Buying a home is an exciting experience, and Linda and Joe have a wealth of experience and information to assist you in your home purchase. Joe is a native Athenian, and Linda has been an Athens resident for more than 30 years. Both are experts in Athens' real estate, and together they have more than 25 years experience in selling homes. Linda and Joe are the only Certified Relocation Professionals (CRP) in the Athens area. This means they have had extensive training in all phases of the relocation process insuring your move will be an easy one. They both hold the Accredited Buyer Representative (ABR) designation which means they can represent you as a buyer's agent, and they are the first agents in Athens to attain the Senior Real Estate Specialist (SRES) designation. 

Before you begin your home search there are several things you should consider:

Research Your Credit Rating

Although you may think you have perfect credit, it's wise to double check before beginning your home search. Finding errors now can help avoid holdups once you've made loan application.  It is possible to find disputed items, or errors caused by a wrong social security number, a name similar or the same as yours, or a collection or judgment which may have been paid but hasn't cleared the public records. In addition, make sure any outdated derogatory entries are deleted from your credit file. Items such as these can create lengthy delays in the loan process.

Cancel any inactive credit cards even though you may owe nothing on them. lenders may view this as a potential future debt and prevent your getting a loan.

Don't make any major credit card purchases or car purchases before applying for a mortgage or during the time you're waiting to be approved. Any monthly payments for these items will increase your debt ratio thereby decreasing the amount of the loan for which you can qualify or have been approved.

Pre-Qualifying for a Loan

This involves a lender or mortgage broker analyzing your income, your assets and debts to determine how much money you can actually borrow for your home purchase. It also involves determining how much cash you have readily available for your down payment. Many lenders or mortgage brokers will also check your credit rating. Being pre-qualified for a loan can give you an edge over other buyers especially if you're making an offer on a home and another offer from another buyer comes in at the same time. Most lenders will provide a pre-qualification letter for you. Many Realtors choose not to spend their time working with purchasers who haven't been pre-qualified.

Pre-Approval for a Mortgage

Being pre-approved means you have a lender's written commitment to make a loan. Employment verifications and income, acceptable credit, and verification of down payment funds have already been processed when you become pre-approved. It is subject only to your finding the home and having it appraised for the purchase price, and also passing any inspections you or the lender may require. These can include structural inspections, termite inspection and any surveys. Being pre-approved makes you a strong buyer, welcomed by the seller and also may give you some negotiating power.

What About Selling My Home?

If you have a home sell before you can purchase another,  it is generally best to get your home on the market first and then start your search for another home. Once you get an offer on your home you can generally negotiate the closing date to give you time to find another home.

With today's market typically being a seller's market, if you were to find a home you wanted to purchase, chances are it would be sold before you could get yours on the market and under contract.

Purchasing a home contingent on yours selling usually gives you, the buyer, no negotiating power. Contingency offers, even with first right of refusal clauses may only be frustrating, for the most part, for both purchaser and seller. On the other hand, if you make an offer on a home with no contingencies and a pre-approved letter in your hand, you are viewed by the seller as a strong buyer, and in addition, gives you greater negotiating power.

Choosing a Lender

When you begin shopping for a loan your first question may be "what is your interest rate?" In addition to finding the best interest rate, you will want to ask how much closing cost are (usually expressed by a percentage of the loan amount), if any points are charged, and what type of loan is best suited to fit your personal finances. 

First, closing costs come can run between 2-3½ % of the loan amount. Closing costs are negotiable and can be paid either by the seller or buyer. However, some loans stipulate that the seller can only pay up to a certain amount. Closing costs can include things like: title insurance, survey, loan origination fee, attorney fees, etc. When you apply for a loan, you will be required to pay an application fee which covers the credit check and the appraisal fee. This money is not refundable, even if you don't get the loan. 

In addition to closing cost, you will be required to pay your first year's insurance premium and set up an escrow account for your taxes and insurance. This money is collected at closing and is in addition to the closing cost. Generally, the lender collects 6-9 months of taxes and insurance depending on the time of year that you close. This may be confusing because you have already purchased your first year's insurance policy. But there has to be enough money in the escrow to pay the insurance when it becomes due one year from your closing date. And there must also be enough in escrow to pay the taxes when they become due. (In our area, taxes are due in October or November depending on the county in which you reside). 

Points are not usually paid in our area, unless one needs to buy down the interest rate to a lower rate. But this is an important question to ask when interviewing for a loan. 

The type loan you get will be determined by your special needs and your income and debt ratio. Your lender will want to know how much your income is, any other monthly payments that won't be paid off in six months to a year, and the amount of cash you have for down payment. 

Loans have various down payment requirements and can range from 0% down on a Veterans Administration (VA) loan to  3-5% down on a Federal Housing Administration (FHA) loans, and up to 20% or more down on conventional loans. In addition, there are some special financing plans available from time to time for first time buyers which may have lower down payment requirements. 

If you put less than 20% down you will be asked to carry Private Mortgage Insurance (PMI) to protect  the lender should you default on your loan. This can add an extra ½-1% to your loan. 

Again, interest rate, closing cost amounts, points charged, and types of loans offered are all important aspects in choosing the appropriate lender for your home mortgage.

To reach Linda :                                                                                                                   706.433.2694 Office 

706.549.7979 Home

706.254.7979 Cell   

706.433.2709 Office

 706.613.7653 Home

706.254.0044 Cell