All Entries For Homebuyer Tips
With the November 1, 2009 expiration of the $8,000 home buyer tax credit fast approaching, there has been question of whether this tax credit could possibly be extended. According to CNN News, it seems that Senate Democrats have reached an agreement to extend the $8,000 homebuyer tax credit to the end of April 2010. However, this new agreement proposal would also include an additional benefit for repeat buyers.
Currently as of October 1, 2009 with LoanSouth Mortgage, you can get a 30 year Fixed Rate Mortgage (FRM) loan from 4.75%. – 5%. You must meet the qualifications with credit score of 720 or higher and 10% down payment and the loan amount must be under $417,000 for the rates above. These rates are for the purchase of a new home while refinances will have a slightly higher rate. Read More→
With the keys to our first home!
Well, my adventure has come to an end. We closed on our first home on Friday! What an adventure it has been. Our closing was set for Thursday, and our loan processor even had us at the closing attorney’s office that afternoon. After many phone calls, I found out that they were missing one piece of paper. And no one bothered to tell me until 4.30 that afternoon, when we all were at the closing. Read More→
Photo Courtesy of Daniel Patrick
This really is a tough question to answer. Unfortunately, this question can be asked when flooding has already occurred which could be too late if you do not have this type of insurance. Flood Insurance is not included in your homeowner’s insurance. You have to pay for this separately! None of us, especially in this current economy, want to spend money for something they don’t need. So how do you know if you need flood insurance for your home?
Although FEMA conducts a Flood Insurance Study to determine flood hazard areas with Flood Insurance Rate Maps (FIRMs) in your community, everyone is at risk! There can be many causes to flooding: hurricanes, broken levees, outdated or clogged drainage systems and rapid accumulation of rainfall. Unless you are at the very top of a high mountain, you and your home are at risk! We have seen proof of this in Georgia within the Atlanta and Metro Atlanta areas in a few days just from heavy rainfall. Our local rivers are at highest levels in years. Our roads and highways are flooded. Our schools and homes are under water. Flood risk is not based on your history of no floods. It is based on a number of factors including: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development. The Flood Insurance Rate Maps (FIRMs) are created to show the locations of high-risk, moderate-to-low risk, and undetermined-risk areas and to help you understand your risks in your local community. Your flood insurance rate will be determined by these maps.
Here is a brief explanation of how the areas are categorized in the FIRMs.
High-risk areas (Special Flood Hazard Area or SFHA)
High-risk areas have at least a 1% annual chance of flooding, which equates to a 26% chance of flooding over the life of a 30-year mortgage. All homeowners in these areas with mortgages from federally regulated or insured lenders are required to buy flood insurance. They are shown on the flood maps as zones labeled with the letters A or V.
Moderate-to-low risk areas (Non-Special Flood Hazard Area or NSFHA)
In moderate-to-low risk areas, the risk of being flooded is reduced, but not completely removed. These areas are outside the 1% annual flood-risk floodplain areas, so flood insurance isn’t required, but it is recommended for all property owners and renters. They are shown on flood maps as zones labeled with the letters B, C or X (or a shaded X).
Undetermined-Risk Areas
No flood-hazard analysis has been conducted in these areas, but a flood risk still exists. Flood insurance rates reflect the uncertainty of the flood risk. These areas are labeled with the letter D on the flood maps.
While it may be cheaper in the short run to go without flood insurance, you may be risking serious damage and cost to your home in the future. For more information on flood insurance for you, visit the National Flood Insurance Program (NFIP).
I must tell you, the loan has been the most stressful part of my homebuying experience. It started off great–I was pre-qualified with Bank of America and working with a nice contact there. But, once I finalized my contract, I started shopping around to get the best interest rate, and that became very stressful.
Our New Home!
I contacted 3 lenders. Bank of America, BB&T and a broker that my agent recommended. Immediately when they hear I work for Morris & Raper, they want my business. I of course love that they want to work with me to get me the best rate, but, I must admit, that having them fight so hard for my business made me uncomfortable. Read More→
This month, Forbes announced it’s list of the Most Entertaining Cities in the US. Of course New York City came in number one, but our Atlanta ranked number 6. Not too bad for the south!
According to the list, Atlanta has a great restaurant scene, beating out cities such as Dallas, San Fransisco and Boston. Factors that were taken into consideration when compiling the list include sports teams, museums, music venues, night clubs and restaurants.
Atlanta truly is an amazing city, offering southern charm with a big city feel.
Thinking of moving to this great city! Check out our Atlanta new homes!
