Atlanta Mortgage Refinancing

Mortgage lenders also provide refinancing to borrowers. The Atlanta Mortgage Group Inc. offers “No Cost” Refinancing, in which the borrower is not required to pay closing costs. Generally there will be fees associated with obtaining a mortgage relating to relating to loan origination, appraisal, preparation of credit report, attorney fee, title fees etc. The lender or the borrower depending on the terms and conditions of the mortgage must pay these costs.

In the case of “No Cost” refinancing, the lender will agree to pay the fee. In turn he will charge the borrower a higher rate of interest for the entire life of the loan. The excess interest may range from 0.5 to 1 percent depending on the size of the loan. However it makes more sense to pay the normal closing costs of the loan and pay lower interest rate.

Another refinancing company in Atlanta, Garrett Mortgage Inc., also offers refinancing of home mortgages in and around Georgia. It also offers suggestions to borrowers about the feasibility of opting for refinance at some time to the borrower.

Home mortgage refinancing reduces the current monthly payments of the borrower, results in paying off the mortgage faster and also reduces interest risk by switching over from the adjustable interest rate loan to the fixed interest rate loan. There is no need to go for private mortgage insurance in the presence of refinancing option. One can save substantially with a mortgage refinance. A mortgage refinance calculator, which determines the monthly payments, the interest savings and the number of months for reaching break-even point on the closing costs will help the borrower in deciding whether it is useful to refinance at a lower interest rate.

What Are the Unique Advantages of Buying Georgia Foreclosures Homes?

If you are on the lookout for an affordably priced property in a prime residential area, you can now purchase a suitable property through Georgia foreclosures for sale and avail several unique advantages. Some of the benefits of buying a foreclosed property in the area include various home buyers’ assistance programs, great job opportunities in the metro area, easy transportation, family centered residential communities, a safe and friendly environment as well as a highly affordable cost of living apart from a 10% to 50% discount offered through foreclosures.

One of the prime advantages of investing in a property under Georgia foreclosures is the availability of a large number of assistance programs for home buyers interested in purchasing a foreclosed home in this area. Along with the State Housing Department offering home buyers various tax credit incentives, there are a large number of banks in the area which have attractive and highly reduced interest rates on home loans for buyers interested in Georgia foreclosures.

With major corporate companies like Home Depot, UPS and Delta Airlines headquartered in the metro area the region offers some of the best job opportunities and therefore makes for an ideal relocation choice for those looking for better professional growth. The transportation facilities in the area are also top notch with the Amtrak connecting the region with New York, Washington DC, New Orleans and Florida.

Another unique advantage of buying a property through Georgia foreclosures is that the area is home to some of the best residential communities in the country. Neighborhoods such as the Atlanta metro area as well as the suburban areas of Gwinnett and Cobb provide an ideal environment for residents to raise well rounded families. The area has a very active recreational scene with football and baseball as a favored weekend sport. The state has a team in some of the major professional leagues including the NFL and NBA.

Considering the prime residential areas, high standard of education and healthcare accessible to the residents, the region has a surprisingly affordable cost of living which makes investing in a property through Georgia foreclosures a highly favorable option for home buyers on the whole.

Atlanta Mortgage Brokers

Atlanta Mortgage Brokers help borrowers initiate the loan. They verify credit and property aspects of the loan and provide the information to the lender for assessing the credit worthiness of the borrower. Mortgage brokers also help the borrowers in sourcing the best loan, which suits his needs and requirements.

The customers select mortgage brokers through referrals. Asking friends and relatives and taking their suggestions seem to be the best way for the selection of a broker. However before selecting, the customer needs to assess whether the broker is providing the correct estimate of the total cost of the home.

An Atlanta Mortgage broker offers services through http://www.Kudzu.com. Atlanta mortgage brokers are paid agents who bring lenders and borrowers together and build a network relationship. They give advice to borrowers if they face problems in qualifying for a loan and also regarding credit issues.

Once the broker has secured a home loan for a customer, he will provide all the necessary state and federal documents required for the transaction. Since the Atlanta mortgage broker has the accessibility of the different lenders, he will allow the borrower to find a suitable loan according to his needs. Once the broker secures the loan at the wholesale price from the lender, he will add his markup to the price.

There is a syndicate of mortgage brokers called the National Association of Mortgage Brokers (NAMB) established in 1973. This is the national trade association of the Atlanta mortgage broker industry with 46 state affiliates and more than 24000 members. It promotes the mortgage broker industry by providing services like education, professional certification and the government affairs representation. The Atlanta mortgage industry is subjected to 10 federal laws and five federal enforcement agencies.