Brown City Park in Jasper, GA - Pickens County
Posted: Friday, October 19th, 2007, 9:12 am EST
Category: Real Estate News
What a great place. With several things to offer, it is a perfect family retreat. Tennis Courts, 2 Playgrounds, Fishing Docks, Picnic Tables - this park offers something for every age. It has a large playground that includes 4 slides, 4 swings, a wooden train, and a sand box - what else could a child ask for?
The park also has a smaller playground that is very "toddler friendly." The park’s walking trail is built around a lake. Fishing and feeding ducks are a few more activities my boys love. This park is in the heart of Jasper, a growing city in the mountains. Take a picnic and enjoy the quiet ambiance of nature. Brown Park is perfect for all times of the day. A nice, cool morning stroll, a mid-day break, or an evening escape for the family.
CBA Bank Directors Graduate
Posted: Wednesday, October 17th, 2007, 10:56 am EST
Category: Real Estate News
R. Bradley Nix, Security Bank of North Metro,
For over thirty years CBA has provided service to locally owner and operated community banks in . The Association has over 300 members who strive to give exceptional quality service to both the communities and the customers they serve.
New Legislation for the Mortgage Industry
Posted: Wednesday, October 10th, 2007, 8:07 am EST
Category: Tips, Tools & Tech
So who’s to blame for the number of foreclosures, the number of families whose mortgage costs keep rising, and the housing bubble that seems to have popped?
As I read the following article, I was admittedly shocked to see that a mortgage broker is being partially blamed for the mess we seem to have gotten ourselves in. The basis for the article is preventing the yield spread premium from being a part of the loan delivery. These are used to limit the amount of money a person would need in order to pay for closing costs, etc. At the end of the day though, the consumer will pay those costs in one form or another. These cost are real (just disguised) and we all know that nothing is free.
Since we have all been sold the American Dream of Homeownership, we have been brainwashed into thinking that we need to own our own home at all costs. In the end, the consumer (educated and uneducated) is ultimately responsible for their own situation because they will be the ones paying for it in the long run. Yet, I understand how a person or family can get caught up in the emotional process of buying a home and securing a mortgage. Mortgages, with the variety of forms that they are available, have to be only slightly less confusing than health insurance plans. And to expect that an ordinary individual would have the time to truly understand the broad diversity of mortgages, well I believe that is just wishful thinking. Maybe the legislators should simply work on clarifying the types of loans so that consumers can directly compare loans.
SO, I place the blame on the companies who actually underwrite the mortgages. Where else in the world would an individual be able to get a mortgage with:
- mediocre credit (they used to be called renters)
- an initial adjustable rate that is well below market (all the while the mortgage company knows that this payment, the lowest possible payment, is the most the applicant can afford.
- 100% financing (A 30 year loan fixed rate required a larger down payment and interest rate is higher)
Tell me, I’d love to know. Here is the article…
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Legislation Takes Aim at Mortgage Brokers
Several pieces of legislation that address problems in the mortgage industry are expected to be introduced soon in the U.S. House and Senate, and many of the proposals will target mortgage brokers.
Bills being drafted by House Financial Services Committee Chairman Barney Frank (D-Mass.), and Senate Banking Committee Chairman Christopher Dodd (D-Conn.), could ban yield spread premiums, which brokers earn for getting borrowers to accept higher interest rates.
Other proposals call for the creation of a registry of licensed brokers and the appointment of a czar by President Bush to oversee foreclosure-prevention efforts, as well as the easing of Fannie Mae and Freddie Mac’s mortgage portfolio limits.
Brokers worry that banning yield spread premiums will boost closing costs, as some borrowers opt to lower upfront costs by accepting higher interest rates, and insist that licensing and registry requirements also should be imposed on banks and mortgage lenders.
It remains to be seen whether the bills will include provisions making the investment firms that securitize mortgages accountable for problem loans.
Source: Los Angeles Times, Jonathan Peterson (10/04/07)
© Copyright 2007 Information Inc.
The Top 10 “Got To Know’s” When Buying Your Next Mountain Home!
Posted: Wednesday, October 10th, 2007, 7:41 am EST
Category: Tips, Tools & Tech
Front Porch View is the newest Tomato Blog in Northeast Georgia and I’d like to welcome them to the blog scene by highlighting some great real estate insight on buying your next mountain home. The Top 10 ‘Got to Know’s" post is a great place to start when considering buying a mountain home. I have highlighted the post below, but left out some important color and insights, so be sure to check out the entire post over at The Front Porch View.
10. I’ve got to know….Does it have a “knock your socks off” mountain view? Fall Mountain View
Let’s face it, folks come to the mountains because of those views! That is usually the first question Buyer’s ask when calling or dropping in and asking about a specific property.
“Some like to have that “top of the world” view while others prefer to be in a valley looking up at the mountains.”
9. I’ve got to know…does it have a creek or is it on a lake?
If it doesn’t have a view, it’s got to have water. Having a creek, river or lake on or near the property is another key feature when buying your mountain home. Whether you like to fish, canoe, or just sit on the front porch with your hazelnut latte and enjoy the sound of rushing water, having your property near water is almost a must in place of those mountain views!
8. I’ve got to know…What’s going to be over there?
“Unless you are purchasing a home or cabin that borders the National Forest Service you just can’t be sure.”
7. I’ve got to know…is it paved all of the way?
It seems that most real estate buyer’s that are coming to the mountains these days want a little more added convenience for their “drive back in the woods.”
6. I’ve got to know…how much maintenance is required on a log home?
My typical answer to this questions is quiet simple, keep it clean! No really it is all relevant to the type of home, whether it be a true log home, or a log sided home. A true log home in my opinion has much more upkeep than a home that has log siding. For instance, a true log home will “check,” or crack. Even the most properly kiln dried center cut logs can check. This requires that the homeowner, or in most cases here in our mountains, the “cabin-owner” would need to be sure that those cracks in the logs are properly caulked with a special log caulking available at anyone of our home supply stores in town.
“Another important tip I like to give my client’s is that pressure washing once a year with a light bleach solution really keeps your mountain home looking and feeling good.”
5. I’ve got to know…should I be worried that it is on a septic system?
Absolutely not. Most folks are just simply scared of the unknown when it come to septic tank systems.
“Septic systems are an efficient and inexpensive alternative to a traditional sewage system that most folks are used too.”
4. I’ve got to know…if we don’t have public utilities, how’s the water?
“Today developers work closely with the Georgia Department of Natural Resources to provide homeowners with good clean water. Most developments today have a DNR approved water system and they are owned and maintained by the developer.”
However it is sometimes controlled by the Home Owners Association (HOA) or sold to an outside contractor. A homeowner on average can expect to pay between $300.00 to $350.00 for all of the water they can use within reason for the entire year.
3. I’ve got to know…how much are the property taxes per year?
Our county property taxes are are based upon an estimation of the fair market value of the property which is performed by the Georgia County Tax Assessors. It is suggested that the purchase price be used for purposes of tax planning.
“The taxes are then computed based upon 40% of the appraised or estimated value and then multiplied by the millage rate which is currently 20.169 in Fannin County.”
2. I’ve got to know…how much will my homeowners insurance policy be?
Homeowners insurance here in North Georgia is sometimes a tough one to answer. There are many variables that need to be taken into consideration such as the closest Volunteer Fire Station, whether or not the subject property is in the flood plain, will it be in a rental program, type of construction and many others.
“I like to leave it up to the experts to give the quotes, however a typical North Georgia Mountain Homes annual insurance policy should be under $1000.00.”
1. I’ve got to know…just how far are we from the nearest Wal-Mart?
You’re in luck…from Blue Ridge you can go either North to Murphy, NC. or head South to Ellijay. Both are “Super Wal-Marts”24 Hours Sign and they are opened 24 hrs.
“I can assure you, they are the only place around here that’s open 24 hours besides the Waffle House of course.”
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Be sure to consider Sassafras Mountain when you drive to Ellijay to begin your search for your next mountain home!
Mortgages and Self-Employment
Posted: Tuesday, October 9th, 2007, 8:09 am EST
Category: Tips, Tools & Tech
This past weekend I was having a conversation about home refinancing options with a potential client. The basis of the discussion was that they were a single income family and the husband is self employed. Though they have no problems meeting their monthly cash flow requirements, the actual stated income after write-offs was certainly a small number. And in this case, probably too small to be able to secure a new loan.
After throwing around a few ideas, she asked if they should overstate their income on the 1040 by eliminating some of the write-offs they were able to take. My first reaction was an emphatic "No". After all, why give the government any more money than they are entitled to. But after sleeping on it, my answer should have been "I don’t know". Really, I do not know. How could I know what tax bracket they are, how much interest they pay on their existing loans, what is the interest rate, what is the margin on the ARM, etc., etc? I hope you get my point. There are so many variables that should be analyzed in a major financial decision that it can be mind-boggling. And if you are self employed, maybe the best conversation that you can have is with your accountant. After all, he probably knows your business and the effects that your financial decisions will have better than anyone.
Most people, and some experts, rely much too heavily on rules of thumb to make their decisions. And many times, these rules of thumb can assist us in making the wrong choice. So my advice to myself is to not react based on my personal rules of thumb but to ask more probing questions. Maybe, in both of our cases, we will know when someone else is acting on theirs. Really, if someone gave me advice based on only a fraction of the details, I would hope that I would recognize the need to give more information. With that said, here is an interesting article on mortgages and self employment from USA Today.
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Daily Real Estate News | October 3, 2007Self-Employed Workers Struggle to Get a Mortgage
It is growing increasingly difficult for the self-employed to get a mortgage.
Some lenders that specialized in home loans to self-employed workers and small-business owners have gone out of business. And many lenders that still offer such loans have tightened their standards, making it harder for self-employed borrowers to qualify.
Here’s what self-employed borrowers need in order to qualify for a mortgage in this new environment, according to Marc Savitt, president of the National Association of Mortgage Brokers.
- More documentation. Along with two years of tax returns, self-employed borrowers might be asked to provide a profit-and-loss statement, bank statements, and proof that they’ve been in business for at least two years. A letter from their accountant probably won’t be good enough.
- Fewer tax deductions. Savitt says self-employed workers who plan to buy a home in the next year or two might want to forgo some deductions. "Make sure you can show as much income as possible," he says.
- Larger down payments. An old-fashioned 20 percent down is very persuasive.
- Excellent credit. A credit score of 720 or higher will give self-employed borrowers some choices.
- Patience. Even for well-off business owners, qualifying for a mortgage is "not that smooth, easy no-brainer like it used to be," Savitt says. "If you want it to be quick, you’re paying a higher price."
Source: USA Today, Sandra Block (10/02/07)
