Mortgage Lenders in Georgia and Other Areas Need to Educate Prospective Homebuyers

There are other surprising numbers. For example, 31% of respondents do not know that a mortgage can be acquired with less than a 5% down payment. With all these misconceptions, mortgage lenders in Georgia and around the country should share the responsibility of educating the buying public. They should be able to show and explain to homebuyers how the lending process works in detail, so the latter will arrive at the most favorable purchasing or lending decisions. The survey also reported that 24% of the respondents believe that banks, where they have existing savings and checking accounts, offer the best mortgage deals. In reality, prospective buyers will have a better chance of getting favorable deals through competing lenders who are capable of significantly undercutting what banks are offering.

http://georgia.churchillmortgage.com/industry-news/mortgage-lenders-in-georgia-and-other-areas-need-to-educate-prospective-homebuyers/

First-Time Buying Tips: Dealing with Rising Georgia Mortgage Rates

According to HSH.com®, a leading publisher of home and consumer loan information, mortgage rates shot up from 3.49 percent in May to 4.69 percent in August. Data from Goldman Sachs, the giant banking and investment firm, showed that rates on 30-year fixed mortgages have gone up 1.2 percentage points since May. In Georgia, though, the story is a bit different. As shown in the most recent report of Georgia REALTORS®, a strong demand for a limited supply of homes for sale has been outweighing any concerns about higher mortgage rates. In fact, people might be actively seeking to buy homes now in anticipation of mortgage rates rising further. Given this possibility, some experts share a few ways buyers can deal with high Georgia mortgage rates and still buy homes.

http://georgia.churchillmortgage.com/info-article/first-time-buying-tips-dealing-with-rising-georgia-mortgage-rates/

Tips on Choosing Which Mortgage Companies in Georgia Offer The Best Rates

Mark Greene, a mortgage industry professional who wrote for Forbes last March, shared an interesting observation. Greene saw a restaurant review on a local blog that name-dropped The New York Times, and figured that someone working at the publication gave that review. But the way that review was written, it’s like one person’s opinion turned into an endorsement by a prestigious institution. Chances are, you saw something similar when you checked out some mortgage companies in Georgia. Perhaps you found a review site starting with “The (insert publication name) said that…” It’s great if the reviewed company is indeed endorsed by that renowned group, but what if it’s really not? In the same Forbes article, though, Greene also shared a few tips on how to choose a reputable mortgage company.

http://georgia.churchillmortgage.com/info-article/tips-on-choosing-which-mortgage-companies-in-georgia-offer-the-best-rates/

The FTC Guide to High-Rate, High-Fee Home Loans in Georgia

If you’re like many prospective homeowners in Georgia and other states, you face the challenge of finding a mortgage company that offers good rates. However, you might also face some lenders who employ deceptive techniques that could end up with you paying a lot more than you have hoped for. Fortunately, an organization called the Federal Trade Commission (FTC) looks out for such people. The FTC handles a variety of consumer concerns, including homes and mortgages. For this specific concern, they offer a guide on their website on what the Home Ownership and Equity Protection Act (HOEPA) covers. With it, you can avoid deceptive practices, or high rates and fees on certain home loans in Georgia.

http://georgia.churchillmortgage.com/info-article/the-ftc-guide-to-high-rate-high-fee-home-loans-in-georgia/