Affordable Atlanta Apartments

There are cities in the U.S where apartment rents are as high, or higher than house payments – but Atlanta apartments are not among them. In fact, there are plenty of great deals in terms of affordable apartments in Atlanta today, and many are offering some real move-in deals these days. If you are planning to relocate to the Atlanta metro area and are (A) on a limited budget, (B) don’t want the hassle and responsibility of home ownership, and/or (C) are planning on living in the area a limited time (5 years or less), you owe it to yourself to check your option for Atlanta Georgia apartments.

Economics

Let’s face it – since the mortgage brokers got burned in the recent sub-prime debacle, they’re being a lot more careful these days as to who they’re loaning money to. Gone are the days when almost anyone and their uncle could qualify for a home loan – and the median house payment in the Atlanta metro area is around $250,000, which means at least a four-figure house payment for most people – at least between $1400 and $2000 per month on a 30-year fixed rate mortgage.

Couples with small families (1-2 children) can rent a three-bedroom apartment convenient to shopping, entertainment and public transportation for as little as $750 per month. If your work is located close to town center and you can dispense with the expense and responsibility of owning an automobile, you’ll be amazed at how much money you’ll have left over each month – something to seriously consider when the cost of gasoline and car maintenance and insurance is factored into the equation.

Simplicity

As a homeowner, you bear all liability when something breaks down. You are also responsible for all property taxes. When renting apartments in Atlanta, payment taxes are the landlord’s responsibility (these are certainly factored into the rent, but you won’t have to worry about whether or not they’re paid). The greatest thing about Atlanta apartments however is the fact that when something breaks down or something starts leaking, there is usually an on-site maintenance staff right there to take care of it. You won’t have to worry about trying to schedule a plumber or HVAC repair person or taking time away from work to deal with the problem.

Equity

Even if you can afford to buy a house in Atlanta, chances are it won’t be worth it unless you plan to stay in the house for five years or longer. The days of skyrocketing, inflated home values are now past; even in areas where home values are not falling, the rate of increase is much more gradual than in the past. The general rule-of-thumb among realty experts is that is you are not planning to live in the home more than five years, it makes more economic sense to rent.

See Them Beforehand

Many excellent Atlanta apartments maintain websites at which you can take “virtual tours” of the property. You’ll be able to see pictures of apartments in Atlanta and the surrounding metropolitan area before you even arrive in town – saving a great deal of time in finding your new lodgings.

Credit Card And Loan Application Approval Resources To Raise Your FICO Score

Often times crisis happen in life, therefore, causing financial hardship for the family such as divorce, loss of income from company downsizing, illness in the family or death. These unfortunate circumstance can upset your financial capability to pay your mortgage, car payment, credit card debt and other financial obligations. Bad credit can happen to anyone.

Filing for bankruptcy can remain on your credit report 10 years. After you file for bankruptcy, it is always best to try and re-establish credit. Once you have re-established your credit, always pay on time. You’re trying to gain the confidence of banks, lenders, credit card companies and financial institutions your willingness to pay on time. Your credit worthiness will be judged by your credit rating.

Never let anyone run your credit report. Be very cautious! If you’re shopping around for a home loan, often times, banks, realtors or mortgage companies will want to run your credit report. Don’t do it. Each time someone run your credit report, inquiries will appear on your report, which can lower your FICO score. I have seen clients with several inquiries on their report who had FICO scores in the 600 and now in the mid 400 because of inquiries. Shop around and search for a good lender whom you trust, who is honest and has integrity. When shopping for a home loan, by all means, ask questions. What are your lender fees, interest rate, points, APR, loan approval process?

If you have a FICO score of 620 or better, you have an advantage. Demand the very best interest rates. Don’t go to sub-prime lenders for a home loan. To maintain a high FICO, try to keep your outstanding balance no more that 30% of the high credit limit. A recommended source for credit disputes, improving your credit or building your financial wealth, visit my recommended reading resource.

Dispute Your Credit Report

Order a copy of your credit report. You should be able to get your scores from all bureaus. Verify all data is reported accurately. Prepare a letter to dispute any inaccurate information. Provide any documentation to support it. Know that hard inquiries will remain on your report for two years. Credit report fees may apply depending on your state and situation.

Credit bureau contact information

Experian

PO BOX 2002

ALLEN, TX 75013

888-397-3742

Transunion

PO BOX 1000

CHESTER, PA 19022

800-888-4213

Equifax

PO BOX 740241

ATLANTA, GA 30374

800-685-1111

5 Steps to Improving Your Credit Score for a Better Home Loan

Buyers, make sure you are on a solid credit score footing in order to obtain a home loan. You can do this by understanding and practicing these five healthy home-buyer’s habits.

Review your credit report at least once a year. Inaccuracies aren’t uncommon, and it takes time to set the record straight. Each of the three major credit reporting agencies–Equifax, Experian, and TransUnion–provide one free credit report per year. Go to freecreditreport.com . You will be charged about $15 to see the actual score, but you’ll see the cost is worth it.

Stay consistent with your spending behavior. A surprisingly good credit score can tempt you as a prospective home buyer to open credit card account or take out a loan for a new car. Such actions can damage (lower) a credit score during a critical time, making it harder to obtain the loan you want.

Apply for the best mortgage loan you can find and remember that other factors besides credit score, like the size of your down payment, come into play when applying for a loan.

When you have determined your intent to buy, know that there is a difference between “prequalification” and “pre-approved.” Prequalification means very little in terms of a consumer’s ability to obtain a mortgage. Go ahead and get pre-approved, a process in which the lender checks your employment history, income and bank funds and reviews your credit report.

After closing on your new home, remember to continue to practice the above habits in case you decide to refinance or move again. It’s a good idea to always keep your credit score in mind as you anticipate the prospect of home buying, or with the expenses of being a new home owner