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].

What You Should Know Before Signing An Atlanta Home Refinance Loan

If you are in the market for an Atlanta home refinance loan, be aware that there are certain things that you should become familiar with before you apply for a loan. Do you know what to look for in a lender? Do you know what type of refinance loan that you want to receive? These are just a few questions that you should have answered before you begin to search for a loan. Keep reading to uncover the answers to these questions and more.

When you are searching for the right lender for your Atlanta refinance loan, do some pre-qualifying with several different loan companies. Just make sure that these companies do not pull your credit report to pre-qualify you. Having too many inquires on your credit report will lower your credit score. What you are looking for is a loan company that is receptive to your needs, quick to answer questions and one that has the ability to lock in a low interest rate.

You also should check out any loan company thoroughly by running them through the Better Business Bureau website to see if they have many complaints filed against them. Be leery of those loan companies that contact you out of the blue. There are quite a few predatory lenders out there.

Another thing to take into consideration is the type of loan refinance that you want. It is probably in your best interest to find a fixed rate mortgage refinance. This way your payments won’t go up if the interest rates rise. If you can afford it, you may want to consider a 15 year refinance loan instead of a traditional 30 year loan. This will save you a ton of money over the years and allow you to build equity in your home faster.

Always remember that you should get everything in writing and know what you are signing before you sign it. If you don’t understand the contract, get your attorney to look it over. Make sure that you are aware of any closing costs and fees before you sign. You do not want any last minute surprises on the day of closing.

Getting an Atlanta home refinance loan can be a great way to free up extra money each month. You can use the extra money for bills, savings or home improvements, and it’s a great way to help you become financially stable.

Atlanta Real Estate FAQs

The answers to frequently asked questions (FAQ) about Atlanta real estate can help you to make a better real estate deal. You can also approach a real estate organization or agent in Atlanta to clarify your points.

How much money is required to buy an average home in Atlanta?

This depends upon a number of factors such as the size and location of the home, the comforts you are looking for, and the procedural fees.

Why do Atlanta home prices go up?

High employment rates and the growing population have raised Atlanta real estate prices. Atlanta’s rapid all-round growth contributes significantly to the price hike as well.

What are closing costs?

Various expenses associated with selling and buying of a home, paid at the closing of the mortgage process, are collectively referred to as closing costs. For sellers, closing costs can be approximately 9.5% of the total price of the property.

What are the requirements for Real Estate Settlement Procedures Act (RESPA)?

This is a consumer-protection statute and requires that certain information about property loans be revealed, such as estimated closing costs and Annual Percentage Rate (APR).

What is the current trend in the Atlanta condominium market?

There has been an explosion in Atlanta’s condo and loft market over the past few years. Ranging from renovated warehouses and factories to high-rise condos with many amenities, Atlanta has a buzzing condo and loft market.

What is special about Atlanta’s neighborhoods?

Atlanta’s neighborhoods have some historic importance. You find Jewish communities and a historical African-American population in the neighborhoods. Most neighborhoods have civic associations that work for the welfare of the local community.