Atlanta Real Estate Law

The main idea behind the formulation of Real Estate Laws is the protection of public interest. This license law pertaining to real estate in Atlanta has been in place for a very long time, since 1926 to be exact. Some changes were effected in the law in 1999. The headquarters of the Georgia Real Estate Commission is in Atlanta.

For either buying or selling a house in Atlanta you will need to use the services of a broker. The broker’s commission is generally paid by the seller.

People do not step into the property market with ready cash in hand. Most home buyers need to borrow money in order to purchase their home. Even people who have enough assets to liquidise and finance a new home go in for financing deals as in the long run the returns on the money are better as real estate appreciates pretty fast. At times tax relief is a main reason for going in for a mortgage. The home loan taken by property buyers is called a “mortgage.” Generally, a mortgage is a loan of money to the home owner secured by a “lien” on the real estate. The law provides for issues like non payment of mortgages, foreclosure and the like.

Rules regarding the fine details of mortgage deals are laid down specifically by law. There are basically three types of mortgage options. A fixed rate mortgage carries an interest rate that remains fixed throughout the term of the mortgage. The second option is the adjustable rate mortgage that carries an initial fixed rate of interest. And after a fixed time interval the rate of interest reflects market trends. The third option is a balloon mortgage under which after a fixed monthly payment for a fixed time period the balance becomes payable all at once. Generally those who do not qualify for the first two types of mortgages opt for this one. And when the fixed time period is over they go in for refinancing the mortgage. Another option available is referred to as the home equity loan. Under this a floating rate of interest over a period of time is applicable.

Direct lenders such as banks and other financial institutions offer loans. The applicant’s ability to pay back the loan is assessed and once all formalities are completed the loan comes through. Getting the best interest rates will however need some homework as rates vary from bank to bank and region to region. A good place to get mortgage related information would be [http://www.iown.com].

5 Things To Consider Before Buying A Home

1) Know your credit.

Before you start your home search, it is a good idea to order your credit report and review it for accuracies. If you decide to pay off some items on your credit, it’s smart to pay off the smallest balances first.

2) Know how much home you can afford.

Especially on your first home, don’t try to overdue it and buy the biggest or fanciest home. Make sure that your monthly mortgage payment is affordable given your monthly income.

3) Do your research.

Research various loan programs, your local real estate market, home basics, and mortgage lenders. Make sure you understand these concepts.

4) Get pre-approved.

Once you’re ready to buy and are knowledgeable enough to make a good buying decision, shop around for the best loan that fits your particular needs. Don’t just consider the quoted interest rate; also consider closing costs and the terms.

5) Be smart in your house hunt.

Don’t get carried away by the asthetics of the home, especially if you’re a first-time homebuyer. However, look at other factors that may affect your property’s value and future selling attractiveness. Also pay attention to a good, growing neighborhood, school districts, local tax rates, and flood zones.

Benefits of Home Ownership

Of course, it’s clear that the benefits of buying a home far outweighs renting. If you still aren’t convinced that buying a home is one of the best decisions you can make towards your financial future, here are some reasons to home ownership.

1) Pride. It feels good to know that you own your home.

2) Renting wastes your money; owning makes money and helps to minimize your taxes. Consider this, when you rent, you help pay someone else’s mortgage.

3) You can realize tax benefits when you own a home and can claim the mortgage and interest payments on your taxes.

4) The appreciation and equity in your home can be a profit for you when it’s time to sell.

5) Owning a home makes you attractive for equity loans that is borrowed against the equity in your home and can be used for a variety of reasons.

6) Homeownership helps to foster better neighborhoods because homeowners are more likely to be concerned for their neighborhood’s vitality since it directly affects their property’s value.

7) Homeownership helps to build your financial credibility.

Fix Your Credit Before Applying For a Loan

If you know you have a very low credit score, and perhaps a nasty looking lend report, you could yearn to do some research on repairing your credit, before applying for a Home Loan. While repairing your spoiled lend is no easy task, it’s something that you can do yourself, apart from paying a credit repair business or getting involved in one of the many credit repair scams out there.

Be warned, there is no easy fix. Improving your lend study legitimately does take time, a purposeful effort, and strict adherence to a personal debt repayment plan. However, once your credit is improved or repaired, you may be able to qualify for a Home Mortgage.

According to the Franchise Tax Board, first, you will yearn to acquire an up-to-date copy of your lend report.
If a business takes “adverse action” against you, like denying your application for credit, insurance, or employment, you’re entitled to a free lend report. Your request must be made within 60 days of receiving observe of the action.
If you’re unemployed and plan to look for a job within 60 days, you’re also entitled to one free credit report, per year.

If you’re on welfare or if your study is inaccurate because of fraud, including identity theft, you are also entitled to one free credit report per year.

How to Request a Copy of your Credit Report

Equifax, Experian, and TransUnion are the three nationwide consumer reporting companies. If you ask for your credit report, they are required to provide you with a free duplicate once every 12 months.

You can also call 1-877-322-8228
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

How to Repair your Own Credit

To correct or repair facts on your credit study that is incorrect, you will want to write the consumer reporting companies listed above. The Franchise Tax Board advises the following: “Include copies (NOT originals) of any documents that support your position. In addition to providing your complete name and address, your letter should identify each item in your report you dispute; state the information and the reasons you dispute the information, and ask that it be removed or corrected. You may want to enclose a duplicate of your report, and circle the items in question. Send your letter by certified mail, with a return receipt request so you can licence that the consumer reporting company received it. Keep copies of your debate letter and enclosures.”

What If the Negative Information on My Credit Report is Accurate

Unfortunately, in this case, the only way this facts can be removed is via the passage of time. Use the following time table to calculate how long this facts will remain on your credit report:

– Most accurate negative information: Seven years from the date the drill took place.
– Bankruptcy information: 10 years from the date the bankruptcy took place.
– Unpaid judgments: Seven years or until the statute of limitations runs out, whichever is longer.
– Criminal convictions: no time limit, may never be removed
– Information reported in response to your application for a job that pays more than $75,000 a year also has no time limit.
– Information reported because you’ve applied for more than $150,000 value of credit or life insurance: no time limit.

Where to Turn If You Need Help

Just because you have a failing lend score or a dreadful credit study doesn’t defaming you can’t acquire credit. Every creditor has their own set of standards, and views credit scores and reports uniquely. If your recent bill payment history has been improving, this can earn you some credit worthiness. Some creditors may look only at recent years to appraise you for credit.

If you are looking for help adhering to a allot and making your payments on time, in a consistent fashion, you may yearn to try to work out a repayment plan with your creditors, or you might take into account contacting a credit counseling organization.

All this hard work is ultimately a huge step towards financial freedom, and being able to get a loan to buy a home or Refinance a home you already own.

For more information, visit the FTC’s website.