A Good Time To Buy A North Atlanta Home Is Now!
A good time to buy a North Atlanta home is now! By The Mary Ellen Vanaken Team 678.929.6529The average U.S. mortgage rates started 2015 by falling to new lows, with the 30-year rate marking its lowest level since May 2013.
According to Freddie Mac, this first week of January found the nationwide average rate on the 30-year loan fall to 3.73 percent from 3.87 percent last week. The average for a 15-year mortgage also fell to 3.05 percent from 3.15 percent last week.
A year ago, the 30-year mortgage was 4.51 percent and the 15-year mortgage was 3.56 percent.
A good time to buy a North Atlanta home is now!
As you get ready to buy a new home keep in mind how much home you can afford. Deciding how much house you can afford is determined by your lender. Lenders are careful, but they make qualification decisions based on averages and formulas. They won't understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected - for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn't be more than 28 percent of the buyer's gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn't be more than 36 percent. As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.
A good time to buy a North Atlanta home is now, so let's begin your North Atlanta Home Search:
North Atlanta Homes to $200,000
North Atlanta Homes $201,000 - $300,000
North Atlanta Homes $301,000 - $400,000
North Atlanta Homes $401,000 - $500,000
North Atlanta Homes $501,000 - $600,000
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North Atlanta Homes LUXURY HOMES
When you're ready to buy or sell contact The Mary Ellen Vanaken Team of Keller Williams of North Atlanta
5780 Windward Parkway
Suite 100
Alpharetta, Ga 30005
678.929.6529
A good time to buy a North Atlanta home is now!
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