It’s almost tax time! Did you buy a house last year?

Don’t forget to file your homestead exemption. A homestead exemption is a reduction in homeowner’s property taxes. To qualify, the homeowner must apply for this exemption on or before April 1^st.

Once granted, the homestead exemption is automatically renewed each year as long as you continually reside in the home under the same ownership. The home must be your legal residence  for all purposes including the registration of your vehicles and the filing of your income tax. You cannot file for homestead exemption on rental property, vacant land or on more than one property. In addition to basic homestead exemption, there are additional exemptions for residents age 62 and older and/or disabled and disabled veterans. However, you must apply for these exemptions in person.

To see what exemptions you qualify for, visit the tax assessor’s office website for your county. Homeowners may need to provide their Warranty Deed book and page, proof of residence, social security numbers, driver’s license and car tag information. Check with your county’s page for specific requirements. We’ve included links for the major metro Atlanta counties for your convenience below.

If you have any questions in regards to filing your homestead exemption, don’t hesitate to give The Mortgage Guys a call. We’re happy to help!

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Here’s the list of county links and the county office telephone number:

Fulton County – (404) 612-6440

DeKalb County – (404) 298-4000

Gwinnett County – (770) 822-8800

Cobb County –  (770) 528-8600

Clayton County –  (770) 477-3311

Cherokee County –  (678) 493-6122

Henry County –  (770) 288-8180

Forsyth County –  (770) 781-2106

Douglas County –  (770) 920-7272

Fayette County – (770) 461-3652

Paulding County –  (770 )443-7606

Are you a first time home buyer in Smyrna, GA or metro Atlanta?  An FHA home loan might be the right option for you.  The Federal Housing Administration (FHA) is basically a government home loan insurance program.  For many first time home buyers, it can be difficult to obtain a home loan.  The FHA eliminates the risk for mortgage lenders by insuring the loan for the lender.

The 203(b) FHA Home Loan Program

There are different FHA home loan programs to consider.  The most popular home loan for first time home buyers is the 203(b).  This home loan is a standard fixed rate loan for 3-5%.  The FHA loan is not actually the lender, but the insurer of the loan.  203(b) has flexible credit requirements, which is perfect for younger home buyers who do not have a long history of credit, or those who have had a few credit problems in the past.  Home buyers who are helped with the down payment as a gift is acceptable as well.

FHA loans have become attractive to both buyers and mortgage lenders.  Most new home buyers should not have a problem obtaining FHA financing.  When looking for home loan programs, take a close look at the 203(b) FHA program.  If you have any questions about FHA loans in Smyrna, GA or the metro Atlanta area, please contact The Mortgage Guys to help you along the way to buying your first home.

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Have you noticed all of the new construction in Metro Atlanta yet?  New homes are being built all over the place.  Atlanta is still growing extremely fast, despite the economic downturn that started nearly four years ago.  The economic data that is coming out week after week indicates that now is definitely time to get out of renting and buy your dream home around Atlanta.

Why You Should Buy a Home in Atlanta

• Mortgage rates are still extremely low.  Despite the fact that the housing market is starting to come back, mortgage rates in Atlanta are at all time lows.
• Home prices are still extremely low.  As of now, home prices in Atlanta are still extremely low.  Home buyers can find great deals, even on new homes being built.  Most experts agree that the low home prices are about to start moving up.
• You have a wide variety of options… for now.  While mortgage rates and home prices are low, you have a variety of home buying options in Atlanta.  From new homes to foreclosures, buyers have a lot of options in terms of house size and location.
• Owning a home provides you with freedom.  Do you really want to keep paying rent, rather than investing into your future?  Owning a home allows you the freedom to modify your own property.  As rent prices are going up, mortgage rates are at historic lows.  Why throw your money away into your landlord’s pocket? Renting isn’t such a great deal after all.

There is a rare opportunity for home buyers in Atlanta, GA right now.  If you’re wondering what you can afford, contact the Mortgage Guys Atlanta for a free mortgage quote or use our free mortgage calculator.

Are you getting ready to make the jump from a renter to a home buyer?  There are many new home buyers in Atlanta, GA just like you.  They are scared to death, excited beyond belief, and they aren’t sure what the next step to take in the home buying process for their financial situation.  Don’t worry.  Buying a home is the biggest and best investment that you will ever make.

Typically, most home buyers in Smyrna or Metro Atlanta can expect to make a down payment between 10 and 20%.  Sometimes saving can be an extremely difficult task.  It typically takes sacrifice and diligence, but it can be done!

Steps to Saving for a Down Payment

• Try to set a price range for the home and local area you are considering.  If you are comfortable with a $200,000 home in Smyrna, then it will be easier to set your target down payment.
• Automatically save from your checking account every pay period.  This way you will be less tempted to not make the transfer manually, after receiving your paycheck.  If you can afford to, you can always add a little extra money into the savings account.
• Cut unnecessary things out of your life.  If you’re really serious about saving, maybe you can cut your TV cable bill from the $300 a month package to the $50 basic deal.  Once you start looking around at all of the things you don’t need or really use, you can begin to make cuts and put the money into your down payment savings account.
• Make budgets and stick to them.  Dave Ramsey has amazing tools for money management.  Take advantage of them now and for the rest of your life.

Do you have any savings tips that you would like to share with others?  Leave a comment!

If you need help with the home buying and mortgage approval process, please contact The Mortgage Guys in Atlanta.

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The Mortgage Guys would like to wish you Happy Holidays to our Smyrna, GA and our Metro Atlanta community.  We hope that you are enjoying your family and friends this season.  Let’s make 2012 a year to remember!

Simply put, a mortgage is a loan secured by real property and paid in installments over a set period of time.

The mortgage secures your promise that the money borrowed for your home will be repaid.

According to Wikipedia:

A mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.

Components of a Mortgage:

1. Mortgage Approval:

Qualifying for a mortgage requires meeting a pre-determined set of guidelines established by a lender, which may include credit history, income, employment and assets.

In addition to personal qualifying factors, a property must also meet certain standards set by lenders before a borrower can obtain a mortgage loan secured by real estate.

2. Mortgage Payments

On a traditional 30 or 15 years fixed rate mortgage program that involves principal and interest, each payment made is divided into two parts (we’re not including taxes or homeowners insurance as part of this discussion):

The first part of the mortgage payment, which is commonly referred to as principal, goes to paying down the initial amount borrowed.

The second part is the interest paid for the money borrowed to purchase the property.

The amount paid in interest decreases each month, as the amount paid towards the principal balance increases. This apportioning is referred to as amortization.

Other types of mortgage payments available can include options for paying interest only or a teaser rate.

Either way, it is extremely important to have a solid understanding of the full payment and terms before moving forward with a particular option.

3. Mortgage Programs

Mortgage Programs come in many different types of flavors and colors depending on the down payment and/or monthly budget a borrower has been approved for.

There are also federally insured mortgages, such as FHA or VA loans, which have more flexible qualifying guidelines.

4. Closing Costs / Fees

The actual cost of obtaining a mortgage mainly depends on whether or not the borrower is paying points for a lower mortgage rate.  In some cases, there are also other loan processing and underwriting fees associated with the work involved in the transaction.

Fortunately, there are several consumer protection policies implemented by the government to help borrowers understand their options during the initial mortgage pre-qualification process. However, please keep in mind that there may be other closing costs not associated with a mortgage or real estate transaction to be aware of. Appraisal, pre-paid property taxes, insurance and interest, HOA dues and inspections are a few additional out-of-pocket expenses you should budget for.

5.  Mortgage Rates

While mortgage interest rates may change several times a day, there are a few market factors you can pay attention to which may impact your final payment.

Whether you’re shopping for the best rate, or trying to determine the difference between the Note Rate and APR, it definitely helps to understand what questions to ask a mortgage lender about your specific loan scenario.

For the sixth week in a row, the average rate for a 30-year fixed mortgage was nearly hitting its record low mark. This week we saw the rate for a 30-year home loan hover at 3.99%, along with a 15-year home loan at around 3.27.  Both rates are extremely low.

In Smyrna, GA and the Greater Atlanta area, new homes are being built once again.  The best news for home buyers, along with amazing mortgage rates, is that they are still being sold below market pricing.  The Atlanta area is seeing soaring home sales.  In a recent article from HousingZone.com, they posted great news, reporting that Atlanta metro area home sales are up 33.4% from 2010.

As you can see, the housing market in Atlanta is making a major comeback while rates and prices are still extremely low.  The recent data indicates that Smyrna and Atlanta buyers are in a great position with many options to find a new home.

Are you looking for a home mortgage in Smyrna or the Greater Atlanta area?  Contact the Mortgage Guys or get a quote now.