Demand For Mortgages Rise.

According to REALTOR.org and this article, demand for mortgages rose even though rates have crept up slightly. The demand is primarily an increase in purchases and not refinancing activity.

This is good news. It seems like most of what we hear is mixed blessing. Rates are up but prices are down. All I know is that my phone has been ringing a lot more lately and several of my properties have gone under contract at very close to the listing price. Spring is here in Cherokee County and now is a great time to get your house ready to sell. If you have been waiting till spring to sell, now is the time to act.

Give me a call and I would consider it an honor to help you get your home sold.

Michael Bradford
770-862-8002

New Rules for New Mortgages

Goodbye, easy money. Hello, higher credit standards.


The high default rates we are seeing now is a result of mortgage companies lowering their lending standards in the face of low-interest rates. Now that these banks are being stuck with empty houses in a soft market, their standards are being raised.


What can you do do be sure that you qualify for the type of mortgage that you will need when it comes time to buy your next house? THIS ARTICLE has some excellent information that will help you understand what is going on and what you can do to prepare for your needs.


If you have any questions about mortgages, how to find out what type of payment you can afford, how to clean your credit up to prepare for buying a house or to pull the trigger and buy now while rates are low and it's a buyers market, give me a call. 770.862.8002.

Michael Bradford
Southern Prime Realty

Now's the time to buy!

Who knew wolves could be so smart!

Give me a call today - let's find your dream home.

770.862.8002

Ready for your first home?

Most of us have heard that the "sub-prime" mortgage market is in trouble. According to Realtor.org, over 25 major lenders have quit or severely limited this area of lending. On Wednesday, July 18th, The national Association of Realtors testified before Congress regarding a reformed FHA (Federal Housing Authority).

"REALTORS® support efforts to give consumers affordable alternatives to subprime mortgages. We believe that a modernized FHA could offer a safe alternative, especially for borrowers with less than perfect credit,” said John Anderson, broker-owner of Twin Oaks Realty in Crystal, Minn., testifying on behalf of NAR. See the rest of this article here. FHA loans have come back in vogue. Not that they ever left us, but the market produced products that made FHA loans less attractive. That is changing because of the sub prime markets colapse.

Research by the U.S. Bureau of Labor Statistics (BLS) show that the cost of home ownership is going down while the cost of renting is on the rise. With the large inventory of entry level homes available, now may be the best time for renters to own their first home. For those of us who can remember buying our first home, it brings back memories of fear and cold sweats! I personally thought that the $52,000 we paid for our first house was all the money in the world and that I would never pay it off. Looking back, even though I was scared to death, it was the best financial move I ever made.


If the thought of buying your first house has you curled up in the corner, give me a call @ 770-862-8002. I can help you decide if this really is the best time for you to buy your first home.

Mortgage Rates Remain Calm

Mortgage rates remained calm during this holiday week, with the average 30-year fixed mortgage rate holding at 6.74 percent, according to Bankrate.com's weekly national survey of large lenders.

The average 15-year fixed rate mortgage popular for refinancing inched higher to 6.41 percent. On larger loans, the average jumbo 30-year fixed rate nosed higher to 6.97 percent. Adjustable rate mortgages behaved the same, with the average one-year ARM and 5/1 ARM each rising, to 6.24 percent and 6.48 percent, respectively.

Fixed mortgage rates are roughly one-half percentage point higher than three months ago. At the time, the average 30-year fixed mortgage rate was 6.25 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,015.93. With the average 30-year fixed rate now 6.74 percent, the same loan originated today would carry a monthly payment of $1,069.09.

Fixed mortgage rates still remain the better refinancing alternative for adjustable rate borrowers facing sharp payment adjustments. (Source: Bankrate.com)

If you would like to get mortgage information or find out what type of load you would qualify for, please give me a call today!

-Michael