Atlanta Housing Source

For many people looking to buy a home, the financial part of the process is intimidating and confusing. Naturally, you’ve been reading up on home loans. There’s a lot of information to take in, but here are a few fundamental concepts to keep in mind when preparing your finances for buying a home:

Keep your finances stable

When looking for a home it’s smart to avoid making any major moves that alter your finances, such as buying a car or changing jobs. Banks appreciate a sense of stability in would-be homeowners.

Pay off debt

The amount of debt you have now affects your ability to take on additional debt of a home loan. Know your current debt level and work to lower it as much as possible between now and when you purchase a home.

Assess your credit score

For credit cards and other debt, be sure to make your payments on time to get good credit. Payment history is the most important factor in your credit score, accounting for about 35% of the total. Check with major credit bureaus to verify your score and fix any errors.

Know the loan types

The basic mortgage types are fixed-rate, adjustable-rate and hybrid. However, there are many types of loans available that suit a variety of financial situations. Ask about loan options that are right for you.

Get pre-approved

After you’re pre-approved for a home loan, you can narrow your search and target homes you can truly afford. Many home sellers select pre-approved buyers over those who are not pre-approved because they may feel more confident that the purchase will go through.

Your financial picture is a crucial part of the home purchase process. If you’d like to know more about home loans, please call or email any time.

From my mortgage lender,  Amy Wilemon with America Home Key.

Today, I am stressing to you the importance of recommending Owner’s Title to all of your buyers. This is an optional fee, but it is so important for the homeowner in the long run. There are numerous reasons to have this type of coverage, especially since land ownership is not always done properly, and records may not be accurate on all fronts. Having this type of title insurance when purchasing real estate can help ensure the best interests of the individual are maintained.

How Owner’s Title Insurance Works

The property owner purchases owner’s title insurance at the time of the real estate transaction. This type of insurance protects the buyer from any claims against the title at a later time. Title searches are part of the process of purchasing a home. These title searches examine the past transactions on the property, looking for any indication that the property has changed hands without proper documentation. For example, if an original owner of the property passed away, there may be heirs with a right to that property. A cleared property records search means that no evidence of title problems has occurred.

Nevertheless, errors can happen. Years after the property changes hands, errors or other title problems can occur. However, when title insurance is in place, the risks to the property owner are minimized. Title insurance can protect the property buyer in numerous situations, such as:

· Ensuring the title is clear on the property

· Forgery and fraud protection

· Incorrect signatures on documents

· Encumbrances or judgments against the property

· Restrictive covenants

· Defective recordation

The goal of title insurance is to protect the property owner from claims on the property. In many cases, it is critical to have this type of protection whenever purchasing a home. There is no guarantee that property records will provide all of the necessary details but insurance can help.

As a Certified Loan Originator, I quote Owner’s Title on EVERY good faith that I send out. Make sure you are aware of what could happen if you don’t get Owner’s Tile.

See Mark Lackey to buy a home in Alpharetta, Roswell, Milton or Johns Creek, see Amy Wilemon to secure financing and see to it you get owners title insurance.

Considering buying a home in Norcross, Buford, Suwanee, Sugar Hill, Dacula, Snellville, Grayson, Dukuth or anywhere in Georgia, then consider this:

Interest Rates Effective 5:00 PM Thursday September 9, 2010

4.375 % 30 Yr. Fixed

Georgia Dream First Mortgage & Georgia Dream First Mortgage combined with Georgia Dream Standard,

PEN or CHOICE Down Payment Assistance Loans

620 minimum credit score

New Higher Income Limits were Recently Announced:

1 Person Family: $ 40,250

2 Person Family: $ 46,000

3 Person Family: $ 51,750

4 Person Family: $ 57,450

5 Person Family: $ 62,050

Basic Program: $ 5,000 Down Payment provided as 2nd Mortgage with No payments, No Interest and No payback if borrower does not Sell or Refinance * (Call me for Restrictions)

Requires Borrower to provide a Min. of $ 500 for Down payment

REWARDS PROGRAM:

660 +, Provides HIGHER Income Limits than above, $ 1,000 Min. Down Payment, $ 5,000 Basic Program to $ 7,500

Brough to you by: Stuart Landman, Envoy Mortgage

This article written by Jennifer Karel, Sr. Managing Attorney with Morris|Hardwick|Schneider is a great reminder of why buyers should purchase an Enhanced Title Policy when they purchase their home.

How pound wise may be penny foolish!

The current economy has everyone looking for ways to cut cost.  This means that your buyers may be looking for ways to save money at closing.  One of the few “optional” items on the settlement statement is the owner’s title insurance premium.

Most buyers understand that title insurance protects them from a loss caused by a title defect.  Buyers may not always realize the shortcomings of the title examination.  Title exams are performed by human beings who are capable of error.  The title exam is a review of documents filed and indexed by human beings, also capable of inaccuracy.

Even in the absence of a mistake, a title examination cannot insure that title is clear as of the time of closing.  It is a look back in time of 4 – 6 weeks, depending upon the county involved.  The time period between the effective date of the records and the time that it is examined is called “the gap.”

No one knows what may come up in that period of time.  The following are some examples: (1) equity lines taken out by the seller who needs cash, (2) materialman liens for recent work for which the payment was not made, (3) a lien resulting from a lawsuit by credit card companies or other companies for unpaid debts, (4) federal tax liens, (5) Georgia Department of Revenue liens, (6) lis pendens filed by disgruntled spouses/ex-spouses.

Buyers are cost sensitive but that has to be balanced against the risks of loss.  Owner’s title insurance is always important.  In a time when sellers are under financial stress, it is absolutely vital.  Make sure your buyers protect themselves.

Mark Lackey with Atlanta Housing Source at Solid Source Realty, Inc. explains about closing costs and prepaids. A lot of buyers don’t know what closing costs are or how much they can be. So in this short video, he shares everything you need to know.

If you are interested in a free buyers guide or searching for your dream home – visit our website at http://www.AtlantaHousingSource.com.

Mark Lackey with Atlanta Housing Source shares more about the home buying process. In this video, he discusses how long it takes to purchase a home.

Mark Lackey with Atlanta Housing Source @ Solid Source Realty, Inc. shares with you some information about how to determine how much home you can afford.