Thankfully, I have been able and am able to help dozens of such homeowners to refinance their mortgage. And, I would like to announce a new resource dedicated especially to helping those homeowners. While I have a lot of resource here on this site for the HARP 2 refinance program, now there is an entirely new site dedicated to providing answers to homeowners who are under water.

Questions such as who is eligible for the HARP program and how to best take advantage of the program are answered. Even a unique set of mortgage calculators are in the site to help determine the best savings and equity building strategies when using the HARP program.

So, here it is, the HARP site built for the homeowner: http://atlanta.harpapproval.com/

I hope that you will find this a very useful tool to take advantage of the HARP program.

And, the best way to take advantage of the program depends on your goal as a homeowner.

If you plan to stay int he home long term, then a 30 year fixed rate is probably the best option. Lock in the low rate and lower your payment, thus freeing up cash flow to save and invest as you pay down the mortgage. However, if your goal, like many homeowners that I am speaking with, is to sell the home in the next few years and move, then take a look at a 15 year fixed rate, or even a 10 year fixed rate HARP refinance, so that you build equity very quickly and will be in a position to sell at current market values without having to consider a short sale.

Know your goals, then tailor the mortgage refinance around those goals. That way you will take the best advantage of this unique opportunity to refinance your home, even if it is currently under water.

Click here to request a free rate quote.

Related posts:

1. Investment Property on HARP 2 Refinance Program
2. Atlanta HARP Refinance Numbers
3. Atlanta HARP 2 Refinance Loan

Stay with me here as I lay out a case why housing has probably not hit bottom; but why you should buy now.

First, let’s look at what housing has done – it spiked throughout the first half or so of the 2000 decade, and has precipitously fallen since then. Take a look at this chart:

Other than a fall in values from the median during the Great Depression and through the second World War, we are pretty close to the median home value, when accounting for inflation. On average, I don’t think we are at the bottom, but we are close.

Does that matter? Not if you plan to stay in the home long term, and not if we are close to the bottom. It doesn’t matter that home prices could fall a little more, if you think that mortgage rates will rise from here.

Let’s put this in numbers as well. 30 year fixed rates are hovering around 4% currently. Unlike home prices that have fallen pretty much in line with historical averages, mortgage rates should be considerably higher, and would be, if not for government intervention. Let’s say, hypothetically, that rates jump from 4% to 7%. And, simultaneously, home prices fall another 5% from today’s average. Here is the difference:

So with these assumptions, if you bought now the home $200,000 home would cost you $10,000 more than if you waited. But if rates jumped 3 percentage points, and you stayed in the home for the next 10 years, then you would end up paying out $42,000 more in mortgage payments by waiting.

If you don’t agree with my assumptions here, you can manipulate the data using this mortgage calculator.

Are you ready to buy now? If you personally with your financial outlook are ready, then don’t let the market keep you from buying. In fact, quite the opposite. The market is primed for you.

Click here to get a free rate quote, or call us at 1-800-MY-LOANS.

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2. Housing Starts Waaay Down
3. Housing Sales at Very Low Levels…Opportunity

If that sounds like you, then this article is a must-read.You should do a Streamline FHA refinance.

Let’s jump right in:

1. No Closing Costs is Easy: You can pay the closing costs and get a slightly lower rate. But why? If you pay no closing costs, and the rate falls, isn’t that a good thing? You win.
2. No Appraisal is Necessary: Worried that your home may be under water? Then don’t waste the money on an appraisal that might not help. The only downside to an FHA refinance without an appraisal is that you then cannot roll closing costs into the new loan. Therefore, refer to #1 above.
3. Small savings over time really add up: How often do I hear someone look at a Good Faith Estimate where they will be saving $150 per month on their mortgage, and they comment, “It’s so little, it’s hardly worth it.” Not so. That $150 is $1800/year. If you stay in the home another 10 years that’s $18,000. And what if you invested that savings and it compounded over time…
4. Qualifying is easy: A minimal 620 credit score, having paid the mortgage on time during the past year, and verifying employment is all that it takes to qualify for the best rate the market has to offer today.
5. It’s fast: Some people have visions of piles of paperwork and gathering mountains of documents. Not so. One hour of dedicated time to sit down and sign papers and gather some docs, and we will be off and running working on your approval. Wow, that’s an hourly rate of pay I can get excited about!

Click here to request a Free Rate Quote.

So whether you want to save money monthly, really reduce the term – to, say, a 15 year term – or just pay less of your hard-earned money to the bank, consider refinancing with an FHA streamline loan.

You have 5 good reasons to do so.

Related posts:

1. Atlanta Refinance Time
2. Streamline FHA Refinance: Act or Wait?
3. Get a No Closing Cost Loan in Georgia

Click Here to Access

No one likes their property values falling, much less being under water on the mortgage. That is not what we hoped for when we bought the property – whether our home or an investment property. I have hundreds of past clients, though, who have succeeded in a property tax appeal, and the county has dropped their property tax bill as a result.

I have been asked to coach clients in how to approach a property tax appeal. This is not my area of expertise, so all I have been able to offer are cursory thoughts and anecdotes of those people who have done it. Helpful, but not really what I am being asked.

And, there are people who offer to appeal your property tax bill for you, for a fee. They are experienced in doing so, of course, and they probably know the people who work in the tax assessor’s offices on a first name basis. But, do you need to go to that expense? I would conclude that you do not.

So to gain the necessary confidence to appeal your property taxes yourself, and to make sure that you have done your homework and are well prepared and professional about your appeal, I have found and reviewed this resource: Property Tax Appeal. It costs a few bucks, but I think you will find it is worth it; and the ROI will be astronomical if you end up saving several hundred dollars a year on your taxes.

So, I am happy to be able to bring you this resource. I look forward to hearing your feedback on it when you put it to use and save  money on your home.

Get your copy of the Property Tax Appeal Guide here.

Related posts:

1. 2011 is the Year of the Investment Property in Georgia
2. Investment Property & Debt Consolidation Change
3. Investment Property on HARP 2 Refinance Program

Primary residences and second homes are nearly unlimited Loan to Value (we have a cap of 150% LTV, which covers all but two so far that I have reviewed).

Investment properties with loans owned by Fannie Mae and Freddie Mac are a bit different. We are loaning up to 105% of the value; which is 30% more than the conventional cap of 75% LTV for investment properties.

But wait! HARP 2 is no supposed to require an appraisal, right?

Well, right. Often times.

We are getting appraisal waivers about 60% of the time, meaning that Fannie Mae and Freddie Mac tell us that they have enough information in their system to not require an appraisal.

However, Freddie does come up with a value based on that information, which is similar to loan to value that zillow.com or other such sites will issue. Not always accurate as an appraisal, but still a number to calculate an LTV.

Fannie Mae has no value – currently – they are just issuing appraisal waivers. However, on April 28 they will be changing that and now issuing a value along with the appraisal waiver.

So, that means that on investment property – appraisal waiver or not – you will have a value either issued or appraised and you will be limited to 105%.

Often, with 30 year fixed rates on this program in the low-to-mid 4′s, even if the 105% cap means you have to bring some cash to pay down the principle balance, a ‘cash in’ refinance, your cash flow will work much better and therefore your ROI on that investment property will increase.

So, if you would like a Free Quote on a HARP 2 Refinance, click here. Or, call me at 1-800-MY-LOANS.

Related posts:

1. New Resource for HARP 2 Refinance Program
2. Investment Property & Debt Consolidation Change
3. 2011 is the Year of the Investment Property in Georgia

One of the premier jumbo lenders in the country, ING, ceased lending operations last month. And just as that news is settling in, we got word that because of the quality of our book of business we have delivered to our investors since launching the jumbo loan program last year, we will be making a significant improvement to our Jumbo fixed rate pricing starting on Monday.

And, we are already much improved on our 5/1 ARM jumbo pricing. In fact, assuming a good credit score of 740, that loan is just 2.875% (APR 3.127), fixed for the first 5 years.

And, I will be happy to announce our fixed pricing on Monday for jumbo loans. The guys in our secondary department tell me that they will be significantly improved.

Looking for a jumbo home loan? Well, we are your stop for that mortgage. Call me at 1-800-MY-LOANS (1-800-695-6267).

Related posts:

1. Atlanta Jumbo Loans are Back
2. Atlanta Jumbo Mortgages – Creative Ways to do Large Loans
3. Top 5 Ways to Take Advantage of The Lowest Ever Atlanta Mortgage Rates

And while at the beach I spoke with a real estate company, locally there, at the Outer Banks. They confirmed that beach properties were way down from their height of value, and that buying activity of second homes was picking up.

Did you know that a vacation property is easy to finance? It requires a simple 10% down payment, and the rates are exactly the same as owner occupied rates.

Locking in a low rate on a vacation property could allow you to have the place that becomes the source of great family memories for years to come.

1-800-MY-LOANS is the number to reach me; or just Click Here to get a Free Rate Quote for your vacation home.

Related posts:

1. What Can and Cannot Be Financed?
2. The Time to Buy or Refinance a Home is Now!
3. Another Look At Historic Mortgage Rates

Try the FINANCIAL CALCULATORS HERE.

Take some time and really get into this new tool that I am able to offer you: Purchase with more or less of a down payment, a longer term with a lower payment or a shorter term with a huge interest savings.

Or, if you are looking at refinancing, then check out the fixed rate vs ARM calculator, or the new ‘cash-in’ refinance, which happens to be in vogue right now for the many who do not qualify for the HARP 2 refinance.

A very useful Rent vs Own calculator has been added just recently, at a time when it is generally more advisable to buy rather then renting a dwelling.

And, a calculator that I have had some direct input on is coming soon – Refinancing with the HARP 2 program vs doing a Short Sale. That is a question that I get quite often, and the calculator is tell-tale and will help you determine the best option for you and your family going forward.

So, spend some time and check out the calculators, which I will embed more permanently into the site soon, as opposed to just this post. But, reading this post, you are the first to get to use this very powerful new tool.

And, the calculators are a bit complicated at times, so if you would like for me to prepare your customized calculation and graph for your specific situation, then just give me a call, at 1-800-MY-LOANS (1-800-695-6267).

Let’s use these tools to help you make the very most of your money and your home.

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1. Plan Now to Buy Your Home in the Next Year
2. Now You Can Get Mortgage Updates on the Radio
3. Another Look At Historic Mortgage Rates

The good news if you have a current FHA loan in Georgia is that you will be able to refinance your loan to a lower rate with very simple qualifications and without the need for an appraisal.

The bad news is that the cost of Mortgage Insurance has more than doubled, and it is going up yet again come the first of April, 2012. It will be 1.25% of the loan amount per year; up from .55% of the loan amount that most FHA holders are currently paying. That is hard to make up for in a rate drop.

So, good things come to those who wait. And for new FHA refinances registered after June 11, 2012, the really good news is that your Mortgage Insurance will drop again to what you are paying now – .55% per year.  So any drop in interest rate will be an immediate savings, as all else about the loan will remain the same.

What’s the catch? As with all things lending these days, there is a catch.

• Your payments must be on time for the past 12 months.
• You need a credit score of 620 or above.
• Your FHA loan must have been taken out prior to June 1, 2009. That’s the big one!
• And you must be saving at least 5% in payment, or reducing your loan term, as from a 30 year fixed to a 15 year fixed rate.

That last one isn’t really a catch so much as common sense, though.

So if you are looking at rates being so low and wishing you could participate in them, but wondering how, since in many cases FHA homeowners may be under water and wondering how to refinance with no equity. Well, this is your answer, an FHA Streamline Refinance.

And, there is one more catch: if you do not get an appraisal when you apply for an FHA streamline Refinance loan, then you cannot roll closing costs into the new loan.

Here is what I recommend: Either plan to pay closing costs (but no points and no origination fee) out of pocket; or let’s just increase the rate by about .25% from the going rate, and I, the lender, will pay your closing costs for you.

Most borrowers doing the Streamline FHA loan opt for the latter, that the lender pay closing costs. They save money immediately, and don’t add anything to the balance of their loan. Everybody wins.

You may, however, want to bring the money to set up a new escrow account for taxes and insurance. You see, if you have and FHA loan, then you by default have an escrow account so that when property taxes and homeowner’s insurance come due each year, your mortgage company pays those fees out of what you paid in every month.

So, when you refinance using the Streamline FHA refinance program, you will skip a month’s payment. Say we close at the end of June. You will not have a July payment due. Your next mortgage payment will be due August 1. And during that time from closing to your next, lower, payment, you should expect a check in the mailbox for the refund of what is in your current escrow account.

It is sort of floating the money for the escrows for a month, then getting the refund of the existing escrow account. That will help keep your interest rate lower if you set up the escrow funds for the new mortgage, and the lender can pay your closing costs.

Click here to get a rate quote for a Streamline FHA refinance.

At this point you will probably be well served to wait and make application for the FHA streamline refinance toward the first of June, and make sure the we, the lender, not set up the ‘case number’ or register the loan with HUD until June 11, 2012. That will cut your mortgage insurance by more than half.

As always, feel free to call me at 1-800-MY-LOANS (1-800-695-6267). Or, just fill out this form for a custom (and FREE) rate quote.

Or just fill out this form:

Related posts:

1. Georgia FHA Streamline Refinance
2. 5 Reasons to do and FHA Refinance
3. Is it Time to Refinance?

Source: Wall Street Journal

The Darker red shows more negative equity. And as you can see, Georgia is a darker red than any of us homeowners would like, although not a bad as our southern neighbor, Florida.

In fact, if you combine negative equity and ‘near negative’ equity, defined as owning 95% or more of the home’s value, then here are the numbers:

• Georgia: 32.3% of homeowners are underwater, or nearly so.
• Florida: 48.6% of homeowners fall into that category. Wow, nearly half!
• South Carolina: 17.3% of homeowners are underwater.

You can find the data that I am quoting here.

The numbers are important because the new HARP 2.0 refinance program is just now opening up. And that is designed for those homeowners – even the ones who have very little equity, since this refinance program does not require Mortgage Insurance, which is normally required with less than 20% equity.

Even though the rates are slightly higher for the HARP refinance program than they are for a conventional refinance, when you consider the savings of not needing to add mortgage insurance, the HARP refinance program is a better option for those who qualify.

Click here to request a free rate quote on the HARP 2 Refinance program.

The main qualification is that your mortgage loan needs to be owned by Fannie Mae or Freddie Mac, and needs to have been there since before June, 2009. You can look up Fannie Mae Here, and the Freddie Mac Lookup is Here.

And if you are unsure and would like us to help you determine ownership of your home loan, you can call us and we will be happy to help you determine ownership, at 1-800-MY-LOANS.

Oh, and don’t forget the two biggest changes with the HARP 2.0 refinance guidelines: Now we can re-issue Mortgage insurance in most cases if you have it, and there is no Loan to Value cap. It’s unlimited.

And for those who don’t have a Freddie Mac or Fannie Mae loan and therefore don’t qualify for this HARP 2.0 refinance program, then check if your loan is either FHA or VA. If so, then check out a Streamline FHA refinance.

Click here to request a free rate quote.

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1. New Resource for HARP 2 Refinance Program
2. A Few More Atlanta HARP 2 Refinance Details
3. Atlanta HARP 2 Refinance Loan