Archive for January, 2010

FHA upcoming changes / First Time Buyers Beware

Friday, January 29th, 2010

 Changes Announced on January 20

MI premium rates:

Will increase the upfront rate from 1.75% to 2.25% — effective April 5, 2010

Will reduce maximum seller concessions from 6% to 3% — effective in early summer 2010

***Please notice that the seller contributions have not changed as of now.  You can still ask for up to 6% in seller contributions.  It states that this will change in the early summer of 2010.***

 

Please call or email me with any questions regarding the upcoming changes, and the urgency to buy your home now.

Posted in East Cobb Real Estate, GA Real Estate, Mortgage Talk, Roswell Real Estate, Woodstock, Woodstock Real Estate | No Comments »

Time vs Cost of Money?

Saturday, January 9th, 2010

If I wait for that $400,000 house to come down to $350,000, could I be risking higher payments? Why yes, you could…..and why?

- $400,000 mortgage @ 4.5% = $2026.24

- $350,000 mortgage @ 6.0% = $2098.43

Does this ever happen? It’s what we are watching buyers do right now!! 

See the attached Spreadsheet and tell us your thoughts.

    Should we wait for prices to go down or rates to go up???    
             
Loan Amount 4.50% 5.00% 5.50% 6.00% 6.50% 7.00%
100,000 $506.69 $536.82 $567.79 $599.55 $632.07 $665.30
150,000 $760.03 $805.23 $851.68 $899.33 $948.10 $997.95
200,000 $1,013.37 $1,073.64 $1,135.58 $1,199.10 $1,264.14 $1,330.60
250,000 $1,266.71 $1,342.05 $1,419.47 $1,498.88 $1,580.17 $1,663.26
300,000 $1,520.06 $1,610.46 $1,703.37 $1,798.65 $1,896.20 $1,995.91
350,000 $1,773.40 $1,878.88 $1,987.26 $2,098.43 $2,212.24 $2,328.56
400,000 $2,026.74 $2,147.29 $2,271.16 $2,398.20 $2,528.27 $2,661.21
             
  * Payments are all calculated on a 30 year fixed fully amortizing loan.      

 Scott Dilbeck

Keller Williams Realty

      First Atlanta

Direct: 404-861-6623

Fax:    770-783-2059

website: www.scottsrealty.com

Posted in East Cobb Real Estate, GA Real Estate, Mortgage Talk, Roswell Real Estate, Woodstock, Woodstock Real Estate | No Comments »