EHLA - Mortgage Lender and Broker Roswell, GA 30076

Typically you will need to put down 5 - 20 percent of the purchase price to qualify for a conventional loan. If you put down less than 20 percent, you will have loan options with and also without private mortgage insurance (PMI).

Recently more lenders are offering low-down-payment programs with very good credit and debt-to-income ratios.

UNDERSTANDING PMI

YES OR NO TO BUYING POINTS?

ROSWELL, GA | TEL - 678.528.2978

ATHENS, GA | TEL - 706.478.3800

CUSTOMER REVIEWS

The diversity of available mortgage options is surprising for many of our customers. In addition to variations on traditional 30-year loans that can make a mortgage more manageable, there are specialized programs for different professionals such as teachers, physicians and lawyers. On the other end of the scale we have access to asset-based loans that work better for seniors. The important idea is that there may be mortgage options available to you that you are not aware of yet. We’ll help you access more options and better loans.

Understanding Loan Costs & Values
Interest rates do matter, but “rate focus” is the number one way most mortgage customers end up paying more than they should. We encourage customers to itemize all of the actual costs of getting a mortgage and consider them in the context of the anticipated length of ownership, property improvements and other factors that impact costs and value over time. We help our customers see actual costs.

Rate/Cost Dynamic Over Time
Let’s say you’re buying a home for $500K, putting 20% down and considering a 30 year fixed mortgage. A common set of options might look like this:

Rate	Monthly Payment	Closing Cost	Cash to Close
4.00%	$1909.66	$6,000	$106,000
4.25	$1967.76	$0	$100,000

The difference in payment is $58.10 per month. The lower rate comes with an upfront cost that you will recoup if you plan on living in the house more than 8.5 years. If you don’t believe you will be there more than 8.5 years, the slightly higher rate helps preserve cash and provides a higher value loan.

Traditional Mortgages
Traditional 30-year mortgages are still the most frequently issued loans. They provide manageable monthly payments and help homeowners build equity at a reasonable pace. There are some uniquely structured 30-year mortgages that can be advantageous to certain buyers.

Shorter Term Mortgages
We’ve begun to see a moderate increase in 15-year mortgages where customers have a lower interest rate coupled with a more aggressive payment schedule. While it presents a higher monthly payment, the total costs of borrowing are significantly lower.

Refinancing
Refinancing can be advantageous for homeowners as rates fluctuate and in cases where home equity improves to make more favorable loan terms available. We’re happy to do an analysis of your current mortgage and help you determine if available refinance options are worthwhile to consider. Use our mortgage refi-calculator to get an idea of potential savings.

Special Programs
There are special loan programs available for physicians, veterans, first time buyers and many other groups. If we are can help with these we’re happy to do it, if not we’re able to refer you to a company that specializes in these programs.

Unique Qualifications
We’re able to help customers with unique borrower qualifications such as higher assets but lower income or other variations in the traditional borrower profile.