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Atlanta Home Mortgages
When purchasing a new home in Atlanta, a buyer should consider the mortgage interest rate and his own financial capability. Then he should think about the lending period of the home mortgage. Generally in the case of a fixed rate mortgage, where the rate of interest stays the same, the time span ranges between 15 years to 30 years.
If the borrower goes for long-term loan, obviously his interest payment will be higher. However, he can avoid that without reducing the initial size of the mortgage through higher monthly payments of the principle amount. But higher monthly installments reduce the flexibility of the borrower. To avoid this he may opt to pay one extra monthly payment every year.
The borrower may also choose an adjustable rate home mortgage in which interest rates fluctuate with market interest rates. The interest rates of such mortgages will be lower when compared to those of fixed rate mortgages. In such a mortgage, the borrower pays lower interests for the first four or five years followed by interest rates in accordance with market indexes. Therefore personal priorities and resources are carefully considered before applying for any home mortgage.
The borrower may research home mortgage options with a real estate broker. Or he can do his research online. There is a controversy reporting that whites in Atlanta receive five times as many home loans from Atlanta banks as blacks of the same income. In order to overcome this, the $20 million Atlanta Mortgage Consortium (AMC), a lending pool, has been hiring a number of black-owned public relations firms.
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.
Atlanta Real Estate
Atlanta Georgia Real Estate offers information about Atlanta homes for sale, real estate agents and home prices through Atlanta Realtors, MLS etc. Information on Atlanta home selling, buying, mortgages, insurance and other real estate services in Atlanta are also available.
Interest rates in the Atlanta real estate market have picked up since the late 80s. Atlantas construction activity stands at one of the top five rankings of the metropolitan markets in the U.S. with respect to office, industrial and retail construction activity. The development is very high in spite of the high vacancy rates in these segments. A major percentage of the office and industrial market in Atlanta is occupied by real estate investment trusts and is responsible for the rapid pace of construction. There are two important factors that result in the rapid development of Atlantas real estate-population expansion and a growing employment rate.
The vacancy rate for Atlantas office market is nearly 15percent according to one survey. On the other hand the vacancy rate in the case of the industrial real estate market is approximately 28 percent. The most active real estate sub-markets in Atlanta are Midtown, Buckhead and North Central. The positive growth of those markets is due to the opening of the Georgia 400 extension. Owing to this opening, the revitalization in the Buckheads market can also be seen in the office construction activity combined with retail space, which, for example, is reflected in $11.5 million renovation of the Tower Place office tower.
Even the multifamily area of real estate is also picking up in Atlanta. At the end of 1993, there were nearly 25 multifamily land sites under construction. Further Atlanta lodging industry is also achieving record success in both demand and revenue growth of over 10 percent.
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