 |
First-time Buyers Choose Your Atlanta, Ga., Home
Author: Louise Scoggins  | Posted: 27-03-2008 | Comments: 0 | Views: 50 | Rating: (113)  (?) 
Things could be a lot worse in Atlanta, Georgia, compared to the national realty market this area has been strong, but the pace has slowed. This slower pace of the realty market does mean that prospective buyers can take their time in choosing a home. The cut and thrust of the realty bubble days has well and truly burst, but this can only be good news for the buyer.
The worst hit neighborhoods in Atlanta are the ones that saw the quick escalation of house prices, some of which showed increases as high as 20% in one year, and they are now simply adjusting. Most Atlanta prices have held strong and Atlanta has not seen the dramatic changes in housing prices that has been experienced elsewhere.
However, in one respect Atlanta has suffered the same fate as the rest of the nation and this is in the fact that house sales are slower, therefore homes are accumulating on the market; the inventory is large.
If you are a prospective buyer you now have the maximum choice, the lowest interest rates, and eager sellers which means that you have the right climate in which to bargain over the price or conditions of sale.
Since the government has also ensured that subprime mortgages are off the menu, you should be able to negotiate a fair mortgage, if you have a good credit rating. One way to be sure of keeping your finances at a level that is affordable to you is to sign up for a fixed rate mortgage.
Fixed rate means that the amount of your monthly installments will never fluctuate once they are agreed upon and the payment will only change when the agreed term is up. This is typically five, ten or fifteen years. This period of time must not be confused with the 'amortization period' which is the amount of years it would take you to pay back that loan at that rate.
So if you get a mortgage with an amortization period of 25 or 40 years and a fixed rate of 5% or 6% interest on that loan for a year - that is not what you want. This could mean that after one year you will be facing a change in your monthly payment plan; it could go zipping up and this is what is happening to many distressed home owners right now.
You will require an amortization of 25 or 40 years, that part is okay, and so is the 5% or 6%, but you require it for preferably 10 years while you get on your feet. The mortgage rate is so low many financial experts would tell you to lock this interest rate in for 10, 15 or 30 years.
A broker, the bank or your real estate agent can use a table to work out exactly what your repayments will be for a certain amount of loan. For instance, if you think you want to borrow $100,000 you can be told, in advance, a monthly amount that this will cost you in repayments.
You can also work this out for yourself using some Internet web sites. If this loan is affordable for you to pay back, then make sure the loan 'term' is for several years. It may cost a higher interest rate to 'fix' it for longer, (it nearly always does) but it is a safety measure.
Most first time home buyers work out their affordable loan before they go looking for a home. This way they are only going to look for homes in their affordable price range. Then you must add on the house taxes, water bill, utilities and all your other expenses. The secret is to have your entire expenses amount to a lot less than you earn each month.
Inquiring from a mortgage broker how much you can qualify for and how much the repayments will be and how long the term of the mortgage will be, does not cost you anything and it does not commit you to anything. You do not need to sign anything (except maybe a form that allows your credit rating to be checked).
It is far more prudent to check out your mortgage possibilities before you go searching for a house. This way you will be 'pre-approved' and sellers will take you more seriously. This will give you more bargaining power to lower the price or ask for extras and also the sale will go through more quickly.
If you find a house first, you may be tempted to rush things and accept an unwise financial deal just because you can't risk losing 'the perfect home'.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/real-estate-articles/firsttime-buyers-choose-your-atlanta-ga-home-370755.html
About the Author:Louise and Matt Scoggins and their Atlanta Georgia real estate website, ThinkLouise.com. Visit them for information on Atlanta Real Estate for sale, and a complete list of Alpharetta Real Estate listings.
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Preschool rankings
By: tshain31771 | 14-07-2008
Where can I find rankings for preschools in my area, 30024?
I am looking for Bingo Items that are homemade ...
By: sweetdarlin | 14-07-2008
I am looking for Bingo Items that are homemade from embroidered plastic canvas
Hipaa
By: katheryn05 | 14-07-2008
What consititutes next of kin in Georgia? I am the common-law spouse of an individual who died in Cobb County Georgia. I need to get copies of medical records to file a life insurance claim. I am not the executor of the deceased's estate. The executor of the estate is the deceased's father who refuses to complete the HIPAA authorization to allow my insurance company to obtain medical records.
Threads of Colours. Have you read this book about ...
By: Leck | 01-07-2008
Threads of Colours. Have you read this book about world war II and people in the South?
How can an illegal immigrant get a work permit in ...
By: sammysan1 | 16-06-2008
how can an illegal immigrant get a work permit in georgia?
Have you been a victim?
By: AtlantaQandA | 04-05-2008
Have you been the victim at a Used Car Lot in Jonesboro (Atlanta) GA? What is your story?
Q&A Powered by: 
Latest Real Estate Articles
Find Exotic Range of Villas and Apartments in Goa
By: JumpHigher | 26/07/2008
The beach attraction of Goa has extensive since been a favorite holiday destination among tourists. For most of the years, Goa is bathed in sunshine and it is fringed with acres of smooth sands and tropical warm waters. Goa is a muddled conflict of the Indian and European cultures. Although well-known for its serene beaches and calm vibe, Goa is a mixture of luxuriant countryside, tranquil townships and active markets. It is a perfect place for party lovers, as it you will find beach parties an
Holiday Homes – Stimulating Retreats for Tired Souls
By: JumpHigher | 26/07/2008
Goa is also known as ‘pearl of the orient’. It is situated in the south western coast of the India. It is blessed with naturally beauty with an excellent coordination of vast expansive beaches, fertile plains and forested hills. Goa is the hottest spot for holidays. This place is the major tourist attraction as the climate is favorable throughout the year. It attracts millions of tourists because of its beaches, resorts and its scenic beauty.
TIC: How is the Real Estate Community Involved?
By: Kathryn Landry | 26/07/2008
With the demand of prime properties worldwide, real estate communities are boasting of profits and capital gains when it comes to their acquired real estate. But despite the knowledge of these investors in the business, there is a way to consolidate as many properties as they can to maximize their profits.
Six Reasons Why Fixer-uppers are the Key to Financial Freedom
By: Sal Vannutini | 26/07/2008
Second only behind real estate development, fixer-uppers and renovating properties are one of the absolute best ways to turn a profit and increase your overall worth. Finding homes and apartment complexes or condominiums that are in need of repair, but still structurally sound, of course, is an excellent way to begin making money faster than you ever thought possible.
Debunking the Four Most Common Myths About Fixer-uppers
By: Sal Vannutini | 26/07/2008
Perhaps you have a bit of skepticism when it comes to fixer-uppers and making money, as after all, if it's that lucrative of a process, why don't more people do it? While a precise answer to that has yet to be discovered, there are several fallacies, myths, or excuses in some cases, about the entire subject, and we'll debunk four of them right here and now.
Know the Facts About Apr Rate - Annual Percentage Rate Loan
By: Bryan Burbank | 25/07/2008
When applying or searching for a loan one of the most important components o the loan is the APR rate which is the Annual Percentage Rate. This is the rate of interest that you will be paying back on the money that you borrow. It is important that when looking for a loan that you do a comparison of this APR rate because the difference in even a fraction of a point can mean big savings to you over the life of the loan.
The Pros and Cons of Living in New Jersey
By: Art Gib | 25/07/2008
Are the costs of living in New Jersey worth the comforts? Decide for yourself by reading the following article.
Buying Properties - 3 Things That You Need To Do Before Buying Properties
By: Cheow Yu Yuan | 25/07/2008
Are you intending to buy a property in the near future? If you intend to, then there are things that you need to prepare before you buy a property. Today, if you flip through your local newspaper or browse through the different websites online, you can see that there are always new properties for sale listings being put up by sellers.
More from Louise Scoggins
Dome Sweet Dome
By: Louise Scoggins | 28/05/2008 | Real Estate
Fans tout the lower building costs, saying that owners can save up to 30 percent over conventional post and beam homes. However, depending on your location and your choice of finishing, saving money on construction may not be a reality. Saving money on your insurance is likely.
Make Your Small Space Shine
By: Louise Scoggins | 28/05/2008 | Interior Design
When planning the space, the furniture is very important. Furniture with a lighter footprint won't suck up as much space from the floor, so choose items with lighter frames. The space around the furniture is also important - this is referred to negative space.
Smart Homes = Smart Choice
By: Louise Scoggins | 28/05/2008 | Real Estate
Imagine a heating system linked to intelligent sensors, programmed to heat or cool based on occupancy instead of scheduled hours; or pushing just one button before bed to turn off the lights, arm the security system, reduce the temperature and turn off the radiant floor heating.
Put in a Pool Party
By: Louise Scoggins | 21/05/2008 | Real Estate
Spring has begun to show its fair weather; with summer just around the corner, visions of swimming pools are making their way into our collective consciousness. If you've ever considered building a pool, this could be the year.
A Fine Cellar
By: Louise Scoggins | 21/05/2008 | Remodeling
Aging a fine wine is an art, a passion that yields either rich results or sour grapes. You may already have an electric wine-cooling unit, but if you're looking to build a larger collection or plan to have bottles aging over a period of time, you may consider building a wine cellar. The five main elements in properly storing your wine are light, vibration, temperature, humidity and the angle of storage.By attending to these needs you can nurture a full harvest.
Moving Your Outdoors to Your Indoors
By: Louise Scoggins | 02/04/2008 | Landscaping
There are several companies showing photo examples on the Internet, including companies in B.C., Canada and California, U.S.A. Typing in the words 'exterior folding doors' on the Internet will show you some choices.
Great Idea - Kitchen Great Room!
By: Louise Scoggins | 02/04/2008 | Kitchens
The latest idea of great rooms is really catching on and if a home is going to keep up with the latest and newest on the market - its living room is extinct!
Home Owners - Collect $$s From the Government!
By: Louise Scoggins | 28/03/2008 | Real Estate
First time home owners may not realize all the tax breaks that are possible options for them - just by paying a mortgage instead of rent! In fact, there are so many tax breaks available, it seems as if the government should owe us home owners money!
|
|
Finance 
