John Reinhardt
REALTOR
770.475.1130 Ext. 6806
The Fixed Rate Loan
A fixed rate loan is a loan in which the interest rate remains the same throughout the life of a loan. Fixed rate loans usually are available for terms of 15 or 30 years.
The Adjustable Rate Loan
An adjustable rate loan is a loan in which the interest rate can adjust during the life of the loan. The adjustable rate mortgage (A.R.M.) can be designed to adjust as often as every year or may not adjust for 3-10 years. All adjustable rate loans have an annual cap, which means they cannot adjust more than that each year, and a life cap, which means they cannot adjust more than for the life of the loan. Some adjustable rate loans have a conversion clause allowing you to convert to a fixed rate loan at the time of the first adjustment.
Interest Only Loans
Interest Only Loans typically are adjustable every 3 or 6 months and the most common are tied to the LIBOR index (London). There are two benefits to this loan: a low monthly payment, and the ability to pre-pay principal at an time. If you have an existing home to sell, and particularly if you are transferring from another city, this might offer a way for you to qualify for two mortgage payments until you sell your home. Making regular payments of principal will enable you to build equity much faster than with a 30 year amortized loan.
The danger in this loan is in not making principal payments during the term of the loan. You could end up with a big balloon payment at the end of the term. Be sure to discuss this and any other loan programs in detail with your loan officer.
Discount Points
Discount points may be paid by the Buyer at closing or may be included in the price of the home and paid by the Seller up to the allowable seller contribution. One discount point equals one percent of your loan amount. For example, one discount point on a $150,000 loan would be $1,500. You may lower your interest rate by paying discount points. Your particular loan program will dictate how much the Seller may pay toward discount points and closing costs.
Because discount points are considered prepaid interest, the amount you pay in discount points is tax deductible.
FHA Loans are available in many programs similar to Conventional loans. Your Loan Officer can recommend a program that might best work for you.
Although the interest rate usually is 1/4 percent higher than conventional loans, the IMP (Mortgage Insurance Premium) is lower. FHA also allows a higher debt ratio. In Gwinnett County the FHA loan limit is $165,000.
One type of FHA you may hear about is the Nehemiah Loan. This program allows first time home buyers with excellent credit and verifiable income to get into a home with very little money out of pocket. The Seller is required to pay the 3% down payment, the 3% closing costs, and a 1% fee to the Nehemiah Foundation. Although it may be agreeable to Buyer and Seller to increase the selling price to accommodate this program, unless the property is initially underpriced, it may not appraise for an increased amount. This can become an unsurmountable obstacle just before closing.
VA Loans are available to qualified veterans who have VA entitlement. For qualified veterans the benefit is the ability to obtain a 100% loan at a rate slightly higher than conventional. Higher debt rations are allowed. For first time users, the VA Funding Fee is 2.25% of the loan amount, usually rolled into the loan amount. There is no mortgage insurance premium.
You may be approved for a second VA loan. If your original loan is not paid off at closing (sold as a "loan assumption") the loan value would be deducted from your eligibility. For the second time user, the VA Funding Fee is 3.3% of the loan amount.
If you are going VA, be sure to order your CERTIFICATE OF ELIGIBILITY from VA well in advance. You may do this online, as well as get other questions answered, at this Veteran's Administration web site:
http://www.homeloans.va.gov/lgyfaq.htm
John Reinhardt
Solid Source Realty
770.475.1130 Ext 6806
John Reinhardt
REALTOR
770.475.1130 Ext. 6806
Before shopping for a home, you should get pre-approved by a good, direct lender. This is a bank or mortgage company that originates, processes, underwrites, and closes the loan in-house. This differs from a mortgage broker who originates but does not underwrite or fund the loan.
Pre-Qualification typically is based on an in-file credit report and a loan application. Pre-Approval is based on a hard copy credit report (which reflects information from all three credit reporting agencies), verification of employment, income, and funds to closes, and back up documentation required by your particular loan program. Any conditions for loan pre-approval should be satisfied during this time.
When you are pre-approved for a particular loan program and price range, this is subject only to your finding a home and the lender's appraisal of the property. Before making an offer on a home, you should have loan PRE-APPROVAL by a direct lender.
John Reinhardt
REALTOR
770.475.1130 Ext. 6806
Market Report Nov 2008 Historic Acworth GA
A Georgia Main Street City!
Acworth, Georgia, located about 35 miles northwest of Atlanta, exemplifies the quality of life most Americans dream of. While it is close enough to Atlanta to experience professional sports and cultural events equated with a larger city, the small-town atmosphere of Acworth provokes opportunities for families that offer fun and tranquility.
Convenient to both Interstate 75 and Highway 41, area hotels are comfortable and are run by community members. Visitors, whether in the mood for down-home southern cooking, a quick sandwich, spicy Cajun cuisine or parlor style ice cream, will find a wide range of choices.
Acworth is surrounded by two beautiful lakes (Lake Acworth and Lake Allatoona) which offer beaches for swimming, fishing, boating and camping opportunities. There are twelve parks that surround Acworth for picnicking. Nestled along the banks of Lake Acworth is Cobblestone Golf Course which was recently rated the #1 public course in Georgia by Golf Digest. Whether the golf related outing is a company tournament, class or family reunion, Cobblestone is the perfect choice.
Shoppers will revel in the eclectic nature of Acworth's historical downtown district. The shops are diversified in their offerings and you will always find friendly and welcoming staff at all of the shops.
|
Address |
Subdivision |
Bed |
Bath |
Year Built or |
Price |
|
Historic Acworth |
4 |
3/1 |
1905 |
$314,900 * |
|
|
Historic Acworth |
3 |
2/0 |
1974 |
$309,900 |
|
|
Historic Acworth |
3 |
2/0 |
1949 |
$244,900 * |
|
|
Historic Acworth |
3 |
2/1 |
2004 |
$239,900 * |
|
|
Historic Acworth |
3 |
2/0 |
1930 |
$239,900 |
|
|
Historic Acworth |
3 |
2/0 |
1950 |
$230,000 |
|
|
HISTORIC ACWORTH |
3 |
2/1 |
1998 |
$214,900 |
|
|
Historic Acworth |
4 |
3/0 |
1953 |
$204,795 |
|
|
Historic Acworth |
3 |
2/0 |
2008 |
$199,000 |
|
|
Historic Acworth |
3 |
2/1 |
2004 |
$190,000 |
|
|
HISTORIC ACWORTH |
2 |
2/1 |
2000 |
$180,000 |
|
|
Historic Acworth |
3 |
2/0 |
1948 |
$179,000 |
|
|
historic acworth |
2 |
2/0 |
1912 |
$141,900 |
|
|
Historic Acworth |
3 |
1/0 |
1957 |
$128,900 |
John Reinhardt
REALTOR "For Seniors"
770.475.1130 Ext 6806
The Marietta Housing Authority and city officials November 12 broke ground for The Retreat at Dorsey Manor, a 72-unit senior housing facility being built at the corner of Haynes Street and Lemon Street in Marietta.
The high-quality senior development will include a theater, a library, and exercise facilities, all characteristic of other acclaimed developments MHA development partner, Atlanta-based Columbia Residential has built around metro Atlanta.
MHA Executive Director Ray Buday said he can't wait to drive down Haynes and Lemon streets and see the new senior housing. "For the first time in nearly 40 years, the Marietta Housing Authority is involved in building new residential units." The Retreat will never be a housing project, "it will be a home," he said.
The groundbreaking is a milestone for the housing authority, MHA chairman Ed Hammock said. "We can now continue to offer not only affordable housing for our senior clients, but outstanding housing that will be complimented by several amenities not normally found in a public facility," he said. "Demand for senior affordable housing far exceeds the current supply, and MHA will continue seek opportunities to supply the need," Hammock said.
In September 2007, the Georgia Department of Community Affairs awarded Low Income Housing Tax Credits worth about $6.7 million to MHA's development subsidiary and Columbia Residential, toward the cost of construction of the new units. "Columbia Residential is committed to the Marietta senior housing market," founder Noel Khalil said.
Construction is underway and is four to five weeks ahead of schedule. MHA director of development Pete Waldrep, who leads MHA's non-profit development subsidiary, Lemon Street Development Corporation, expects The Retreat to begin renting in August of 2009. Columbia is also partnering with MHA to begin a $10 million renovation of the Dorsey Manor high-rise adjacent to The Retreat to complete what MHA calls a "campus of quality senior living."
John Reinhardt
Solid Source Realty
770.475.1130 Ext. 6806
John Reinhardt
REALTOR
770.475.1130 Ext. 6806
11/14/2008
BusinessWeek magazine in its November 10 edition named Marietta the second best place to raise children in Georgia among towns with at least 50,000 residents and an average family income between $40,000 and $100,000.
How Marietta was chosen
Marietta was chosen based on criteria including school performance, number of schools, household expenditures, crime rates, air quality, job growth, family income, museums, parks, theaters and other amenities, and diversity.
BusinessWeek placed more weight on school performance and safety, but also gave strong weight to amenities and affordability.
About BusinessWeek
BusinessWeek's international network of print, online and television editions reaches 675,000 small business decision makers in nine of the world's key emerging markets. BusinessWeek's global edition content is translated into the local language and complemented by original stories and local news provided by BusinessWeek's regional partners.
Thirty-eight percent of BusinessWeek's online readers are business decision makers, twelve percent of which are in senior management. Seventy-nine percent of readers are online every day, seventy-two percent of which are online at home and work.
For more information about relocating to Marietta, visit www.InFrontMarketing.com
John Reinhardt
REALTOR
Solid Source Realty
770.475.1130 Ext 6806
Serving Metro Atlanta & Suburbs. Solid Source Realty, InFrontMarketing.com - John J. Reinhardt - 770.475.1130 Ext. 6806
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