Atlanta Refinance Report was put together to give you valuable information to assist you no matter whether you want to buy a your first home, or if you’re already a home owner and are just searching for help with your Atlanta refinance. We hope you’ll find the information here helpful in your efforts.
Mortgage rates are lower than 5% – but how can you get the best refinancing deal?
Everyone wants to know how to get these super low interest rates. And many people are having a hard time even getting through to their lender on the phone. It’s no surprise that the frustration level is high.
Believe it or not, it could take as long as 3 months for the mortgage market to be back to working normally, according to what one expert at Fannie Mae believes. His expectations are to see interest rates for home mortgages to stay in the neighborhood of 4.75% to 5.25% for the rest of the year.The main message here is to not panic. It will take some time to get a mortgage done according to the folks at Caliber Funding, but that shouldn’t be a problem.
Some things to remember
1. Recognize what a unique opportunity this is
Look – there is opportunity here. Thirty-year fixed mortgages are below 5%.From a historical perspective, rates are normally about 8%.. And that is significant.
Let’s take a closer look for a moment. First, let’s take a 30 year fixed mtg at 4.6%. If you were to borrow $170,300 on a 30 yr fixed loan (the average cost of a home) if your interest rate was 5%, you would be paying roughly $915.At an 8% rate, you would be paying $1,250. What’s the difference? $335 dollars a month or $4,000 dollars a year.
2. Be cautious
We’ve told you it might take longer to get a refinance now. It’s just something you need to keep in mind.And according to bankrate.com, Fannie Mae and Freddie Mac have increased their fees.
So you could be paying extra fees of 1% or 2% of the loan amount, and sometimes even higher on top of all other closing costs.
3. Find the best rates
Today, one of the biggest issues for people is having enough equity in their home.In today’s market, having 20% or better equity in your home is the best way to ensure you get the very best rate available.
Make sure you keep your credit score as high as possible. Get copies of your credit report to make sure there are no errors at annualcreditreport.com.
Talk to multiple lenders to be sure you’re getting the very best rate you can. Make sure to have all your paperwork ready for you lender in advance. The following is a basic list of the documents you’ll need:
Your refinance application, tax returns for the past 2 years, 1 month’s worth of paystubs, three months of asset statements (checking, savings, mutual funds), the most current mortgage statement you have and finally, a copy of your deed.
Please consider doing these things to be ready for your Atlanta refinance or purchase loan, and you’ll likely be in as wonderful shape as possible to get what you are looking for.