What NOT To Do...

Today's post on the Allen Tate blog is very timely in general but for us specifically as we had just this issue delay a closing recently.  It offers great advice for anyone under contract to purchase a home.  To see the whole post, click here, but the main points are as follows:
-- Don’t open any new credit accounts before or during the mortgage loan application process
-- Don’t move money around in your checking/savings accounts
-- Don’t change jobs or the way you are compensated

Happy buying!

A Very Merry Christmas Indeed!

Per Jill Schlesinger, Editor-at-Large, CBSMoneyWatch.com,

"I think if you are in the market to find a house and you can qualify for a 30 year mortgage at 4%, Go Get 'Em!

It is a great time to buy a house!

If you are selling, I wouldn't wait for a great improvement. I would bang that house out and move on."

Mortgage Breakdown

I came across this inforgraphic in my monthly Lowes Realtor benefits newsletter. It breaks down a mortgage payment into its possible 4 parts, and if you are like me, a picture is a great way to finally understand a concept. Click here to see it!

Why Own?

SO MUCH is being said in the media right now about the merits (or lack thereof) of owning a home in today's economy. Forget dollars and cents for a moment... what about the following:


• It’s a great long term investment.
• It’s a great place to raise a family.
• It gives you a greater sense of community.
• It’s less expensive than renting. Pay yourself each month, not a landlord.
• People who currently own have no regrets about owning their home.


My home is falling apart and a tremendous amount of upkeep. It's also more home than I need and still bearing the 80s decor of my precious deceased mother-in-law. But, you know what? It's where I want to raise my children. Enough said. That means more to me than interest rates, return on investment, etc.

Mortgage Loan Application aka I'm Back!!!

You have probably noticed it's been a while since my last post -- 4 weeks in fact! -- but I am back now after basking in the bliss of having a beautiful new baby. Just let me know if you want to see pictures!

Anyway, I am working with several first time buyers or folks who haven't purchased in many years right now, and I often get asked what a lender will need for that first appointment regarding the oh-so-important loan application. Because being expedient in applying and getting the necessary documents together is part of a purchase agreement, it helps to know what to expect up front. The following is a comprehensive list of what most lenders will need:

-- Residence addresses for 2 years
-- Last 2 years of paystubs, W2s, tax returns, etc.
-- Names and addresses of all employers for last 2 years
-- Last 3 months bank statements for all savings & checking accounts
-- Addresses of all real estate owned with lender info, mortgage balance, monthly payment, etc.
-- A check to pay for your credit report and appraisal
-- Copy of purchase contract
-- Copy of divorce decree if applicable
-- Copy of bankruptcy papers if applicable
-- Certificate of eligibiltiy if VA

As always, I am here to help. Call, text, email, or tweet me today!

Rates for 6-8-10 -- WOW

30 year fixed 4.625%
15 year fixed 4.250%
5/1 Conventional ARM 3.375%
FHA 4.750%
VA 4.750%
NCHFA 4.750%

Investment 5.375%

Today's Rates from Allen Tate Mortgage

Rates are still wonderful with both conventional and FHA below 5%! Forecasts predict they will be going up soon, though, so you better act fast. Call or email me for more info, and please see below:

Conventional 4.875%
5/1 ARM 3.750%
FHA 4.875%
VA 5.00%
USDA 5.00%
NCHFA 4.750%
Investment 5.625%


For mortgage help, contact me or Jennifer Tuttle with Allen Tate Mortgage at jennifer.tuttle@allentate.com. Phone calls do not obligate you to use our services.

Do Not Wait!

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loan guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5, the cost of required up-front mortgage insurance for loan guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7000 down payment, the up-front mortgage insurance will increase by $965. Up front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal, but overall, the increase is still borne by the borrower both upfront and monthly.

Later this Spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6000 for a home purchase of $200,000.

Information courtesy of Jennifer Tuttle with Allen Tate Mortgage