Have You Wondered What a Home Inspector Does?

Have you ever wondered what a home inspector does? Most people probably rarely think of home inspectors. In fact most people probably do not think of a home inspector until it is too late. This is particularly true when it comes to buying a new home or if you are a first time home buyer. I recently had a chat with a local mortgage broker who has closed over 3000 loans. When asked how many of his clients had opted for a home inspection the number was shockingly low.

Autos are required, at least in the Metropolitan Atlanta area in North Georgia, to be inspected regularly. And now days most people will buy a pre-certified auto or at least have a mechanic check out the car that they are thinking about purchasing. Can you believe it is more important to have a car inspected annually or have it checked out than it is to have a home inspection performed before selling or buying a home?

A home inspection by a certified home inspector is not nearly as expensive as you think but the cost of not having a house inspected could be significant. There are many homes in the Canton and Woodstock areas which were built over 20 years ago which have never been inspected other than by the local government inspectors. A certified professional Georgia home inspector works on behalf of the buyer, when buying a new home, which is different than other types of home inspections.

A certified home inspector will check out all areas of your home, including the roof and basement or crawlspace and everything in between.

As an Atlanta home inspector, I encourage you to be there for the entire inspection and if that is not possible because of time constraints, then the last half hour so that I can personally go over any issues and answer any questions that you may have.

There is an old rule in real estate investing which says “The eyes have it.” What that means is to get professional eyes on the home you intend to purchase so they will see things your eyes may miss in the flurry of activity. Contact a Georgia home inspector today for more information. It will give you peace of mind in the long run.

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

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.