan are described below. Monthly payments - According to the plan, mortgage lenders should reduce the monthly payments to 31% of the borrower’s monthly income. While...
Read MoreMortgage Rates Continue to Fall
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week. Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent. The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed. Source: Investor’s Business Daily (05/22/09)
Read MoreThe phase-out of the mortgage interest deduction
It’s amazing what a really bad idea phasing-out the mortgage interest deduction is in light of the current real estate market. It seems as if the current administration is a bit contradictory when trying to stabilize the housing market and pull the rug out from the mortgage industry at the same time. If this idea is implemented, it will have a negative effect on the Buckhead real estate market. The NAR had some great insights into what a bad idea the phase-out of the mortgage deduction is. “Though the added tax burden is only for the top income households, the unintended impact...
Read MoreShould you ask for closing costs?
I’m asked by a lot of buyers about closing costs and whether it’s something to ask for in the offer. First, closing costs should not be treated as a magic rebate coupon that gives you an instant discount on the purchase price of the home. If you request closing costs then you’ll pay for them in the purchase price of the home. Sometimes you have an “expert” friend that reminds you to “make sure you get the closing costs covered.” That friend will also take great joy in telling you, after your binding agreement date, how you missed out on the magic...
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