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Atlanta HARP 2 Refinance Loan

Jim Duffy — Sun, 15 Jan 2012 14:57:59 +0000

Excitement is growing over the upcoming Atlanta HARP 2 refinance program, that will allow homeowners who are under water on their mortgage to refinance, and take advantage of these low, low mortgage rates.

We will be able to begin closing these loans in March of this year, 2012. In the meantime while waiting for that program to open up, you can do a little homework to make sure that you qualify for this new program.

Is your loan owned by Fannie Mae or Freddie Mac? Check Fannie Mae Lookup here, then check Freddie Mac Lookup here. And remember, Fannie and Freddie do not “service” loans. So who you send your monthly payment to is not important here.
Was your current loan closed prior to May 31, 2009? To be HARP 2 eligible, that is the cutoff date.
Is your mortgage current for the past 12 months? You can only have 1 30 day late payment in the past year, and no late payments in the past 6 months to be eligible.

Then you are on your way to being Atlanta HARP 2 refinance eligible. You will have to qualify in every other way, credit score, income verification, etc. But, in most cases an appraisal will not be necessary, and there is an unlimited loan-to-value.

That is very good news for many homeowners. I cannot tell you how many homeowners around metro Atlanta I have spoken with who love owning their home, it is where memories are created, and family is kept safe. Yet, due to the market around them, many of them wonder if they should be considering short selling their home, and buying elsewhere. Most don’t want to do that; but pure economics is making them consider it.

Now those homeowners who love their homes will have the payment relief to give them the confidence to stay put, continuing building their lives and their families within the home, and know that with time the market will return and they will be happy that they stayed in the home.

If that is you, then I am happy to tell you that this program can do a lot of good for you. I would be honored to help you with this refinance that allows you to stay in your home, where your heart truly is.

Just fill out this form to be included on the list of the first HARP 2 refinance candidates.

And, if you have any questions, feel free to give me a call and I and my team will do our best to get you the answers, 1-800-MY-LOANS (1-800-695-6267).

Christmas Greetings from All of Us

Jim Duffy — Thu, 22 Dec 2011 21:22:34 +0000

We are closing our last loans for the year, and thankfully with the team we have seen them all to a good close. It has been a tumultuous year in the mortgage industry, and the team we have put together has weathered the storm well, and grown in both number of loans completed for you, our friends and clients, and the smooth closings that you have come to know us for.

We with you a merry Christmas, and a prosperous New Year as we look to 2012. All the best to you and your family.

Another Look At Historic Mortgage Rates

Jim Duffy — Thu, 01 Dec 2011 16:01:18 +0000

I have spoken before about housing being at the height of housing affordabilty. And that is because rates are at all time lows, combined with home prices being extremely low, and incomes being stable for most people.

Well, here is a look back at mortgage interest rates over the years:

As you can see, long term fixed rates are less than half of their historic average of 8.5% over the past nearly 40 years.

So, what do you do with this information?

Buy or refinance, and take a look at my top 5 ways to take advantage of low rates. If you have a home, take advantage to refinance, even if, like many, you have to bring some money to closing to pay down the existing balance. A ‘cash in’ refinance is not pleasant; but the cash flow savings usually far outweighs the pain of paying down the principle balance on the loan. Or, you may even qualify for a HARP 2 refinance.

If you own a home and have already refinanced to a very low rate, then great! Consider buying an investment property or two. The cash flow on a good, solid investment property is superb. And over time that will make for a great investment.

Many people are buying second homes at the beach, one of the many lakes around north Georgia, or in the mountains. Be sure to budget well for that purchase. But if you have it in the budget, then the memories you will make in that second home with your family will last a lifetime.

And, if you know anyone who does not own a home currently, please encourage them to consider buying. It is much cheaper than renting a comparable place, especially after factoring in the tax advantages to owning. And if the down payment is a problem, I have grant money available and several creative loan options for them.

I don’t think rates will stay this low for long – once Europe figures out their path, I think investors will focus on the US, and we will see rates rise here as well. So, take advantage now. You will be glad you did.

Click here for a free rate quote; or just call me at 1-800-MY-LOANS.

Plan Now to Buy Your Home in the Next Year

Jim Duffy — Thu, 20 Oct 2011 09:32:13 +0000

Housing markets are cyclical. Right now we are in a down market with low home prices and low mortgage rates; and that was preceded by a very vibrant housing boom.

Like in the stock market, we are told to buy low; sell high. True, but a lot of potential first time home buyers around Atlanta are on the sidelines. In their hearts they know they should be looking at real estate right now, but they are just a little reticent to jump into what appears a daunting task.

For anyone considering buying in the next year or less, here are some tips to simplify the process:

Use Online Mortgage Tools: Use a mortgage calculator, for example, to visually see what a home price and down payment translates to in a real monthly payment. That will give you a very good feel for how much you will need to save for a down payment, and, right now, you will be surprised at just how much house you can afford.

Speak with a mortgage professional: Whether you plan to be in that home a short period of time, or want to know options should your professional career take you away from Atlanta, what are the options for enjoying the home without huge spikes in interest rate, or exit strategies should you need to move suddenly and the housing market not yet be on fire again. I speak to people every day about these options, and will be happy to speak with you.

Know your credit score: This cuts two ways. I deal, certainly, with potential home buyers who have some credit issues and just need to address them, giving a few months lead time to get things in line where they will be able to easily be approved for a mortgage to buy their home. But just as often I speak with people who are afraid that their credit will not suffice and they will not be approved; only to find out that they have done everything right and are in the perfect position in a lender’s eyes to buy and very easily get approved. This is especially true now, given the myriad of news stories about how lending has ceased and housing may never recover. Neither of those statements are true. If you want to know more about credit and managing your score, I am hosting a free online workshop on Credit Scoring and Credit Repair next Tuesday at 7pm. Sign up now if you are interested, as space is limited.

Speak with a Realtor: Get to know the area of town that you would like to live in, and speak with a Realtor in that area about housing, prices, schools, amenities and downfalls of the area. If you meet the right one, they will know and be able to tell you things about the local market and what you should look for that you don’t even know to ask right now. Oh, and I work with some of the top real estate agents in town, so I will be happy to make a recommendation of who to speak with.

Save extra: The one thing that makes buying a home a less than happy experience for Atlanta area home buyers who have followed the above steps is that they do not have a cash cushion when they move in. Make sure you have a little extra. Moving expenses are probably a little more than you might expect; and you will want to decorate the house to make it your home – and throw a killer housewarming party. Just be sure you have the extra savings to do all that.

Then, once you are there and we have a solid pre-approval for your loan, go make the offer and enjoy your home. Make it your castle.

Why Atlanta Mortgage Rates are Headed Lower Again

Jim Duffy — Fri, 07 Oct 2011 20:11:47 +0000

Athens.

Not Athens, Georgia. The original, old world Athens.

Below is a very good summary of what is going on in Greece and the huge danger that the European financial crisis is in.

And, whether you are a frequent reader of this blog or a frequent listener to my spots on The John Adams Radio Show (Saturdays, 920AM, noon-2pm), you have heard me state that Greece has been the source of low mortgage rates for us, home buyers in Georgia, for some time now.

I think you will find this interesting:

Now, this video is done by Stratfor, and I saw it included in John Mauldin’s newsletter, which I read avidly every week. If you are economically a little nerdy, then I recommend it.

What does this mean for you?

If you are able to refinance your home or, more importantly, are in the market to buy a home, then the time for very, very low rates appears to be short. So act.

Once the trigger is pulled and Greece begins to separate from the rest of Europe, then in fairly short order the US debt pileup will come into worldwide investor focus, and I think there will be pressure on our bonds. And rates will rise.

We are heading into a long Columbus Day weekend. That, coupled with a better-than-expected jobs report this morning: Unemployment @ 9.1% as expected, Payrolls +103k, expected +60k, VERY BAD for rates.

Remember, good news for the economy tends to hurt bonds and therefore rates rise.

But that will not last. My suggestion: get your loan application in and ready, and next week we will have the opportunity to lock, probably with Atlanta mortgage rates like we saw two weeks ago, with 30 year fixed rates in the 3′s again.

You may APPLY ONLINE, or simply call me at 1-800-MY-LOANS (1-800-695-6267) and we can get you ready to lock on a refinance or pre-approved for your home purchase.

With every crisis comes opportunity. Please take advantage of this one. You will be very happy that you did!

In Studio on The John Adams Radio Show

Jim Duffy — Sat, 24 Sep 2011 16:36:59 +0000

Last Saturday I was live in studio with John Adams on The John Adams Radio Show in Atlanta.

The two hour show flew by as we spoke of young professionals buying homes vs renting; the Atlanta investment property market, and the great, low rates that make buying and saving money perfect right now.

And, one theme that came out in the show was just that: why are more young professionals not buying real estate, buying their first home in this market? Some are doing so; but the market should be flooded with first time home buyers right now with rates this low and home prices this depressed.

Right now, we are seeing a perfect storm in the Atlanta real estate market. To review:

Atlanta mortgage rates are at ALL-TIME lows
Metro Atlanta home prices are very, very depressed from their highs
Atlanta area rents are stable and rising, and expected to rise on average over 10% over the next couple years
Great management companies exist, and will compete for your business if necessary

Buying seems prudent to save over what is being paid in rent; and even with job uncertainty, there is an exit strategy that the property could be rented for positive cash flow in the mean time. Uncertain economic times aside, now just is a great time to buy a home.

So, listen to the show, if you will. Then share a comment, below, on your thoughts. Should young professionals have buying a first home very high on their agenda?

You can hear a complete replay of the show HERE.

I think you will really enjoy the show, and learn something.

As always, if I can help you with your Georgia loan or Atlanta refinance, call me at 1-800-MY-LOANS (1-800-695-6267)

Atlanta Jumbo Loans are Back

Jim Duffy — Tue, 13 Sep 2011 12:36:25 +0000

For a couple of years there, jumbo loans – meaning mortgage loans over $417,000 – were expensive at best near metro Atlanta. Now all that has changed.

First, the reason it was so expensive to obtain a jumbo mortgage was that there was no secondary market for those loans. When banks make loans under $417K, they generally sell those loans to Fannie Mae or Freddie Mac. Some will retain the ‘servicing’ of the loan, others will not. But the loan itself is off the banks books.

Not so for jumbo loans, however. There was no place for those loans, so they stayed on the banks books. And in an era where the FDIC is breathing down the necks of all banks and questioning any bad residential mortgage loan, well, banks just were not excited about adding more, and especially larger loans.

A positive sign for the economy is that things are changing. We now have jumbo rates that are just about .75% higher than conventional rates, and we will go fairly high on the Loan-to-Value. No 100% financing in the jumbo arena; but then there shouldn’t be.

I am doing jumbo loans to 90% of the appraised value on refinances; or just 10% down payment on a purchase. So if you are looking at getting into the market to buy that deeply discounted dream home, then give me a call. The number is easy to remember: 1-800-MY-LOANS. I will be happy to help with financing.

And It Happened…

Jim Duffy — Sat, 06 Aug 2011 17:05:38 +0000

What we had all been whispering about and worried about has happened: Standard and Poor’s downgraded US debt.

And the world has not come to an end.

I had even written an earlier post, below, where I worried about the effect on interest rates and suggested they would rise, at least a little.

But now that it has actually happened and will likely be a drag on the stock market along with a wake-up call to our fearless leaders in Washington to perhaps actually DO something about out-of-control spending – when it comes to mortgage rates, they should remain low, for a long time.

The reason is not that our Treasuries and Mortgage Backed Securities are that stellar and risk-free investments. Like it or not, S&P is right, we owe way, way too much. But as investors look around for alternatives, well…there is nothing better.

Europe? Not so much, as it is struggling to keep the Euro from breaking into pieces. Asia? As a very smart guy, John Mauldin, oft repeats, “Japan is a bug in search of a windshield”, and even China is going to struggle at best to keep up the growth rates that it needs for the population.

So, the US is still the best place to invest; because we will not ever default – at least that is the perception, that has become reality.

The danger for rising interest rates, then, has been shifted to focus on the jobs market. When the jobs market begins to heat up, whenever that will happen, that is the point where inflation will kick in, and I believe when inflation does kick in it will rise rapidly.

What does that mean for you? Buy a home now, lock in long-term low interest financing, and start socking away all the extra cash that you can. You will be happy that you did as inflation takes hold and therefore home prices begin to rise again.

Foreclosure Sales over 25% of All Home Sales in Georgia

Jim Duffy — Thu, 26 May 2011 15:38:38 +0000

Reading an article this morning published on the MSNBC site, it made reference to the fact that over 25% of all homes sold in Georgia during the first quarter of 2011 were foreclosures, or REO properties.

Like most news articles, the tone of the article seemed to be a little ‘shocked’ that it could be so high, and worried about the housing market…’where are we headed from here’, was the feel of the article.

Well, on this blog I have been saying for months that a double-dip in home prices in Georgia was imminent, once the shadow inventory began to spill onto the open market.

And here it comes.

So two forces are about to collide: we are at or very near the bottom of the double-dip that we have been expecting for so long; and interest rates are just about to rise. And for the savvy and stout-hearted prospective home buyer that collision of the two things we have been expecting spells one thing: OPPORTUNITY.

The opportunity to buy at the bottom of the market, at the bottom of the interest rate market.

Don’t misunderstand – I do not expect home prices to rise dramatically when we come out of this double-dip; but they will rise slowly. And more importantly, I do expect that when QEII ends and the sovereign (read: government) debt bubble becomes more of a pressing reality, that mortgage rates will rise dramatically.

So, if you are in a position to buy a home and you have been considering buying that home…Act Now. You will be very, very happy that you did.

As always, call or email me if I can help you finance that home with a Georgia home loan. I would be honored to help you with the financing.

Atlanta Home Prices – Buy Now or Hope They Fall Further

Jim Duffy — Wed, 20 Apr 2011 14:31:26 +0000

Atlanta median home prices at the end of 2010 stood at $114,800. Yet I speak with Atlanta area first time home buyers and Georgia real estate investors all the time who are just dipping their toe in the market. They are not committing to buy, because they fear home values will fall even further. They don’t want to be the guy on the street who bought just a little too early.

And, they are right. Especially in local neighborhoods and areas around metro Atlanta, it is entirely possible that home prices will fall further. Granted, based on the median average home price, they do not have far to fall. But they could dip from the levels we see today, depending on a lot of micro and macro-economic factors.

What that thinking leaves out, however, are interest rates. And interest rates have a direct effect on how affordable a home is for its owner. And in the case of investment property it has a direct effect on how cash flow works on a property.

Here is a great example, showing that a 1% increase in interest rate equals a 10% drop in price.

Source: KCMblog.com

So, at this point in low home values, waiting for them to fall is risky, as rates are more likely to rise by 1% or more over the coming months than are home values to fall by another 10% or more.

So, net of home values and interest rates, now is a great time to buy, even if you end up missing the bottom by 5%. With the low interest rate, you will be net 5% ahead of the game.