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Strategic Equity Management
[ Add Comment ] 06/18/08 | Jim Greenie | Filed under: Atlanta Real Estate, Buyers, Mortgages
There are several reasons why purchasing a home is preferable to renting one. Rent payments go directly into the pocket of a landlord, while mortgage payments result in the accumulation of equity and the eventual ownership of the property. The tax advantages of home ownership are also significant since mortgage interest is tax deductible.
Ironically, these two benefits do not always work well together! Financial planning expert and best-selling author, Douglas Andrew, has revealed some surprising misconceptions as well as some innovative strategies in his book, Missed Fortune 101. Andrew explains that most homeowners believe that paying down their mortgages quickly and increasing their equity is the best investment they can make. However, doing so results in a decrease in the tax benefits available since the loan is paid off sooner, causing the interest deductions to disappear.
As an alternative, Andrew suggests that homeowners obtain a fixed-rate, long-term mortgage. Rather than putting down a large down payment or paying extra principal, he recommends placing these funds in a carefully chosen investment vehicle that will earn a higher rate of return. By using the tax benefits of the interest deductions and the compounding of interest on the investment account, homeowners have the potential to earn a higher rate of return. In addition, should an emergency need for cash arise, the investment account will be much more liquid than the equity of the home.
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Conversation Tags: mortgagesAtlanta Mortgage Rates - June 13
[ Add Comment ] 06/13/08 | Jim Greenie | Filed under: Atlanta Real Estate, Mortgages
Mortgage rates are inching upward due to inflation.
This is not the type of market to sit around thinking about refinancing, or floating your mortgage rate. Here’s a short recap of how much rates have gone up for the conforming 30-year fixed :
- June 13 - 6.25%
- June 6 - 6.0%
- May 30 -5.875%
- May 23 -5.625%
| Conforming | APR |
Payment per $1000 |
Jumbo | APR |
Payment per $1000 |
|
| 30-Year Fixed | 6.25% | 6.391% | $6.16 | 7.375% | 7.476% | $6.91 |
| 15-Year Fixed | 5.875% | 6.107% | $8.37 | 7.125% | 7.286% | $9.06 |
| 5-Year Fixed ARM | 5.75% | 5.887% | $5.84 | 6.125% | 6.219% | $6.08 |
| 5-Year Interest Only | 5.875% | 6.013% | $4.90 | 6.25% | 6.344% | $5.21 |
As always, this is not a guarantee nor is it a commitment of interest rate.
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Atlanta Mortgage Rates - June 6
[ Add Comment ] 06/06/08 | Jim Greenie | Filed under: Mortgages
Atlanta mortgage rates are updated weekly.
| Conforming | APR |
Payment per $1000 |
Jumbo | APR |
Payment per $1000 |
|
| 30-Year Fixed | 6.0% | 6.139% | $6.00 | 7.375% | 7.476% | $6.91 |
| 15-Year Fixed | 5.625% | 5.856% | $8.24 | 7.125% | 7.286% | $9.06 |
| 5-Year Fixed ARM | 5.0% | 5.139% | $5.37 | 5.625% | 5.716% | $5.76 |
| 5-Year Interest Only | 5.25% | 5.383% | $4.38 | 5.625% | 5.716% | $4.69 |
*Rates are subject to change due to market fluctuations and borrower’s eligibility.
Enjoy the hot weather!
Conversation Tags: 30005 | 30022 | 30024 | 30062 | 30068 | 30075 | 30097 | mortgagesAttention Atlanta First Time Home Buyers
[ Add Comment ] 05/30/08 | Jim Greenie | Filed under: Atlanta Relocation, Buyers, Mortgages
Are you an Atlanta first time home buyer? Get your questions answered in our First-Time Home Buyer’s Kit.
Buying a home is one the biggest financial decisions most people will make in their entire lives, so it’s only natural to have questions about the process, especially for first-time home buyers.
That’s why we put together our own First-Time Home Buyer’s Kit.
The free kit includes:
- Home Buyer’s Handbook - a 16-page booklet and glossary designed to provide answers to the more basic questions about buying a home;
- Gift of Knowledge CD “Home Buying 101″ - a unique 60-minute interview that answers the top 20 most important questions every first-time home buyer needs to know.
Here are just a few of the 20 questions addressed in the free CD:
- What are the benefits of owning versus renting a home?
When you add up the tax benefits of owning a home versus renting a home, it costs no more to be a homeowner than it does to rent, in many cases. With this in mind, why help finance your landlord’s financial goals when you can own your own home and, as your equity grows, increase your savings for the future as well?
- Does my credit score affect my ability to secure a home loan?
When it comes to qualifying for a mortgage, the answer is never simply a matter of yes or no; it’s a matter of when: When will you be ready to qualify? While your credit score does affect this process, with credit repair services, government loans, and other programs and strategies, homeownership can be a reality for anyone willing to put in the necessary time and effort.
- What’s the difference between being prequalified and being preapproved?
There’s a world of difference. A prequalification is a statement based often on unverified financial data. A preapproval is a decision to loan, and carries a lot of weight with sellers. With a pre-approval, you are essentially a cash buyer, and not only do you know exactly how much you can afford, sellers will take your offer much more seriously.
Request the First-Time Home Buyer’s Kit now. Text 404-992-6547 if I can assist in any way.
Conversation Tags: 30005 | 30022 | 30062 | 30068 | 30075 | 30097 | Atlanta relocation | Buyers | mortgages
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