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Atlanta Home Loans

Atlanta Mortgage Lender - Top Questions to Ask

Top 5 Questions to Ask Your Mortgage Lender Before You Get Started

Top 5 Questions to Ask Your Mortgage Lender Before You Get Started 531 502 Jason Breeland

Before you begin the application process for an Atlanta mortgage, such as with MiLEND, Inc., there are a few useful questions you should ask a mortgage professional. So, to help you get started, your local mortgage lender with MiLend has listed 5 useful questions that every first-time buyer should know before they begin the process of becoming a homeowner.

Question #1: What If I Don’t Have A Perfect Credit Score?

Having a perfect credit score is not a pre-requisite in becoming a homeowner. The best Atlanta mortgage lender should do everything they can to help ensure you get a low rate on your mortgage.

There are also government-backed loans, such as an FHA loan, that has a minimum credit score requirement which are generally much lower than a conventional mortgage loan requires and is perfect for those who have a low credit score and a low income.

Question #2: Should I Get Pre-Approved?

Getting pre-approved has a lot of additional benefits for you while you begin the application process. For example, your mortgage lender will review your finances and let you know your affordability through a pre-approval, this can help you save time when viewing different homes so you avoid shopping outside your budget.  

Also, most real estate agents refuse to work with buyers who have not been pre-approved, so if you wish to work with a professional and have more access to real estate listings, then getting pre-approved might be your best option.

Question #3: Do I Have To Use The Same Lender That Pre-Approved Me For My Mortgage?

If you get pre-approved, you do not have to use the same Atlanta mortgage lender for your mortgage application. You have no financial obligation to work with them and instead, you can shop around with different lenders to find the one that gives you the best deal for your goals as a homeowner. With that being said, the Lender you are pre-approved with will be able to process and close your loan faster because they will already have your information.

Question #4: What If I Pay Less Than 20% Towards My Down Payment?

If you pay less than 20% for your down payment, you will be required to obtain private mortgage insurance. This is a fee that can either be added onto your mortgage payments every month or is a one-time upfront cost. This insurance is required so the lender is protected in case the borrower fails to make a mortgage payment.

Question #5: Is A 15-Year Mortgage Better Than A 30-Year Mortgage?

A 15-year mortgage is not necessarily better than a 30-year mortgage, it just depends on what you are trying to achieve. If you want to have a higher monthly payment but pay less in interest over time or just want to pay your mortgage off quicker, then you should look into getting a 15-year mortgage. However, if you have a lower income and are wanting smaller monthly payments with a higher interest rate, than a 30-year mortgage may be your best option.

Contact Us

If you would like to receive more information on the top 5 questions to ask your Atlanta mortgage lender or if you are looking to begin your home loan application, please contact the MiLend team at 855-645-3631. All of MiLEND’s Mortgage Loan Originators are State licensed in whatever States they do business in and are registered with the Nationwide Multistate Licensing System (NMLS) as a professional Mortgage Loan Originator.

Atlanta Mortgage Lender - Secrets to Buying in a Seller's Market

Secrets to Buying in a Seller’s Market

Secrets to Buying in a Seller’s Market 1632 930 Jason Breeland

If you are looking to purchase a home but currently live in a competitive market, do not worry because there are simple tips to help you overcome the competition. So, to help provide some insight, your local Atlanta mortgage lender, Milend, Inc., has listed top secrets to buying in a seller’s market.

Tip #1: Get Pre-Approved

Working with a mortgage professional who thoroughly understands the home buying process knows what it takes to stand out with sellers. MiLEND, Inc. can pre-approve you for a mortgage, which can set you aside from other buyers. Getting pre-approved shows seller’s that you have had a professional review your finances and that they have agreed that you are financially capable of becoming a homeowner.

Tip #2: Work With A Real Estate Agent

Real estate agents are experts in their field and they can give you access to more homes on the market that you might not have known about. They are also used to working hand in hand with seller’s, which means they can help you stand out more from other buyers. If you are not currently working with a real estate agent and need help finding one, just ask your local Atlanta mortgage lender, MiLEND, Inc., who they would recommend.

Tip #3: Be Reasonable

Once the time comes to put an offer on the house, you want to be reasonable with your bid. If you do not offer a fair price, you risk the chance of the seller choosing another family to buy their house. You do not want to offer more than you need to, but you also want to be sure you are not offering too little. Just be reasonable and fair.

Tip #4: Don’t Wait Too Long

Trying to buy a home in a seller’s market means the pickings are slim and competitive. Therefore, if you find a house you love, try not to dwell on the decision too long. You don’t want to be impulsive but you also want to act quickly before your dream home comes off the market.

Tip #5: Make Yourself Stand Out

If you are in the middle of a bidding war with another family, you want to be sure and stand out from them. This can be done by offering to put down a larger deposit on the house or by being flexible with when the move in date is.

Contact Us

For more secrets on buying in a seller’s market, please contact your local Atlanta mortgage lender, Milend Inc., at 855-645-3631.

Atlanta Mortgage Lender - Resolution List

Add These Items To Your Resolution List

Add These Items To Your Resolution List 1514 850 Jason Breeland

With the holidays behind us,  If you are not well-prepared you could end up paying unmanageable interest on credit card interest.  The ability to save money is important this time of year. So, to help avoid these problems, our team at Milend, Inc. suggests that you add these items to your resolution list.

Brown Bag - MiLend - Atlanta Mortgage Lender#1. Brown Bagging!

Eating out during the work or school day is undeniably convenient. There’s no scrounging in the cupboards for something to prepare, searching for forks when you forgot yours at home or eating cold spaghetti when the office microwave is out of order.

But what’s better than convenience? Keeping money in your wallet.

The fact that packing lunch is cheaper than buying lunch isn’t surprising. What is surprising is just how much money you can save by brown-bagging it. In fact, some simple math might be enough to convince you to do away with takeout lunches permanently.

Let’s say your preferred takeout lunch is a deli sandwich with a drink. With taxes, your total is about $10. If that’s your lunch choice five days out of seven, you’re spending $50 a week, $200 a month, $2,600 each year.

What if you make that same sandwich at home? Maybe the ingredients (a loaf of bread, cheese, and sliced meat) cost you $15 up front, and they make about five sandwiches. Now your cost is $3 per sandwich, for a total of $15 a week, $60 a month, $780 a year. That’s a yearly savings of $1,820!

There’s another kind of savings that comes with bringing your own lunch: calories. While how many calories you can save depends on what you choose to bring, home-cooked meals are typically more healthful than takeout is.

No, this lunch switch won’t make you a millionaire. Still, with fewer calories and lower cost, all these savings might make that brown bag look more enticing.

Tips on Tipping - MiLend - Atlanta Mortgages

#2. Need a Tip on How Much You Should Tip?

Should you tip them or simply say thank you? Discerning when to tip and how much can be stressful. Thankfully, there are generally accepted practices you can adhere to that will make this task easier.

Food and drink: For food delivery, tip $2-$4. For bartenders, tip them $1 per drink. Tip restaurant servers 15-20 percent of the bill.

Travel: Expect to give those who carry your bags, whether porters at airports or bellhops, $1 or $2 for each item. At hotels, pay special attention to the housekeeping staff. Your tip should reflect the quality of the hotel; the more expensive the accommodations, the greater the tip. Also, tip each day. The housekeeping staff may change during your time there. Lastly, read bills for room service carefully before tipping. Additional “service charges” don’t cover the tip, but a “gratuity” does.

Holidays: If you have a nanny or housekeeper, an appropriate holiday bonus is equivalent to one week’s pay. Be especially generous to the person who delivers newspapers. Keep in mind that adults, not children, are doing that job now. It’s never too late give this gift if you happen to have forgotten.

Optional tip: There are times when tipping is optional. It doesn’t hurt to give a barista some spare change as a tip, but it’s not required. You don’t need to tip someone who wraps your gifts, but it might be a nice gesture.

No tip: Not every service requires a tip. House sitters, grocery store baggers, cable installers, sports instructors, and Fed Ex delivery personnel are among the individuals who are exempt from tips.

Save on Cell Phone - MiLend - Atlanta Home Loans

#3. Save on Your Cell Phone Upgrade

From Samsung’s Galaxy Note9 to Apple’s iPhone XS, there’s no shortage of options for anyone looking to buy a new phone. But as technology evolves and smartphones get smarter, the price tags on these devices continue to skyrocket.

Before you part with your hard-earned cash in order to upgrade your phone, make sure you follow these money-saving tips.

Out with the old: The easiest way to save coins on your new phone purchase is to trade in your old phone. In recent years, most wireless carriers and retailers have improved and expanded their trade-in programs to make the process smoother for customers. Best Buy, for example, offers a gift credit in exchange for most used devices, including smartphones, tablets, and even video game hardware. Once you’ve traded in your old device, you can use the gift credit toward your new phone.

Sell the old: Another option is to sell your device directly to another person, who may pay more for your phone than a trade-in program would. There are a number of sites to help facilitate your sale, including eBay and Swappa. That being said, make sure you prepare for the peskier buyers who ask endless questions or waffle on sending your payment.

In with the old: The best way to save money, though, might not be the most desirable: Skip the upgrade altogether. If your phone is still working but is just a little slow, there are ways to help speed things up, like replacing your device’s battery or clearing out storage. You might not have the flashiest device this way, but the savings can make up for it.

Contact Us

For more information on common pitfalls to avoid as a first-time homebuyer or to get started on your mortgage application, please contact the expert Altanta Mortgage Lender team at Milend, Inc. at 855-645-3631.

 

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Atlanta Mortgage Lender - Market Update

Atlanta Area Fall Market Update

Atlanta Area Fall Market Update 974 487 Jason Breeland

The fall season is officially here, which means it’s time to indulge in delicious food, relax outside in the cooler weather, witness the leaves changing colors, and explore all the local pumpkin patches. This time of year is magical for some people, which can really get consumers in the home buying spirit. Who wouldn’t want to spend this time of year in a brand new home, celebrating the holidays with the ones they love?

Buying a home now means you could also benefit from low-interest rates from your Atlanta mortgage lender. So, to help you get started in the home buying process, your local lenders with Milend, Inc. have listed the most current market update for the Atlanta and Alpharetta area.

 

Atlanta Market Update

According to realtor.com, the median listing price for the Atlanta region has been increasing annually over the past three years. In October 2015, the median listing price was $269,900 and increased 11.2% the following year to $300,000. By October 2017, the median listing price was $339,900 and the current median listing price is $350,000, which is approximately a 3% increase from the previous year and a 29.7% increase since October 2015.

With the median listing prices continuously on the rise, you may want to consider locking in an interest rate with your Atlanta mortgage lender now before they get even more expensive in the near future.

 

Alpharetta Market Update

Median listing home prices are a little more expensive in Alpharetta than in Atlanta, however, the increasing trend in listing price is consistent amongst both cities. In October 2015, the median listing price was $425,000 and increased 11.8% the following year to $475,000. By October 2017, the median listing price for Alpharetta was $495,000 and one year later the median price increased only slightly to $497,400.

 

Contact Us

For more details on the market update for the Atlanta and Alpharetta region or to get started on your Atlanta mortgage application today, please contact the Milend, Inc. team at 855-645-3631.

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