JPMorgan Chase has tightened mortgage terms on jumbo loans for co-operatives and condominiums in Manhattan amid shrinking buyer demand, Bloomberg reported on Friday.
Chase announced that, beginning this week, it would limit jumbo loans to 70% of the sale price. The new standards apply to loans of more than $765,600 not guaranteed by Fannie Mae and Freddie Mac — which account for 95% of the Manhattan market, according to the report.
JPMorgan’s new loan-to-value restrictions will apply to all Manhattan apartments, including re-sales and co-ops, many of which are relatively affordable, older units that price sensitive buyers turn to first.
A JPMorgan spokesperson confirmed the new loan terms are due to “current economic conditions.”
Jonathan Miller, real estate appraiser and consultant with Miller Samuel Inc., told HousingWire it’s “unusual” for one of the New York boroughs to be singled out.
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“Manhattan is one of the highest-cost housing markets in the United States, and a large chunk of the mortgage loans are jumbo,” he said. “But the Manhattan market has been the slowest to recover because its residents have the most wealth and mobility in the city. Large numbers were able to leave with COVID lockdown occurred.”
Miller added that the lack of a vaccine has discouraged many who initially left from returning to Manhattan.
“That’s weakening the market as prices have softened,” he said. “Unlike conforming lenders, many jumbo loans are held in portfolio, and future economic conditions are awash in uncertainty at the moment.”
Melissa Cohn, a mortgage lender and broker with William Raveis Mortgage, added that an influx of condominium inventory in New York City created “a perfect storm.”
“Prices have fallen by a greater percentage in New York City than anywhere else in the country,” Cohn said. “Chase and other lenders have chosen to restrict loan values in order to protect themselves.”
Cohn added that many lenders are following similar paths during the pandemic: raising maximum credit score requirements, lowering maximum loan amounts, requiring more cash reserves, and even limiting or eliminating home equity loans
In March, HousingWire asked the question “Did non-QM just disappear from the market?” as many of the biggest lenders specializing in lending to borrowers outside the Qualified Mortgage lending box were pausing their activities due to uncertainty in the market. The two main holdouts were Angel Oak Mortgage Solutions and Citadel Servicing, which remained in the non-QM lending business as long as possible before eventually bowing out.
But non-QM lending staged a comeback in May, as several companies that halted non-QM lending in March went back on the market, including Sprout Mortgage, GreenBox Loans, and Angel Oak.
More named storms: With peak hurricane season now underway, another group of forecasters is now saying the Atlantic is in for more storms than first thought. Scientists with the National Oceanic and Atmospheric Administration announced today they anticipate above-normal storm activity this season. They had predicted in May that activity would be near-normal. Their new forecast for this season predicts between 14 to 21 named storms. Read the full story from Louisiana Illuminator.
Climbing: The average long-term U.S. mortgage rate rose this week to just under 7%, the latest setback for would-be homebuyers already facing a shortage of homes for sale. Mortgage buyer Freddie Mac said this morning that the average rate on the benchmark 30-year home loan rose to 6.96% from 6.90% last week. A year ago, the rate averaged 5.22%. Read more.
Cost of living increase: The forecast for next year’s Social Security cost of living adjustment stayed flat at 3% today even after the government reported that inflation ticked up in July for the first time since June 2022. The predicted adjustment is less than half of the four-decade high 8.7% COLA in 2023. Read the full story from USA Today.
Reader robblat asked about rain barrels: Are they useful? How much do they cost? Where do you get one? My wife just installed a rain barrel last year, so I asked her to explain how they work.
For my birthday last year, I asked my parents for a rain barrel. After doing some research online, I went to our local nursery and paid $100 for a complete barrel set up. While it will mean a small savings on our future water bills, the upfront cost is really too high to justify it from a purely financial standpoint. Instead, I wanted to collect rainwater for several other reasons.
Collecting a Renewable Resource For Our Own Use
Rainwater belongs to everyone, right? But for the most part, we are dependent on a vast infrastructure to collect, purify and deliver this most basic of life’s requirements to our doors (er, faucets). I like the idea of harnessing a bit of that rain before it makes it through the whole human system. My plants don’t need chlorinated water, anyway! Plus, anecdotal evidence on gardening websites suggests that plants do better with lukewarm rainwater than cold tap water.
Minimal Money Savings
If you are serious about reducing your irrigation water use from the municipal water supply (and thus your bills), you can rig up a system of multiple rain barrels. One or more is attached to the house’s downspout; the rest of the barrels are linked to the first ones to collect their overflow when it’s really raining.
Get this: if you have 1,000 square feet of roof surface area, then one inch of rainfall will produce over 600 gallons of rainwater. How big is your roof? I have my rain barrel hooked up to our detached garage (an old carriage house), and its roof is about 300 square feet. If you cut that in half (I’m only getting the rain from half the roof) and do the math, my 60-gallon rain barrel will be filled by just two-thirds of an inch of rainfall. In Oregon, that’s easy! The overflow drains through a tube that I have draped under the boxwood hedge, or I could collect it in a secondary container.
Convenience
Our 3/5-acre lot has a grand total of one outside spigot, right by the house. Watering the far reaches of the gardens (vegetable, fruit, and flower) requires lugging hoses across the lawn and around trees. With the rain barrel at the garage, I can easily fill a watering can or bucket for the flower beds for some quick spot watering. While the gravity-fed flow of the rain barrel isn’t typically enough pressure to power a sprinkler, it would be enough for a short soaker hose. A rain barrel by the patio would be ideal for watering potted flowers and container plants near the house.
A Few More Considerations
Rain barrels come in many sizes and designs. Some are made to be pretty; others, not so much. Some are made from recycled or reused materials. A few have a flat side so they can sit flush against the wall, or have built-in storage for hoses and such. There’s plenty to choose from, but this is a bulky item, so avoid shipping costs and find a local store that stocks them. You may think a big plastic barrel isn’t your idea of garden décor, but what’s more fashionable than not wasting water?
You can certainly make your own if you are handy and have a source for a large food-grade barrel. It must be food grade so you aren’t having plastics leach into the water that you’re using to water your carrots. And be sure to have a screen to close it off. This will prevent mosquitoes from breeding in the barrel and keep leaves, mischievous animals, and small meteorites out.
Like any irrigation supply dependent on rainfall, sometimes you’ll have too much and sometimes not enough. July, August and September are pretty dry here (I kid you not), so my barrel did run dry last summer. But it doesn’t take much rain to fill it back up. I tend to do most of my flower garden-watering in the spring when I’ve just planted seeds and seedlings and they’re not fully established yet. The rain barrel is perfect for those dry, beautiful 75-degree days between our Spring rainstorms.
Watch the overflow location: you may need to extend the overflow hose to prevent drainage near your home’s foundation. Portland actually gives residents a one-time credit if the house gutters are disconnected from the storm sewer system. Rain barrels have been popping up like wild flowers in certain neighborhoods!
Today rain barrels — maybe in a decade or two, solar panels so we can go off the grid?
The average mortgage rate for a 30-year fixed loan rose 5 basis points last week to 3.02%, marking the first time since July that the industry has seen rates break above 3%, according to Freddie Mac’s Primary Mortgage Market Survey.
Since reaching a low point in January, mortgage rates have risen by more than 30 basis points as the economy works to recover, and according to Sam Khater, Freddie Mac’s chief economist, the impact on purchase demand has been noticeable.
“While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic,” Khater said. “However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”
After an arctic storm left purchase applications sluggish, mortgage activity bounced back last week almost immediately despite rising rates.
“The housing market is entering the busy spring buying season with strong demand,” Joel Kan, the Mortgage Bankers Association’s associate vice president of economic and industry forecasting, said. “Purchase applications increased, with a rise in government applications – likely first-time buyers – pulling down the average loan size for the first time in six weeks.”
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Throughout the pandemic-induced recession, now a year old, the Federal Reserve has stated that the housing market has been one of the only persistent bright spots. However, much of that strength has piggybacked on the industry’s historically low interest rates, and left some economists worried that the rapid rise in Treasury yields in the last several weeks risk choking off that activity.
The 10-year U.S. Treasury note, a heavy-hitter in the swing of mortgage rates, has risen by half a percentage point since January, now teetering near 1.4%.
However, Logan Mohtashami, HousingWire’s lead analyst, sees this as push in the right direction.
“Last year I talked about how the 10-year yield should stay at a range between 1.33% and 1.60% in 2021,” Mohtashami said. “If we couldn’t do this, something terrible happened with the vaccination process. After we closed above 1.33%, the yield rocketed toward 1.60%; we are in a range between these two levels right now. We are no longer in a recession; this is where the 10-year yield should be.”
It’s no secret that celebrities have said some wild and outrageous things—both on-screen and off. From ridiculous demands to understanding complicated topics, these famous people will make you shake your head in disbelief. Whether it was a misinformed statement or something downright silly, prepare to be amazed by what they had to say or did! So get ready for an entertaining read as we explore the dumbest statements uttered by our beloved stars of stage and screen.
1. Not Fake a Hate Crime
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One user posted, “Jussie Smollett. Tracy Morgan said it best: ‘Yeah, they gave me a role on “Empire.” Contractually, they gave me millions of dollars. Contractually, all I gotta do is not fake a hate crime.’”
Another user replied, “Dave Chappelle’s bit about Jussie Smollett was pretty funny too. ‘The black community supported Jussie Smollett by keeping our mouths shut.’”
“This is the top one for me. It took so much careful planning and effort,” one commenter added.
2. If I Did It
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One Redditor posted, “Making a book called ‘If I Did It’ after being acquitted of murder.”
Another user replied, “The family of OJs victims got the rights of the book and made the ‘if’ incredibly small.”
One commenter added, “Also, the forward they added is called ‘He Did It.’”
Another Redditor said, “Kids today will never understand what a BIG FREAKIN’ DEAL the whole OJ thing was, from the car chase to the trial. So really, if it weren’t for OJ, we wouldn’t have The Kardashians.”
One user explained, “OJ was one of those athletes who managed to cross over to pop culture. He was on TV often between his acting and product endorsements. In addition to being considered one of the best football players, he had a squeaky-clean image. The closest parallel I can draw today is if Peyton Manning killed his wife and went on a police chase. Of course, there probably wouldn’t be a racial component as there was with OJ, but as far as images are concerned, OJ and Manning would be similar.”
3. Joining Scientology
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One user posted, “Joining Scientology, promoting it, and defending it.”
Another user replied, “Just look at Danny Masterson, they tried to cover up his [sexual] scandal, and thankfully he was convicted.”
4. Performing an Ukulele Apology
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“Playing the ukulele to ‘apologize’ for being creepy to kids you met on the internet,” one Redditor posted.
Another user commented, “There’s no quicker way to make people think you’re diddling kids than writing a song about it!”
One commenter responded, “I saw a meme about it today, and it was like ‘Common playing in A minor got you in this situation in the first place’ and I was crying laughing.”
5. Trying to Bring a Controlled Substance On an Airplane
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Another user added, “Former NBA player Damon Stoudamire tried to get over 1 ounce of [drugs] onto an airplane, but got caught at the metal detectors because he wrapped it in Aluminum Foil.”
One user asked, “Is that what happened to him?! I was wondering why he just got up and disappeared.”
“He’s the head coach of Georgia Tech,” one Redditor answered.
6. Being Bill Cosby
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A Redditor shared, “Bill Cosby for being Bill Cosby. Millions adored this man as the father figure they always wanted. Until he wasn’t the father figure anyone wanted.”
One replied, “This one hurt severely. The public loved him. He had great stand-up routines and tv shows. I got to see him perform once.
“Then, Boom. It turns out he’s [sexually assaulted and] drugged women. Ugh.”
Another user added, “It was absolutely heartbreaking. I watched every episode of The Cosby Show, some more than once. It made me feel good; happy memories; everything was okay. Until it wasn’t.”
7. The Streisand Effect
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“Barbra Streisand created Streisand effect. She didn’t want her home to be known on the internet, so she did everything in her power to remove pictures and addresses but wasn’t successful, and in return, her home became a hot topic,” one user added.
One user replied, “It seems dumb today, but the internet was pretty new and kind of unknown to most people. I imagine this was thought the same way as going after a tabloid. But instead, we witnessed an entirely new phenomenon.”
Another user added, “The funny thing was, prior to her lawsuit, the picture featuring her house had been viewed five times. Presumably, one of those was Streisand herself, and another was her lawyer. IIRC, the offending picture was part of a project to photograph the entirety of the California coastline. So thousands of images. One of which happened to show the back of her house. There was nothing in the picture that identified the house as hers.”
8. Antonio Brown Incidents
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One user posted, “Here’s a list of Antonio Brown incidents from another thread. He could have legit been a potential Hall Of Fame player, as he was arguably one of the best WRs in the NFL. Then… he took crazy to a level that makes Kanye look sane. The dude has a lot more time to add some stupid [things] to it, but here goes:
“Edit: The newest is buying an Arena Football Team to be an owner/player then not paying league dues… currently the target of a class-action lawsuit for withholding paychecks to players as well.
“•Kicked out of Florida International University after fighting a security guard…
“• His second year in the league, he took a personal stretch limo to a charity event, had them open every single expensive bottle of wine, and rejected it. They refused to pay for it (charity, remember), then left. -credit Nduguu77…
• Trashed a condo and threw furniture out a window 14th-floor window, which almost hit some people, notably a child…
“• Threw a fit over Juju winning team MVP and trashed him on social media…
“• Held out and refused to show up to training camp because the NFL would not approve his helmet because it was too old for their safety standards…
“• Got fined by the Raiders for not attending camp…
“• Tried to fight Mike Mayock, called him a cracker, had to be held back by Vontaze Burfict, then punted a football down the practice field and said, ‘Fine me for that.’ [He was fined.]…
“• Released a video where he used audio of Jon Gruden, who didn’t know he was being recorded, which is illegal in California (full disclosure, Gruden has said he gave permission, but the generally accepted theory is that he said that in the hope that it would help get him to show up to the facility and not alienate him.)
“• Demanded a release from the Raiders…
“• Made a lot of crazy tweets saying stuff like ‘Devil is a lie,’ a proverb about burning down a village… he made a lot of crazy tweets around this time is the point here…
“• Signed with the Patriots…
“• The sexual assault allegations came out (the one where he’s getting sued)
“• The sexual harassment allegations came out (the one where he’s not getting sued)
“• Threatened the woman not suing him in a group text that included his lawyer and had a picture of her kids in the text
“• Got released by the Patriots after one week
“• Went off on a tweet storm and said a lot of crazy [things] about a lot of people, and was supportive of people sending threats to the writer of the article detailing the sexual harassment allegations
“• Said he was done with the NFL
“• Went back to college via online classes
“• Tried to outsource his homework to Twitter
“• Wants to come back to the NFL
“• Filed several grievances to try and get more than $40 million from the Raiders and Patriots…
“• Tweeted a couple of bizarre tweets about the Raiders using him for HBO ratings and the Patriots trying to steal his stuff and kept using this weird chicken-based metaphor
“• Tried out for the Saints and brought an entourage and film crew to shoot a music video with him when specifically told not to do that…
“• Tweeted ‘No more white woman 2020.’…
“• Used a bunch of slurs and profane language toward cops in an Instagram video he posted
“• A police youth football league cut ties with him and returned a donation after the release of the video saying there was an ‘irreparable rift’ between the department and AB…
“• Was involved in a dispute with movers at his home, where he allegedly threw rocks at the movers and moving vans. He is currently being investigated for battery by the police…
“• Warrant issued for the arrest of AB…
“• Rumors spread about AB signing with Tampa or Seattle
“• AB announces his retirement (for what I believe is the third time, it’s hard to find a good record of the rest of them.) Two days later, AB wants to play again and is asking for the league to wrap up its investigation
“• The NFL announces an eight-game suspension for AB… under investigation for the bike-throwing incident
“• Allegedly acquired fake covid-19 card. Confirmed to have acquired a fake covid-19 card and subsequently suspended for three games
“• Removed jerseys and pads and threw them in the stands before exiting the game verse the Jets. Was subsequently cut from the Bucs for stripping on the field…”
9. Praising Nazi Germany
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“Losing a billion-dollar shoe deal b/c he couldn’t stop talking about how much he loves Hitler,” one user added.
Another user replied, “When Alex Jones is trying to reign you in, you know you’re spouting some crazy [things].”
One commenter shared, “That was such a bizarre interview. Alex REPEATEDLY gave him outs like, ‘As a fashion designer, surely you just appreciated their uniforms, RIGHT?’ And Kanye pretty much says, ‘Nah, I just like Hitler, man.’ Wtf?”
10. Staging a Hate Crime
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One user answered, “[Jussie Smollet] is a contender, although many choices exist. He stages a hate crime to gain leverage in contract negotiations… He hires meatheads to do the deed and pays them with a check. Of course, he lied the whole time, then the video turns up, and the DA figures it out.
“But being famous, he pulls strings and escapes prosecution for making a false claim. THEN…the political tide shifts, and he runs his mouth and refuses to reimburse the county for the cost of the investigation. And so the new DA says f- it and prosecutes him, and he gets convicted because he was obviously guilty.”
11. Posting a Video of Violent Death
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“Logan Paul posted a full YouTube video of someone hanging in a forest,” one user posted.
Another user commented, “Well, his whole family seems like crap, so no surprise he’s a huge [jerk].”
One Redditor added, “Even worse was that he was in Aokigahara, the ‘suicide forest’ in Japan. It’s unclear why that forest is such a popular place for people to un-alive themselves, but to revel in such a horrible event for internet fame is despicable.”
12. Saying You Could Have Saved Flight 11
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One user posted, “Mark Wahlberg saying if he had been on flight 11 (like he was supposed to), it wouldn’t have crashed because he would have killed the terrorists then figured out how to land the plane.”
Another user replied, “So he said what every person in Boston says daily.”
13. Debating Word Definitions
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One user shared, “That time Jennifer Garner corrected Conan O’Brien on the word snuck is one of my favorites. The fact that she throws in the bit about him going to Harvard makes it extra delicious.”
Another user replied, “His laugh when pulling out the dictionary to prove her wrong lives in my mind rent-free.”
14. Gwenyth Paltrow’s Goop
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“Gwenyth Paltrow and everything she promotes. Here’s a tea made with echinacea, random plants I got from cutting my yard. I stirred it with my [privates]. It’ll cure ED, lung cancer, whatever. Now available at Goop,” posted one user.
Another user replied, “Doesn’t everyone want a $100 candle that smells like my [body]..?”
15. A Math Called Terryology
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One user posted, “Terrance Howard ‘invented’ his own math called Terryology.”
Another user replied, “‘How can it equal one?’ he said. ‘If one [times] one equals one, that means that two is of no value because one [times] itself has no effect. One [times] one equals two because the square root of four is two, so what’s the square root of two? Should be one, but we’re told it’s two, and that cannot be.’”
Do you agree with the statements listed above? Share your thoughts!
Source: Reddit.
These are 10 Things That Completely Destroyed The Love in a Relationship
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There’s no question that relationships can be confusing, but here are some of the top things to avoid if you want to keep your relationship healthy!
10 Actors and Actresses People Refuse to Watch Ever Again
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We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!
Top 10 Worst Human Inventions of All Time
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Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.
10 Famous Celebrities Who Look Like They Smell Terrible
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We’ve all had moments of hygiene faux pas—but these celebrities just look like they don’t take care of themselves at all.
10 Terrible Fads People Are Glad Died Out
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Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.
If you’re considering buying a house in Georgia, you’re embarking on an exciting journey towards homeownership in one of the most charming states in the U.S. Whether you’re drawn to a condo in Alpharetta, a historic house in Macon, or the scenic beauty of the Blue Ridge Mountains, Georgia offers a diverse range of real estate options to suit every lifestyle. However, for first-time homebuyers and homeowners, the process can be exhilarating and complex, involving crucial steps such as property research, financial preparation, and navigating legal intricacies.
This Redfin guide will shed light on the essential aspects of buying a home in Georgia, providing valuable insights to ensure a smooth homebuying experience in the Peach State.
What’s it like to live in Georgia?
One of the highlights of residing in the Peach State is its pleasant climate, with warm summers and mild winters, making it ideal for outdoor activities year-round. Whether exploring the pristine beaches along the Atlantic coast, hiking through the picturesque North Georgia mountains, or strolling through the charming streets of Savannah with its historic architecture and oak-lined squares, Georgia’s natural beauty never fails to impress. Moreover, the state boasts a rich cultural heritage, evident in its music scene, culinary delights like southern barbecues and peaches, and numerous annual festivals celebrating everything from arts to film and food. Check out this article to learn more about the pros and cons of living in Georgia.
Georgia housing market insights
The Georgia housing market has experienced some notable recent changes in demand and supply. While housing demand experienced a slight decrease this year, the number of available homes has declined by 3.6% year-over-year. Despite this shifting demand, the median sale price has continued its steady ascent, increasing by 1.3% compared to the previous year. The effects of these price increases are particularly evident in cities such as Calhoun, Redan, and LaGrange, which are among the metros with the fastest-growing prices.
Rising mortgage rates have played a significant role in deterring some buyers from entering the market. Nevertheless, several cities in Georgia continue to maintain a competitive edge. North Decatur, Cumming, and Sugar Hill, in particular, have remained at the forefront, holding their positions as the top three competitive cities in the state.
Finding your perfect location in Georgia
Georgia is diverse, offering a wide array of living environments, from bustling urban centers to tranquil rural communities and scenic coastal areas. Each region has a unique charm, amenities, and proximity to various attractions and services. You’ll want to choose the city that aligns with your preferences, such as access to quality schools, proximity to work, recreational opportunities, and cultural activities. Additionally, considering factors like home trends and what neighborhood you’ll live in can significantly impact your long-term investment and satisfaction with your home.
Using tools like a cost of living calculator will aid you on your journey and point you to which cities align with your needs. Here are five of the most popular cities in Georgia to give you a head start.
#1: Columbus, GA
Median home price: $207,000 Columbus, GA homes for sale
Along the scenic Chattahoochee River, Columbus provides residents ample opportunities to enjoy outdoor activities such as kayaking, fishing, and biking along the RiverWalk. The cost of living in Columbus is 9% lower than the national average, making Columbus a great city to check out. The city boasts a vibrant arts scene, with the RiverCenter for the Performing Arts hosting various cultural events and performances throughout the year. Columbus is also home to Fort Benning, one of the largest military installations in the United States.
#2: Augusta, GA
Median home price: $211,950 Augusta, GA homes for sale
Augusta is perhaps best known for hosting the prestigious Masters Tournament, attracting golf enthusiasts worldwide. The city’s picturesque landscapes, including the Savannah River and the Augusta Canal, provide outdoor activities like boating, fishing, and hiking opportunities. Explore some of Augusta’s charming suburbs, where residents can explore historical landmarks such as the Augusta Museum of History. The city’s revitalized downtown area, Augusta’s Broad Street, features a vibrant arts and entertainment scene, with art galleries, theaters, and local eateries showcasing the region’s diverse flavors.
#3: Savannah, GA
Median home price: $333,990 Savannah, GA homes for sale
Moving to Savannah, you’ll be surrounded by well-preserved antebellum architecture and oak-lined streets. The city’s rich cultural heritage is celebrated through various festivals, like the Savannah Music Festival and the Savannah Film Festival, adding to its lively arts and entertainment scene. With its proximity to the Atlantic Ocean, residents can indulge in beachside relaxation and water activities at nearby Tybee Island. The cost of living in Savannah is 9% lower than the national average, making Savannah a good place to live. The city’s warm climate makes outdoor exploration a joy, whether strolling through Forsyth Park, visiting the Mercer-Williams House, or taking a riverboat tour along the Savannah River.
#4: Athens, GA
Median home price: $341,000 Athens, GA homes for sale
As the home of the University of Georgia, Athens exudes a vibrant college-town atmosphere, with a dynamic music scene that has earned it the title “The Classic City of the South.” The city’s downtown area is brimming with quirky shops, local eateries, and live music venues, making it a hub for creativity and entertainment. Residents can explore cultural gems like the Georgia Museum of Art and the Georgia Theatre, contributing to the city’s rich cultural landscape. Athens’ lush green spaces, such as the State Botanical Garden and Sandy Creek Park, allow outdoor enthusiasts to enjoy nature and recreational activities. The cost of living in Athens is 7% lower than in Atlanta, and if this city interests you, check out some of the best Athens suburbs to consider living in.
#5: Atlanta, GA
Median home price: $439,200 Atlanta, GA homes for sale
As Georgia’s bustling cultural and economic capital, moving to Atlanta boasts a thriving arts scene, with renowned institutions like the High Museum of Art and the Atlanta Symphony Orchestra. The city’s culinary landscape is equally diverse, featuring restaurants offering global cuisines and Southern delights. Atlanta’s rich history is evident in its iconic landmarks, such as the Martin Luther King Jr. National Historic Site and the Atlanta History Center. Additionally, if you’re looking for affordable Atlanta suburbs, there are several options for a more budget-friendly location.
The homebuying process in Georgia
After finding your ideal neighborhood, you’re ready to jump into the homebuying process.
1. Prioritize your finances
Before embarking on this significant investment, assessing your financial health, understanding your budget, and determining how much you can afford is essential. This involves reviewing and increasing your credit score, as it greatly impacts your eligibility for a mortgage and the interest rates you may qualify for. Preparing the necessary documents, such as bank statements, tax returns, and pay stubs, streamlines the mortgage application process and increases your credibility as a serious buyer.
There are various programs available for first-time homebuyers in Georgia, including the Georgia Dream Homeownership Program – CHOICE, which can assist with up to $7,500 in down payment assistance.
2. Get pre-approved from a lender
Getting pre-approved from a lender is crucial when buying a house in Georgia, as it offers several significant advantages. Pre-approval involves a thorough evaluation of your financial situation by a lender, which clearly explains how much you can borrow and what type of mortgage you qualify for. Armed with this information, you can confidently search for homes within your budget, saving time and avoiding the disappointment of falling in love with a property that may be out of reach.
3. Connect with a local agent in Georgia
A local agent possesses invaluable knowledge of the Georgia housing market, including current trends, neighborhood insights, and property values. They can guide you in identifying areas that align with your preferences and budget, providing personalized recommendations tailored to your needs. So whether you need a real estate agent in Savannah or an agent in Atlanta, they’re here to help.
4. Start touring homes
During home tours, pay attention to the house’s interior and exterior features. Look for structural integrity, signs of maintenance or repairs, and the property’s overall condition. Consider the layout and flow of the rooms, ensuring they suit your lifestyle and plans. Assess the natural lighting, storage space, and functionality of essential amenities like the kitchen and bathrooms. Take note of the neighborhood’s proximity to schools, work, shopping centers, and other vital amenities.
5. Make the offer
When making an offer, it is essential to consider the property’s fair market value based on recent comparable sales and the current state of the real estate market in the area. Your real estate agent can provide valuable insights and guidance to help you formulate a competitive and reasonable offer. Once you’ve decided on the offer price, you’ll draft a written purchase agreement outlining the terms and conditions, such as contingencies, closing date, and financing details. This offer is then submitted to the seller or agent, who can accept, reject, or counteroffer.
6. Close on the house
The closing process involves a series of essential tasks, including signing legal documents, settling financial transactions, and disbursing funds. Buyers typically can review and sign various closing documents, including the mortgage agreement, title deed, and other necessary paperwork. Any outstanding fees, such as closing costs and property taxes, are settled during the closing, and the final purchase price is paid.
For more information about each step of the homebuying process, check out Redfin’s First-Time Homebuyer Guide.
Factors to consider when buying a house in Georgia
When buying a house in Georgia, there are several unique factors to consider due to the state’s diverse landscape, climate, and cultural nuances. Here are some unique aspects to keep in mind:
Natural disasters
Georgia experiences weather-related events, including hurricanes, tornadoes, and flooding, particularly in coastal and low-lying areas. Understanding the potential risks of these natural disasters can help you make informed decisions about the location and safety of your chosen property. Being well-informed about these natural disaster risks ensures that you can take necessary precautions and make sound decisions to protect your investment and ensure your family’s safety and well-being in your new home in Georgia.
Historic preservation
When buying a house in Georgia, it’s essential to be aware of the state’s historic preservation laws, especially in areas with rich historical architecture and cultural significance. Georgia takes pride in its historical heritage, and many cities, such as Savannah and Atlanta, have implemented strict preservation regulations to protect historic properties and districts. These laws may restrict alterations, renovations, and demolitions of a historic home to maintain their architectural integrity and historical value. As a potential homebuyer, understanding these preservation laws is crucial, as it may impact your ability to make certain modifications to the property.
Humid subtropical climate
For those considering buying a house in Georgia, it’s essential to be mindful of the state’s humid subtropical climate. Georgia experiences hot and humid summers, often exceeding 90 degrees Fahrenheit and high humidity. Winters are generally mild, but occasional cold snaps can bring freezing temperatures. Additionally, homeowners should consider landscaping choices that can withstand the heat and humidity. Mold and mildew prevention become essential concerns, and proper ventilation and insulation should be prioritized in the home.
Home insurance rates
Coastal regions, such as Savannah, Brunswick, and St. Simons Island, are particularly vulnerable to potential damage from hurricanes and storm surges. As a result, insurance providers often charge higher premiums to cover these risks. Homebuyers in these areas should carefully research and compare home insurance from different providers to find the most suitable coverage that balances protection and affordability. Additionally, homes located in flood zones may require separate flood insurance, adding to the overall insurance costs.
Buying a house in Georgia: Bottom line
Buying a house in Georgia offers potential homeowners a wealth of opportunities and experiences. With its diverse landscapes, vibrant cities, and rich cultural heritage, the state presents a range of choices to suit varying lifestyles and preferences. It’s important to be well-prepared, considering factors like the humid subtropical climate, natural disaster risks, and potentially higher insurance rates. By staying informed and connecting with local experts, buyers can confidently navigate the homebuying journey.
Buying a house in Georgia FAQ
What are the requirements for buying a home in Georgia?
Having a good credit score, typically around 620 or higher for conventional loans, is essential. It’s necessary to demonstrate stable income and employment to prove mortgage repayment capability, with lenders evaluating the debt-to-income ratio for manageable monthly payments. While the down payment requirement varies based on lender and loan type, it remains a crucial component. Additionally, obtaining pre-approval is vital for homebuying in Georgia, as it indicates readiness for securing a loan. To make an informed decision, conducting a property appraisal and home inspection is advisable to assess the property’s value and condition thoroughly.
What is the average down payment on a house in Georgia?
The average down payment on a house in Georgia typically ranges from 3% to 20% of the home’s purchase price. Conventional loans often require a down payment of around 5% to 20%, while government-backed loans like FHA loans may have lower down payment options, sometimes as low as 3.5% for qualified borrowers. It’s essential to consult with a mortgage lender or a real estate professional to determine the most suitable down payment amount based on your financial situation and the specific loan program you may qualify for.
How much does it cost to buy a house in Georgia
The cost of buying a house in Georgia can vary widely depending on various factors, such as the location, size, condition, and property features. The median sale price is $375,500 which is lower than the national median. However, home prices can range from below the median for smaller homes in more affordable areas to several million dollars for larger homes or properties in upscale neighborhoods. Factors like real estate market conditions, interest rates, and demand for housing can also influence home prices. Apart from the purchase price, buyers should also consider additional costs such as closing costs, property taxes, home insurance, and potential homeowner association fees.
After losing nearly everything, Aaron knew he’d get another chance. When he found an opportunity with Texas foreclosures in 2015, he took action. On today’s podcast, Aaron discusses his return to foreclosure auctions and the incredible success he’s seen since. Aaron also talks about his big bet on real estate in 2020, the value of in-person masterminds, and the power of the entrepreneurial spirit.
Listen to today’s show and learn:
The one thing Aaron never regretted spending money on [1:38]
An example of how entrepreneurs will always find a way [3:05]
When Aaron found his second chance at the foreclosure auction [5:49]
How real estate rentals can help you weather any storm [11:28]
A bet on real estate that paid off big [13:43]
The lesson that Aaron should have learned during the last recession [18:03]
Aaron’s first majorly successful software app [19:56]
The 2023 Real Estate Rockstars Mastermind and Aaron’s future event plans [26:38]
Lives that the 2023 mastermind changed [30:16]
Shelby’s thoughts on the Real Estate Rockstars Mastermind [34:25]
Where to get your Mastermind ticket [37:50
Aaron Amuchastegui
Aaron has bought and sold more than 1,000 houses buying foreclosures on the courthouse steps. Manages real estate investment funds with 250 single family rentals mostly in Texas.
Now he uses that experience to help other while hosting the Real Estate Rockstars Radio podcast (hibandigital.com) and as the CEO of Roddy’s Foreclosure Listing Service where they create software for real estate investors and provide foreclosure leads, and free training.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Having to file a claim against an insurance policy can be stressful. Whether it’s your homeowners insurance, car insurance, or health insurance, filing a claim means that something went wrong.
You hope that your claim will be handled quickly and professionally and you’ll get the desired outcome, compensation related to your claim. When our area was hit by an inland hurricane a few years back, our house took on a lot of damage. Our entire area was hit, so we made sure to call our insurance company immediately to make sure we were first on the list. Luckily, our insurance company was quick to respond and we got everything taken care of promptly.
Note: You can see my post on the storm that hit our area: How to be Ready for an Emergency.
However, sometimes things go wrong and your agent or insurance agency mishandles your claim or you don’t get the fair result you expected. In this case you don’t have to just settle for what you get, you can report a bad insurance agent or agency through a claim with your state.
The first step when you get a decision that you don’t agree with is to try to negotiate a better settlement amount or claim amount with the agent. If you can reach a satisfactory agreement that is often better then the time and energy that will be invested in filing a claim against the agent. However, if your case was just handled poorly or you just can’t reach an agreement, then filing a claim with the state is necessary.
Where to Start
Search the state department of insurance website to locate the name and address of who to contact in your state. Some states like NY and CT have consumer complaint forms available for you to use in conjunction with their formal insurance department claim center. You can print and complete these forms to get started. If your state doesn’t have forms available online, you can print one from a state that does and use it as a template for your complaint.
If you are having trouble figuring out who to contact in your state you can look up the National Association of Insurance Commissioners and their site will direct you to the appropriate contact in your state.
Filing the Claim
You will want to complete the claim against your agent thoroughly and accurately. This means thinking with a clear head and detailing facts only. It is important to list all events and contacts in chronological order. Include any contact you had with the agent, police, insurance company, doctors or anyone pertinent to your case.
Attach any necessary documents. This could be health records in terms of a health care claim or an accident report if it was a vehicle claim. It’s important to hold on to the original documents and just send in photo copies in case they get misplaced and you need to furnish additional copies.
Remember to sign and date your claim before you send it in. Then you will want to send it to your state department of insurance claims.
Follow Up
If you want to achieve satisfactory results, it is important to follow up. Usually two weeks after you submit your claim is sufficient time for follow up. Keep following up ever week until your claim is handled.
Follow Up, Follow Up
A friend of mine who is industry read my post and wanted to add their two cents. I thought it was a good perspective, so I wanted to share…..
Saw you post a few days ago about insurance claims. Being in the business, it struck a chord with me. I could ramble on with many things but a few that stuck out to me about your article/post/whatever was that it assumed everyone who has an issue with the way their claim is handled had a covered loss? Admittedly, I didn’t research the context of your article but am assuming you’re trying to educate the public. Just wanted to ensure that it was objective! Naturally, email/written text doesn’t allow me to provide non-verbals and context to this message. It is all in good fun and nothing that I am losing any sleep over – or you either for that matter. Just some food for thought.
If you didn’t receive remarkable customer service or were denied coverage for a covered loss, then there are grounds to file complaints. If the top insurance companies mess up, although I know that with respect to the people I work with and what I believe in my company, it isn’t malicious. More so, human error or misinterpretations. I wouldn’t bat an eye to file a complaint myself as a consumer if I thought I was treated unjustly or unfairly, especially when I’ve entered into a contract. But, if you expect insurance to cover general maintenance on your property when your roofer uncovered rotted roof decking once they take hail damaged shingles off your roof – there may not be anything a judge or the department of insurance can do to help you – maintenance isn’t covered. Also, there are areas in most insurance policies that outline alternative dispute resolutions – be it appraisal, arbitration, or filing suit. Often times, these are measures sought outside of asking the DOI to step in which is often viewed as the final option when others didn’t suffice (I think often times the DOI would agree).
One other thing I thought was interesting was that you filed your claim quickly to get to the top of the list. Certainly can’t speak for all insurance companies, but can say based on my experience, this is a general misconception. Most companies assign claims based on severity. The people with more damage generally get inspected first. But there are a lot of subjective items that go into it as well – namely the schedule/location of the assigned adjuster. There are other factors but but just because you file a claim quickly doesn’t mean you’re going to get inspected quicker – relatively speaking.
Anyway, that is my 2 cents – or a quarter based on the amount I’ve typed out here! I just sort of felt like reading it, that you were maybe supporting filing a compliant when you didn’t get what you thought you deserved when the general concept of insurance is confusing for many. I am by no means saying all insurance companies have unwavering ethics or morals. Since USAA is giving you some props – check out there article about myths in insurance. They list some common ones that any insurance company would agree are out there. Wow – I thought this would be a few sentences and this turned into a book. Now I need to go back and read it again and make sure I’ve covered everything! Anyway, I seriously wanted to more so give you props for what you’re doing and jab at you a little and this turned heavy on the jab (in good fun) and less on the props.
Have you had a bad experience with an insurance agent? If so, share your experience in the comments below.
Gateway First Bank was previously an independent mortgage company. Its dominance in the mortgage space helped it become American Banker’s 2022 top-performing bank based on data after the pandemic-era mortgage boom.
Gateway First Bank
A top bank isn’t always the highest flier, but one that can survive the tough periods in a more turbulent economy.
That’s the story of Gateway First in Jenks, Oklahoma, the No. 1 bank on the 2022 list of top-performing banks with $2 billion to $10 billion of assets compiled by the consulting firm Capital Performance Group. The list ranks the banks by their three-year average return on average equity. The $2.1 billion-asset Gateway’s three-year average ROAE of 25.36% put it at the top of the list.
But compared to its top-performing peers that hovered in the 20% to 30% range in the last three years, Gateway First had a very different journey. Its ROAE was slashed in half from 2020 to 2021, going from 45.66% to 26.58%. This then plummeted down to 3.84% in 2022.
“I don’t think there’s any company I’ve seen that has been through more change in the last five years than we have,” said Scott Gesell, CEO of Gateway First Bank. This included changes brought on by an acquisition and a change in strategy.
“But we’ve weathered the storm,” Gesell added. “And it’s because we got great people.”
The bank, originally an independent mortgage company called Gateway Mortgage Group, acquired Farmers Exchange Bank and became Gateway First Bank in 2019. Gateway First’s dominance in the mortgage market proved to be a boon during the pandemic when rates were cut in an attempt to spur economic activity. In 2020, the 30-year fixed-rate mortgage fell below 3% for the first time, and then hit an all-time low of 2.65% in January 2021.
Gesell noted that those were some of the “best years in the history of mortgage lending.” The bank’s mortgage loans peaked at $11.8 billion dollars in the middle of 2020, he added.
Then came the end of 2021, when the bank’s mortgage loans fell to only $4 billion. “It was a transition year away from that and into kind of the worst year in mortgage banking, probably since 2008,” he said.
Interest rates have spiked to more than 7% this year. Ninety-nine percent of borrowers had a mortgage rate lower than 6% or the current market rate, according to Goldman Sachs earlier this year. This has deterred refinancing, with the number of these loans dropping from 1.8 million in the first quarter of 2021 to just 9,700 in the fourth quarter of 2022. Gesell called it a “perfect storm in the mortgage industry today.”
Scott Gesell, CEO of Gateway First Bank.
Gateway First Bank
Gateway has made efforts to diversify its balance sheet by racking up more commercial loans while maintaining and monitoring its current mortgage portfolio. Gesell highlighted that mortgage banking is a more “fickle and volatile business” than other lines of business.
Steven Reider, president of the consulting firm Bancography, said that facing a dearth of refinancing and mortgage activity, it’s good for a bank to look for other revenue streams.
“There’s a benefit from diversification because all of our business lines and all our economic sectors don’t tend to move in lockstep,” he added. “But it takes time to build the product. It takes time to build the personnel.”
The industries of Gateway’s commercial loans are diverse, according to Gesell, ranging from hospitality to energy lending. Meanwhile, the bank has steered clear from lending on commercial office real estate given the uncertainty of that business right now. Remote work has persisted since the pandemic, and office vacancies have reached an all-time high at 16.1% in the first quarter.
Besides diversifying its loan portfolio, the company also cut operations and staffing since the mortgage boom ended. The company cut its number of mortgage centers from 170 to 125 and trimmed its headcount from 1,800 employees who work on mortgage originations to 1,100.
“It’s a tough deal but people know that we aren’t doing it lightly,” added Gesell. “The nice thing is we had a couple good years that allowed us to buffer and soft-land the process of downsizing.”
Gateway’s near-future growth strategy will continue to focus on commercial lending, while fortifying its deposit base — the bank currently has one of the highest loan-to-deposit ratios in the top-performing banks ranking at around 140%. Gesell said that they will be able to do this through organic customer growth and acquisitions of banks heavier on deposits than loans. He is aiming to decrease Gateway’s loan-to-deposit ratio to 90% by the end of 2024.
“That’s sort of been the history of the organization. There has been a commitment to reinvesting in the organization on an ongoing basis because you want to maintain yourself in a position to continue to grow,” said Gesell.
When there are multiple examples of important events that can cause bond market volatility in any given week but that week begins without much volatility, the analysis writes itself. The words may vary, but the underlying message is one of “calm before the storm.” And because the storm involves multiple economic reports that stand some chance of offsetting their directional implications, it’s safer to say “calm before the potential storm.” The most notable volatility today was driven by trades that existed due to month-end positional needs rather than a reaction to data/events. Thus, the biggest moves were seen at 9:30am and 3pm, but ultimately didn’t leave trading levels far from Friday’s latest.
Chicago PMI
42.8 vs 43.3 f’cast, 41.5 prev
09:45 AM
No major reaction to data. 10yr up less than 1bp at 4.02. MBS down 2 ticks (.06).
12:51 PM
modest additional gains with 10yr down 1.7bps at 3.996. MBS up an eighth.
02:21 PM
Leveled off in PM and slipping slightly. MBS up 3 ticks (.09) and 10yr down 1bp at 4.003.
02:57 PM
Giving up slightly more ground now. MBS unchanged (down just over an eighth from highs) and 10yr also unchanged at 3.957.
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