Real Estate News Category
How Much Should You Expect To Pay In Mortgage Closing Costs?
Posted By Matt Fagioli on August 19th, 2010
How much does a mortgage cost? The answer depends on where you live. But no matter which your locale, chances are strong that you’ll pay more for a mortgage in 2010 as compared to 2009.
Here’s a chart that shows some comparison cities. Georgia comes in right about in the middle. Closing costs on Gwinnett County homes have been way more affordable than most other states. New York, Texas and others really tip the scales!
According to Bankrate.com and its annual Closing Cost Survey, a typical $200,000, purchase mortgage now carries an average $3,741 in closing costs — up nearly 37 percent from last year.
As defined by Bankrate.com, “closing costs” is defined as the sum of two numbers. The first group is labeled “origination charges”, a category that includes such items as underwriting fees, application fees and processing fees. These fees are paid directly to the loan originator’s company at the time of closing.
The second grouping of costs is labeled “third-party fees”. Third-party fees include appraisals, credit reports, settlement fees and title searches — items paid in connection with the loan, but not paid to the lending bank or broker.
It’s unclear why closing costs appear to have escalated into 2010, but Bankrate.com suggest that recently-enacted federal lending laws are a culprit:
- The new law requires loan officers to be accountable to a Good Faith Estimate’s accuracy. Bankrate.com’s prior-year surveys may have been “understated”, therefore, because of a lack of accountability.
- The cost of federal compliance is high, and banks may be passing on compliance costs to consumers
To see the complete list of closing costs by state, including where Georgia ranks, visit the Bankrate.com website.
Hamilton Mill Golf Tournament / October 21, 2010
Posted By Matt Fagioli on August 18th, 2010
The ‘96 Worth Cobras Softball Team is seeking the National ASA Championship during their second season at the Girls 14u level and the upcoming 2010/2011 season.
The team is hosting a full-field open golf tournament to raise money for their upcoming bid for the national title!!
All are welcome so why not bring your best buddies for the 4 man best ball event on Thursday October 21, 2010. All the details are at 96Cobras.com
Newspapers Suck
Posted By Matt Fagioli on August 17th, 2010
I had a great morning. Up at 6. Dropped my daughter off at Mill Creek High School at 630.
Went to the gym (back on track it seems). After all of that, I stopped at one of my favorite coffee joints to grab some joe and some breakfast.
I wanted something to read while I chilled out for 15 minutes or so. I didn’t have my iPad with me or a book, so I decided to buy a newspaper (gasp!). First I went for the USA today. It was actually sold out. So, I picked up the Atlanta Journal & Constitution. It cost me a buck! (same as USA Today).
I took the paper out of the machine (the outdoor kind that takes quarters). The first thing I noticed was how super thin and light this one dollar paper was. Once I sat down with it, I scanned the front page for something worth reading. Sadly, nothing seemed worth 4 minutes of my life. I flipped through all of the sections. The very last section was called “living” or something like that. I found one story there that I liked about “the moments that sustain us”. It was a cool little piece about how the small things in life are the ones we remember forever.
If I’d had my book or my iPad or my Mac, there’s no way I’d have paid $1 for this lame excuse for a paper that gave me one sorta “meh” story.
I’m quite certain that I’m stating the obvious here, but…
Newspapers are dead!
btw, I’m not saying that print is dead. But newspapers definitely are.
(originally posted at ForwardSlashLife.com )
12 Stone Church Saturday Campus is Coming September 18th
Posted By Matt Fagioli on August 16th, 2010
If you’ve been planning to visit 12 Stone Church but had trouble finding the right schedule for you, something cool is coming. Starting September 18, 2010, there will be two Saturday night services at the Hwy 20 campus – 5pm and 645pm.
They are calling it “Saturday Campus” because it’s really a completely seperate team from the Sunday. Saturday will have it’s own awesome worship team and campus pastor plus a totally unique set of volunteers to run the childrens ministry, usher team, etc. It takes a small village to make it happen when the Church seats 2500 people!
Right now you can get connected to the Saturday Night Campus via facebook or contact 12Stone Church at 678.990.8100
Huge Changes May Be Coming From Washington – Again
Posted By Matt Fagioli on August 13th, 2010
My friend Tom Royce wrote a great post today about some of the talk around DC these days. Huge changes may be coming in the way real estate works in the US. This is not just a Hamilton Mill issue or Gwinnett County issue (of course). These days federal policy on housing is something we’ve got to keep a very close eye on. I thought this was important enough to highlight it here and give you a link back to read the entire text.
Federal Government Overhauling Housing Policy? What Does That Mean For You?
With the rise of the powerful federal government, policy decisions coming out of Washington DC are having more and more influence over our economic decisions. When it affects the auto industry or the banking industry, these decisions may affect those of us involved in real estate, but it will not change our lives.
Here’s the full text of his post:
