Looking for an Investment Property? Consider Shopping in your College Town

With the days of summer soon ending, it means “back to school” for millions across the country.

For college students, this means packing up to move into campus housing, which is often expensive and not necessarily homey. It also means investing dollars into housing that’s not tax-deductible, nor does it generate any equity.

For parents with college-bound students, or even investors looking for their next property, this presents a big opportunity to purchase rental property off-campus.

Buying a property near their school could a great investment when you consider:

  • If you have a student of your own, the cost of owning a rental could be cheaper than paying for a dorm or an apartment – especially if they share it with roommates who will pay you rent that you can put towards the mortgage
  • If you co-sign on a loan for your student on a rental property, you can help them build solid credit at an early age
  • By choosing a property located near a college or university, you’ll have a strong pool of renters who are looking for housing in that area even after your own student moves out
  • You could benefit financially with future value appreciation and accrued equity


For parents and investors alike, this opportunity presents the chance to diversify their portfolio as well as offers a large potential tenant pool in an area that is consistently in high demand.

If you’re interested in learning more about this opportunity, contact your local Inlanta Mortgage loan advisor today.

On behalf of Inlanta Mortgage, we want to wish all students a bright and successful school year ahead!

Mortgage Rates Remain Extremely Low

As of this August, all major mortgage rates have remained extremely low, thanks to recent economic indicators. The major trends in stock market indexes, oil prices, gold prices and Treasury’s indicate that rates will remain low for at least the near future.

General Rates

The 30 year fixed rate offered by conventional lenders is still at all time lows.  Recent economic news has indicated that rates will not be increasing in the short term.  This is great news for potential homebuyers and homeowners that wish to refinance their loans!

What is keeping Rates so Low?

Four major economic indicators are battling one another to keep the mortgage rates at historical lows.

First and foremost, the average price of oil per barrel has recently increased from $56 to $57 based on the watchful eyes of OilPrice.com. This slight increase reflects overall higher cost for energy, which tends to move prices up in general. Anytime that prices move up, mortgage rates could slightly increase with them.

On the flip side, the price of gold jumped up to $1,429 per ounce from the previous $1,420. Anytime there is a serious upward change in the price of gold, this shows that major investors have developed doubt in the overall economy. Doubt about the economy tends to push mortgage rates down. The latest prices in gold per ounce can be found at https://goldprice.org/

The 10-year Treasury yield, which is the single most indicative indicator of mortgage rates, has moved very slightly from 2.05% to 2.06%. When this yield starts to increase, it usually means that mortgage rates will also soon rise with it.

Global Trade Continues to Have Negative Outlooks

Along with the previous economic indicators, the overall global trade market has continued to keep pressure on lower mortgage rates. While the US and China work out their spat and come to an agreement about tariffs and other issues, many markets are holding their breath to see how the trade talks will affect prices of goods coming from China. This keeps mortgage rates low as some experts fear major price increases for imported goods may soon appear.

There are also talks that trade with Europe may be troublesome in the near future. Tariffs on goods produced in Europe have been threatened in a counter measure to a new rule from France that is imposing taxes on American based organizations within France. More tariffs mean higher prices which is applying pressure to keep mortgage rates at current levels.

Recommendations for Mortgage Rate Locks

Major markets shift up and down throughout the months and years. While it is impossible to predict exact details, broad generalizations can be made which allow people to make educated decisions on mortgage rates.

If you are buying or refinancing a home, and the expected close date is within the next 30 calendar days, then you should definitely talk to your mortgage lender and lock the rate now.  Rates are extremely low and while most of the market indicators show that rates should remain at this level for the next few weeks, you don’t want to gamble on some unforeseen event pushing rates up unexpectedly. Contact your local Inlanta Mortgage loan advisor today about rate locking, refinancing, or purchasing your home!

Your Handy Summer Home Maintenance Checklist

Believe it or not, we’re already half way through the dog days of summer.

With fall right around the corner, you’ve likely checked off most things on your summer bucket list by now but how about your summer home maintenance checklist?

If you’ve been busy having too much summer fun for summer cleaning and organizing – never fear. Inlanta is here to provide you with your go-to summer home maintenance checklist.

Follow the list below to get your home clean and in order!

  • Inspect your air conditioner
  • Check and replace batteries in your smoke and carbon monoxide detectors
  • Deep clean your grill
  • Spruce up your outdoor space
  • Add a layer of mulch to boost curb appeal, keep weeds at bay, and retain water for your plants
  • Pressure wash the outside of your home
  • Update/refresh your home décor
  • Wash your windows
  • Clean out the garage
  • Declutter your space and donate unwanted items
  • Harvest and prepare your garden for fall
  • Clean and store your summer gear

We hope you enjoy these last few weeks of summer!

When is the Right Time to Refinance? Hint: Now!

Interest rates have reached a point that many people never believed would happen. With 30-year fixed rates dipping below 4%, millions of homeowners are in a position to refinance and save significant money. Here are some of the top reasons why you should consider refinancing any existing mortgage.

Better Rate Means Lower Payments

The most obvious reason that attracts most people to refinance is the appeal of a lower interest rate, resulting in a lower payment. For a mortgage of $250,000 a change in 0.75% in rate can lower the monthly payments by $110. A wider gap in rates, such as 1.25% or even 2% can mean a savings of over $200 per month. For most homeowners this is reason enough to consider the costs of refinancing.

Better Term with Similar Payment

There is a lot of math involved in this example, but the bottom line is that a homeowner can save thousands of dollars in the long run.

Suppose you or someone you know took out a home loan approximately 3 years ago at a rate of 5.25% with a beginning balance of $250,000. The balance would likely be around $239,000 as of this writing. By refinancing that $239,000 at 3.95% on a 20-year loan, you could save over $100,000 in interest payments over the next 20 years. The home payment would increase by approximately $50 a month, but it could be a great financial move in the long term.

Improve Your Annual Tax Deduction

In recent years, Congress has changed the rules concerning using mortgage interest for a tax deduction. The interest paid on a 2nd mortgage is no longer deductible if that mortgage was not used to purchase the home. This means that people with a HELOC or a fixed rate 2nd mortgage that was used to consolidate debts or any other reason no longer get the tax deduction for that 2nd mortgage. By combining the existing 2nd mortgage with the 1st and refinancing everything to one loan, you will regain that tax deduction.

Move to a Different type of Mortgage

Some people may have purchased their home using FHA. Others may have used a less than ideal type of mortgage with a high interest rate. If you have made your mortgage and other debt payments on time for the past 12 months, your credit may now be strong enough to refinance to a conventional loan. A conventional loan will have better interest rate and, even if you pay private mortgage insurance, the mortgage insurance will eventually drop off once the balance is low enough. With FHA loans, the new rules state that the private mortgage insurance must remain in place for the life of the loan.

Regardless of your situation, if you have purchased a home within the past 3 to 5 years, now is a great time consider refinancing and taking advantage of these historically low rates. Contact your local Inlanta Mortgage loan expert today to get started.

Buying a Home Despite Student Debt

Whether you’ve just graduated or have been making those pesky monthly payments for a while, student loan debt can be heavy, burdensome and downright defeating.

The weight of Student loan debt doesn’t have to affect other areas of life – such as buying a home. If you’ve been dreaming about homeownership, but aren’t sure exactly how you can obtain such dream while having student loan debt, we’ve got some tips for you:

1. Talk to your Local Mortgage Pro for Advice

First and foremost, talk to a local mortgage pro as early as possible, whether you’re looking to buy a house this year or a few years down the road, to learn more about where your finances need to be to buy a home. Your mortgage pro will be able to tell about the different loan programs available, and what down payment assistance and other first-time homebuying programs may be available to help you achieve the dream of homeownership sooner, and more easily.

2. Don’t Neglect your Payments

There’s one simple rule you must follow: make your student loan payments on time, every time. Missing a payment or even making a payment late could hinder your credit score, which is a key factor in evaluating your home-buying readiness. As difficult as it can be to make those payments, it is important to understand the negative impact it can have on your financial future. Setting up monthly auto payments is a great way prevent any potential issues.

3. Focus on Building Good Credit

Having a good credit score is essential when applying for a mortgage. It provides your lender with a form of proof that you are a responsible borrower and good candidate to repay the loan. Work to build that good credit by staying below your credit card limits, making payments on time and swiping responsibly. Check out a few more tips on building and maintaining healthy credit.

4. Evaluate your DTI

DTI (Debt to Income) ratio is another important factor in determining your readiness to buy a home. Your lender will review your finances to determine your DTI by evaluating see how much debt you have vs. how much pretax income you are bringing in. Talk to your lender about your DTI to determine where you need to be to buy a home. Check out our step-by-step guide to reduce debt to get started.

Bottom Line:

If you’ve got student loan debt, you’re not alone. According to the Student Loan Hero website, about 45 million Americans currently owe more than $1.56 trillion in student loan debt. While it’s a burden to many, it doesn’t have to prevent you from achieving your dream of homeownership. Start working early with an Inlanta mortgage advisor you help determine your financial path to make it happen.

To learn more about the mortgage process or to find a mortgage advisor in your area, contact us today. Discover how we’ve already worked with borrowers like you to evaluate their unique financial situations and how we helped make their dreams of homeownership come true.


How to Make Your Home More Environmentally Friendly

This month, we celebrate World Environment Day – dedicated by the United Nations to encourage worldwide awareness and action to protect our environment. 

If you’re inspired to do your part to help Mother Earth, one of the best places to start is with your own home. With a few simple updates, you can help the environment and even see some cost and energy savings.

Here’s some tips to help make your home more environmentally friendly:

Consider an Energy Efficient Mortgage (EEM) Loan

If you’re looking to finance energy efficient home upgrades and improvements, learn more about Inlanta’s EEM program. Find a loan officer in your area or contact us for more info. 

Make Small Swaps

Sometimes little changes make a big impact both for the environment and your wallet. Swap out your current light bulbs for LEDs, set your heating/AC systems on a timer to use less energy when you’re not home, or swap out your showerhead to a low-flow one to help conserve water.

Use Reusable

Save the landfills by using rags over paper towels, cloth napkins over paper, and a reusable water bottle over plastic.

Water at Night

Watering lawns or plants during the day wastes water through evaporation. By watering at night, you’ll use less water and have healthier foliage.

Add Window Treatments

Don’t let all of the heat or cold air escape through bare windows! Add window treatments to help insulate your home and keep costs low.

Maximize Appliance Use

Don’t run your dishwasher or laundry half full. It’s better to run your appliances when full, and let dishes ai­rdry rather than use the heated dry, or even go old school and dry clothes on a clothesline. Not only will you save energy, you’ll prolong the life of your dishes and clothing too!

Unplug

Your cell phone charger could be costing you more than you think. Make sure to unplug all of your cords when they are not in use.

Reduce/Reuse/Recycle (RRR)

It’s a great time to make simple changes around your home to help the environment while saving money and energy. There are many more ways to RRR such as installing solar panels, using rain barrels, shopping with reusable bags, donating unwanted items and even learning how to recycle properly or compost.

Help keep the world – our home – a beautiful place!

For more tips on ways to help preserve the environment and our natural resources, visit the United States of Environmental Protection Agency website today.

Mortgage Rates Little Changed

Mortgage Rates are Little Changed
 

Mortgage Rates Little Changed

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates largely unchanged heading into the holiday weekend.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.96 percent, down slightly from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.83 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.22 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.10 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.06 percent, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 3.01 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.68 percent, up from last week when it averaged 2.67 percent. At this time last year, the 1-year ARM averaged 2.39 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“Treasury yields dropped slightly as the holidays approach. Mortgage rates remain largely unchanged, with the 30-year mortgage rate ticking down a basis point to 3.96 percent. As we mentioned last week, long-term interest rates will not spike in response to the Federal funds rate increase. While we expect the 30-year mortgage rate to be above 4 percent in early 2016, we anticipate rates will gradually increase, averaging 4.4 percent for the year.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Mortgage Rates Move Higher

Mortgage Rates Rising
 

Mortgage Rates Move Higher

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates ticking slightly higher for the second week in a row amid the Federal Reserve’s decision to raise short-term interest rates for the first time since 2006.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.97 percent, up from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.22 percent, up from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.03 percent, unchanged from last week. A year ago, the 5-year ARM averaged 2.95 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.67 percent, up from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.38 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“As was almost-universally expected, the Federal Open Market Committee (FOMC) of the Federal Reserve elected this week to raise short-term interest rates for the first time since 2006. We take the Fed at its word that monetary tightening in 2016 will be gradual, and we expect only a modest increase in longer-term rates. Mortgage rates will tick higher but remain at historically low levels in 2016. Home sales will remain strong, but refinance activity should cool somewhat. Novel policy approaches such as quantitative easing injected significant liquidity in the economy over the past seven years. As a result, the Fed is forced to employ some new tools, such as reverse repos, as it tightens monetary policy. We are likely to see some short-term volatility in fixed-income markets as market participants adjust to these new tools.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Mortgage Rates Ease

Mortgage Rates Ease
 

Mortgage Rates Ease

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining slightly leading up to the Thanksgiving holiday. The average 30-year fixed rate mortgage hasn’t risen above 4 percent since the week of July 23rd of this year, which is helping homebuyer affordability in the face of rising house prices due to low levels of inventory in many markets.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.95 percent, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.18 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.17 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.01 percent, up from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.01 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.59 percent, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.44 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“In a quiet week leading up to the Thanksgiving holiday, the 30-year mortgage rate dipped 2 basis points to 3.95 percent. Economic releases over the last week contained no major surprises, and none are expected in the next few days. The year is winding down, and the only remaining market dates of note are December 4 — the last employment report of the year — and December 15-16, the long-awaited FOMC meeting.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Mortgage Rates Higher for Second Consecutive Week

Mortgage Rates Move Higher
 

Mortgage Rates Move Higher

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising amid continued market expectations of a possible rate increase by the Federal Reserve and following a stronger than expected jobs report.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.98 percent, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.01 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.20 percent, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.03 percent, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.02 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.65 percent, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.43 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“A surprisingly strong October jobs report showed 271,000 jobs added and wage growth of 0.4 percent from last month, exceeding many experts’ expectations. The positive employment reports pushed Treasury yields to about 2.3 percent as investors responded by placing a higher likelihood on a December rate hike. Mortgage rates followed with the 30-year jumping 11 basis points to 3.98 percent, the highest since July. There is only one more employment report before the December FOMC meeting, which will have major implications on whether we see a rate hike in 2015.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016