[MtGuru]

Submit your Mortgage and/or Real Estate related questions and we will go to our team of Experts to get you an answer!!

MortgageGuru, on 14 October 2010 - 03:37 PM, said:

Submit your Mortgage and/or Real Estate related questions and we will go to our team of Experts to get you an answer!!

Where is your mortgage rate? First Community Mortgage Inc, a division of First Community Bank FDIC is currently offering sub 4% Mortgage rates on 30 year fixed rate products in the Georgia Market. Our Paulding County lending team is reaching out to all the homeowners in Paulding and offering free mortgage reviews. We will look at your current loan and put together a complete report outlining your existing loan vs. new loan options and your estimated savings and costs. If you would like to lock into a rate that has never been available please let us know. I’m also online every day to answer mortgage related questions. Feel free to follow us online as well!

[cobbobig]

Wondering if it's worth refinancing...
Balance $104,800
5.5% (originally 30 year)
matures June 2033
No PMI
No escrow (we pay our property taxes and HO insurance)
Current monthly payment = $681/mo. but regularly pay $800/mo.

[Animal]

Talk about the grant programs,and what programs have down payment assistance. And what is the current interest rate?

[MtGuru]

cobbobig, on 14 October 2010 - 03:57 PM, said:

Wondering if it's worth refinancing...
Balance $104,800
5.5% (originally 30 year)
matures June 2033
No PMI
No escrow (we pay our property taxes and HO insurance)
Current monthly payment = $681/mo. but regularly pay $800/mo.

Currently with rates on 30 year products close to the 4% range you may want to consider moving into a 15 year note. You can get rates in the 3's and have a payment close to where you are paying now (the 800.00) It would make sense to refinance if you could shave a few years off the current amortization schedule. I would look at the 15 year payment multiply it times 180 months and then take your existing mortgage and see what you have paid into it already and what is remaining subtract the two if you have a savings of more than 2000-3000 it makes sense to refinance. I can PM you the figures if you want.

[MtGuru]

Animal, on 14 October 2010 - 07:26 PM, said:

Talk about the grant programs,and what programs have down payment assistance. And what is the current interest rate?

I work for a Federal Bank, and we are one of 4 lenders in GA who offer multiple down payment assistance programs. Right now the 2 HOT products are the Georgia Dream program and the Atlanta Development Authority programs. The Georgia Dream is a grant or a "soft second" mortgage for up to $40,000.00. The amount you qualify for is based on the homes purchase price as well as your total household income. In paulding, the average income for the program is around the $60,000.00 level and there is a higher income progra that covers over $80K in household income. We underwrite the loan in house here in atlanta and once approved we send it to our GA dream rep to sign off on the grant funds. I love this program as it is very well funded and very streamline. In addition to these programs we have numerous other programs like the HUD $100.00 down program which allows you to get into a HUD owned home for only $100.00 out of your pocket. We also have the Fannie Mae Homepath program, this program is amazing, you can purchase a Fannie MAe home for WELL under market value, finance up to 97% of the homes purchase price, and you can even combine it with a downpayment assistance program. Rates currently on these programs are in the mid 4's. you can review these programs on our website at http://www.georgiabe...tance-programs/

We are also considering doing monthly homebuyer seminars in paulding as well. We would discuss these programs and many more that we have!!

[ExitNewsGal]

Animal, on 14 October 2010 - 07:26 PM, said:

Talk about the grant programs,and what programs have down payment assistance. And what is the current interest rate?

Hi Animal,

We knows these guys. They are really sharp and do a good job.