How to Get the Best Value When Buying a Home

Buying a home can be an intimidating process. With all the excitement most people feel when looking for a home to purchase, some can make mistakes. With some careful preparation your perfect new home may be just around the corner.

First, carefully examine your finances. Look at your total monthly income, your credit rating, and total monthly expenses. Keep in mind home ownership comes with a few added responsibilities over renting. Maintenance and upkeep can get expensive, and are costs in addition to the monthly payment. Decide how much you can easily afford in a monthly payment, and remember to have some money left over for savings.

The second step in buying a home is to shop around for the best loan. Contact several lenders and compare interest rates. This knowledge will be useful when negotiating the interest rate on your home loan. After you have financing secured, you can start house hunting, the fun part.

Now that you have financing and know about what you can safely afford to spend, decide what you want in a home. Begin by making a list of your must have features, want to have features, and must not have features. For instance, you decide you must have at least three bedrooms to have room for your family, a large kitchen, and fenced in back yard. A formal dining room would be nice, but is not necessary, and you would like to have a garden tub in the master suite, but could live without it. The home must not have electrical or plumbing problems, and needs to be ready to move into immediately. Looking at a two bedroom fixer upper would be a time and energy waste for you.

You know what you are and are not looking for in a home, look around. Look at several different areas for homes, chances are the first one you look at will not be the perfect fit. You can look online, at foreclosures, at real estate listings, in newspapers at for sale by owner properties, and with a local real estate agent. When you have found the perfect fit for your family and budget, make sure to thoroughly and carefully read all documents before closing. All parties involved need to understand the fine print of the sale contract.

Buying a new home in today’s real estate market can be a daunting task, but with a little preparation, and careful consideration to your needs, wants, and budget, the perfect home is only a short time away.

Atlanta Mortgages

Atlanta, the capital and biggest city in Georgia is a major economic center of the Southeast. Atlanta has seen significant growth in recent years resulting in rising housing prices. However, thanks to the rapid pace of new construction there are still many options for first-time homebuyers. Step one? Obtain a home mortgage or zero down interest only loan, which are offered by the Atlanta Mortgage Company and similar lending houses. For those in need of advice companies such LW Keith & Associates, Inc. in Atlanta offer a guide to potential homebuyers.

Before applying for a mortgage a borrower should first determine the amount he needs and the monthly installment he can afford. The lender will have the final say on the amount of the loan after considering the borrower’s credit and employment history, income and previous debts. Once the Atlanta mortgage company reviews this information, the company will supply a pre-qualification letter that gives the borrower a buying clout. Once an agreement has been reached between the buyer and the seller, the lending company will finalize the loan.

There are two types of mortgages: a fixed rate loan and an adjustable rate loan. With a fixed rate loan, the monthly payment including the principal and the interest will never change for the duration of the loan. These mortgages are available for periods ranging from biweekly to 30-years.

Adjustable rate mortgages offer an introductory rate in the beginning for a fixed time period and afterwards an adjusted rate based on the index rate like a 6-month Certificate of Deposit (CD) rate, one-year Treasury Security rate or others. Adjustable rate mortgages have a lifetime cap which protects the borrower from monthly payment going too high at once In Atlanta, the rates of interest on home mortgages range from 4 to 6 percent. Most lenders and mortgage brokers have their own websites, offering home mortgages and refinancing on line and eliminating closing costs. Today, Atlanta’s interest-only mortgages are soaring thanks to the continuous increase in housing prices. On the whole, Atlanta’s real estate market is peaking due to the increase in population and heavy growth in the employment rate.

The Primary Residence Is the Home to Use in a Home Loan Modification

There are hundreds of thousands of people around Fulton County with many homes working for all sorts of people in the area. Some people might have more than one home in the Fulton County area. However, only one home can be used in an Atlanta home loan modification. This home will be the primary residence that a person will live one’s life in for a majority of the time.

The primary residence is the key to getting the Atlanta home loan modification taken care of. This is a kind of residence that will be seen by a lender as one that a borrower is going to have a greater concern over. This is critical to see because of how a lender might end up feeling that a person is unable to make proper payments on a loan over a period of time. However, a lender who is late on a secondary residence might not be as willing to make payments as one would on a primary home.

The main part of the primary residence is that some type of verification will have to be made to ensure that the proper type of residence is the one that will be using the modification. The Atlanta home loan modification will only be given out if enough proof of a property being the primary one that a person is living in is provided to the lender.

The items used for verification purposes can vary by each lender. Tax returns and employment pay stubs that feature the primary address can be used in a number of cases. These should be useful because they can list where an employee of some company works at on a regular basis.

Also, the items used for paying off utility charges can also be listed. These pieces of information can feature the main home used by a person and can list the details on what one is going to be paying off with the modification.

The documentation that is going to be required varies by each lender. Some lenders will ask for only one type of document. However, many more lenders around Fulton County are asking for more documents for mortgage loan services around Atlanta. This is due to how the lenders will want to be especially sure that something is being used over a particular amount of time to get it to work out right. Having more evidence will be critical to ensuring that the lender will actually go ahead and grant a modification.

Be sure to take a look at this critical standard when trying to get an Atlanta home loan modification. The modification that a person can get on a home loan will need to be for a home that is actually being interpreted as the primary residence that a person is living in. Using this standard will help to ensure that the modification is going to be accepted and that a proper amount of help can be used to get a mortgage loan paid off in a reasonable amount of time.