home loans tagged posts

Atlanta Real Estate Market and Financing Update

Credit Scores by State

Credit Scores by State

The following is a guest blog from Jeffrey Heckman and Joanne Rotella with Shelter Mortgage Company and does not necessarily reflect the views of GeorgiaMoves.com

1. Mortgage rates pushed lower last week and the main reason was that investors in Japan and China bought US bonds. They did this because Japanese and Chinese currencies have recently weakened versus the dollar making the safety and security of US bonds attractive to investors in both countries.

2. January New Home Sales unexpectedly shot up 10% from December to an annual rate of 468k units. This was the highest level since July 2008. January Pending Home Sales also posted a slight increase.

3. Per FICO, the average credit score in the US is down to 634...

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Atlanta Home Financing Update

ATLANTA HOME FINANCING

ATLANTA HOME FINANCING

The following is a guest blog from Jeffrey Heckman and Joanne Rotella with Shelter Mortgage Company and does not necessarily reflect the views of GeorgiaMoves.com

1. Metro Atlanta foreclosure notices were down 56% in January from the same month a year ago and are now down to the lowest level since June 2003, according to the AJC. Fewer foreclosures should support higher prices.

2. When it comes to rates, fewer things are more important than inflation. The Consumer Price Index (CPI) and Producer Price Index (PPI) reports released last week both confirmed that inflation remains tame. Core CPI was just 1.7% higher than a year ago and well below the Fed’s target level of 2%, while Core PPI was even lower at 1.4% on an annual basis.

3...

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Government shutdown not affecting interest rates, yet

The following is a guest blog from Jeffrey Heckman and Joanne Rotella with Shelter Mortgage Company and does not necessarily reflect the views of GeorgiaMoves.com

1. Of course, the big news last week was our country’s first partial government shutdown in 17 years! Surprisingly, though, the impact on the mortgage business has been minimal. The only big loss thus far has been the USDA rural housing program. Be aware that the longer the shutdown drags out, though, the more problems and delays will begin to occur.

2. The government shutdown’s impact on mortgage rates has also been minimal mostly because U.S. Government economic reports are not being released. The markets will be less volatile with less news being reported.

3...

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Atlanta home sales update

The following is a guest blog from Jeffrey Heckman and Joanne Rotella with Shelter Mortgage Company and does not necessarily reflect the views of GeorgiaMoves.com

1. Mortgage rates pushed a little higher last week as minutes from the Federal Reserve’s July 31 meeting were released and confirmed investor expectations that the Fed will almost certainly begin to “taper” its bond purchase program in September or October.

2. Mortgage rates then reversed course and fell back when the July New Home Sales report caught investors by surprise and showed a 13% drop from June.

3. Several Fed officials have expressed concerns that rising rates will slow the pace of economic growth. The decline in New Home Sales provides clear support that these concerns are justified...

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How to Establish Credit or Re-establish Credit

Sam Thompson with Community Southern Bank

Sam Thompson

The following is a guest blog by Sam Thompson with Community Southern Bank. The views expressed are not necessarily those of GeorgiaMoves.com

Here are some common credit-related questions that I hear frequently:

How do I go about re-establishing my credit if I lost my home in a short sale or foreclosure?

What should I do if I filed bankruptcy several years ago to re-establish my credit and increase my credit scores?

What should I do if I was out of work for a year and have been delinquent on all of my credit-related obligations?

What should I do if I have never had any credit cards, car loans, bank loans or any kind of traditional credit?

I will answer these questions and more in this article. Let’s start by explaining one thing about the credit scoring...

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Financing Guidelines for Most Buyers Still Stringent

Financing guidelines still stringent for most buyers

Financing guidelines still stringent for most buyers

Note: The following guest blog was written by Senior Mortgage Consultant, Sam Thompson, with Community & Southern Bank. 

For those looking to finance a home, mortgage underwriting guidelines are still tight, whether you are putting the minimum 3.5 per cent down and going FHA or have 20 per cent down for a conventional loan.  There is no question that the tighter underwriting guidelines have done a good job over the past four years of cutting down the default rates and have obviously assisted in stopping the foreclosure bleeding that was so rampant.

Having said that, it may not be pleasant for you to try to explain and document to an underwriter why you have a large cash deposit in your checking account or where your down payment ca...

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