Atlanta Mortgage & Refinance Specialists
Primacy Mortgage is far different than anything you have seen in the mortgage business. In an industry cluttered with
companies who are happy providing mediocre advice and service, we strive for more.
Find out why our customers love us . Come to Primacy Mortgage and work directly with the owners of the company for a smooth closing with a fantastic rate. Richard and Tara Ryan work hard to ensure that every loan is handled with the utmost care and that our clients are taken care of before, during, and long after the closing.
Our superior service and proprietary technology has led to us being the #1 mortgage company in Atlanta, Georgia as ranked by reviewers at Kudzu.com. Please head over to Kudzu.com and read the many positive reviews that we have received from our past clients.
Many of our Georgia Mortgage clients enjoy our philospophy of Mortgage Management. Our proprietary RateWatch system allows us to constantly monitor mortgage backed securities to immediately alert any of our past clients the instant that they would benefit from a refinance. In fact, we specialize in the Guaranteed No Closing Cost Refinance, which is a key to our mortgage management system. If you would like us to manage your mortage, Sign Up today. It takes only 1 minute and could save you hundreds a dollars a month in interest.
Unbelievable Rates on Jumbo Loans
Sat, 10 May 2008 19:42:34 +0000
Mortgage Crisis Hits Jumbo Loans Hard
One area hard hit by the mortgage crisis was Jumbo Loans. While the “Jumbo limit” was raised in areas of the country considered “high cost”, the Jumbo limit remains at $417,000 here in Atlanta. Loans over that amount have always had higher interest rates, but before the crisis the spread was only about .25%. After the crisis, the spread increased overnight and it’s now not uncommon to see rates of 8% for a Jumbo loan.
New Jumbo Loan Announcement
Primacy Mortgage is pleased to announce that we are working with a new Investor, and we are now offering unbelievable rates on Jumbo Loans. We are offering 5/1 and 7/1 Jumbo ARMs (rates is fixed for either 5 or 7 years), with rates in the low 5’s! On top of the incredible rates, the product offers several enticing features:
- Lowest Rates - 1% LOWER than anyone. While conforming fixed rates have dropped, Jumbo Fixed Rates are astronomically high, around 7.5%. Most lender?s FIXED-ARM rates average 6.625% or higher. PrimacyMortgage is now offering unbelievable rates on Jumbo Loans - in the low 5’s!
- Free Rate Lock - Rates are locked for 60 days ? Most rate locks are based on a 30-day closing. For 31-60 days you pay a fee of roughly 0.25% of the loan amount.
- Free Continuous Rate Float Down - If interest rates drop ? we?ll lower your rate. And we?ll continue lowering your rate each time they drop up until a week before closing. And it?s all for free ? This removes the guessing about when to lock since you are guaranteed the best rate.
- Lowest Margin - The initial rate is fixed for 5 or 7 years. After that it can go up or down each year. After the initial fixed period the new rate is calculated by adding a MARGIN to a specified INDEX. The LIBOR index has become the most common index for adjustable rate mortgages. The average margin offered by other lenders is 2.5%. Our margin is only 1.5%. This means your loan rate will always be 1% lower than any other similar loan.
- Safest Initial Adjustment Cap - Most loans have adjustment caps of 2% ? so your rate can never go up or down more than 2% each year. But here?s the trick ? 90% of all FIXED-ARM?s have a 5% INITIAL Adjustment Cap. This means after the initial fixed period (5 to 7 Years) the rate can JUMP up by 5%. In one day your payment could double. Primacy Mortgage?s Jumbo Fixed ARM has a low 2% Initial Adjustment Cap in addition to the low 2% yearly cap. It doesn?t get any better.
- Interest Only Feature ? For only a 1/8% increase in rate, you can choose an interest only feature and lower your payments by about 20%. There is never any negative amortization.
- Credit and Downpayment - This loan isn?t made for everyone ? you must have a minimum 10% to 20% down payment (exact down payment requirement varies with credit score) and GOOD CREDIT ? at least a 680 credit score.
- No Asset Verification ? Regardless of whether you?re Refinancing or Purchasing a home you don?t have to provide any bank statements or asset documentation. So, no matter where your downpayment is coming from there is no need to document it or even state it.
- Easy Qualifying Income vs. Debt Ratios ? Income requirements have been eased to allow up to a 45% ratio ? most lenders have reduced this to only 40% ? With our lower rate and liberal debt ratio you can qualify for more home.
If you need to refinance your Jumbo loan, call us today to see how this new product may meet your needs.
If you are buying a new luxury home, you can save literally thousands with this product over the competitors offerings. Call us today to learn more!
Fannie Mae and Freddie Mac?s Proposed Appraisal Changes
Mon, 28 Apr 2008 21:25:42 +0000
Due to a lawsuit brought about in New York, a settlement was reached between the state of New York and the GSE’s (aka Fannie Mae and Freddie Mac) whereby the GSE’s would implement the Home Valuation Code of Conduct (HVCC) and in turn, the state of New York would drop their case against them.
What Will Change?
Appraisals have generally been handled at the point of sale - either by the mortgage originator or the realtor in any purchase or refinance transaction. This proposal seeks to completely remove both the loan originator and the real estate agent from the transaction. In fact, they are explicitly forbidden from having any contact with the appraiser who delivers the report.
It is my opinion that the proposed solution is well-intentioned and very easy to implement, but it is not well thought out. There are other, far superior solutions which exist, but the GSE’s appear to be taking the easy road. There are many alternative ideas out there - including appraiser peer review, lender reviews of appraisers, and regulatory audits and reviews. Those solutions, while more cumbersome to implement, will provide a superior solution to the problem at hand and avoid driving many small businesses out of the real estate industry.
How Will This Impact Consumers?
- Consumers will no longer be able to easily shop their loan through a mortgage broker. Since the ultimate lender that they will use must order the appraisal from an appraisal management company of their choosing, that appraisal will no longer be usable at any other lender. Therefore consumers will be locked in very early in the process to a particular lender and will not be allowed to shop their loan unless they are willing to come up with another $300 to $500 for a new appraisal when they change lenders.
- Service levels will likely decline for a number of reasons. Many of the best appraisers out there have built their business on service and under the new system, service will simply be less important in the overall picture. The appraisers who remain will be held to a lower standard simply because the people who are directly impacted by their work (home buyer, mortgage originator, and realtor) are completely removed from the process.
- Mortgage rates will likely increase because of reduced competition. If passed, this ruling will likely force many or all mortgage brokers out of business. Brokers have been a significant competitor to the large banks for the past 20 years and without that competition in place, rates will almost certainly increase in the long term.
How will this impact real estate agents?
- Agents are banned from any form of communication with the appraiser. No more discussing additional comps that may have been overlooked.
- Agents’ role as primary coordinator of the transaction is severely diminished
- Power is shifted away from agents and toward the large lenders who will be the sole point of contact for the buyer on many key pieces of the transaction
What can be done?
There is a brief window where you can register your opinion with the GSE’s:
Comments may be sent to Fannie Mae by clicking here, and Freddie Mac by clicking here.
Huge Changes Coming For Investment Property Financing
Thu, 24 Apr 2008 14:41:15 +0000
On April 22, 2008, Freddie Mac announced that the maximum number of financed property limit will be changed from 10 to 4. The rule goes into effect on August 1st, 2008 and has a number of implications to investors. First, if an investor was planning to take advantage of some of the excellent deals on foreclosures that exist here in the Atlanta, Georgia market, they need to act now. Second, if an investor was planning to refinance an existing investment property with an agency loan and they own more than 4 properties, this new ruling will prohibit them from refinancing as of August 1st. Again, the time to act is now.
While this news would have been a non-issue a few short months ago, there are currently very few options for real estate investors today outside of the two main agencies - Freddie Mac and Fannie Mae. Fannie Mae is expected to follow suit and reduce their max property rule to match Freddie Mac’s.
You can read the entire bulletin here:
