Mortgage Lending Partner - Mark Daker, Fidelity Bank

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At Team Rich Richardson, we try to surround ourselves with the top vendors in each facet of the real estate transaction. We know how important this is to making your home buying or selling experience the best it can possibly be. When buying a home, one of the most important partners is your lender. They handle the biggest financial aspect of the transaction, and so much hinges on your relationship with them and their performance. Plus you want to get the best rate and pricing possible! You will be paying on this loan for 30 years!

We could not be prouder to work with Mark Daker at Fidelity Bank. This is no joke - Mark has never prequalified one of our clients and not closed the loan on time. That is amazing! Mark is a wealth of knowledge about the financing world, and you can start the prequalification process with him our Financing Page.

Mark has almost a decade of experience in the mortgage industry and has worked with Fidelity Bank Mortgage for nearly 3 years. Fidelity Bank Mortgage is a full service lender, which means borrowers receive all the competitive pricing benefits of a loan broker, since Fidelity has access to nearly all major mortgage investors. However, since Fidelity is also a full service bank, they can offer the level of service you would expect from a local bank, rather then a broker. Thus, loans are processed, underwritten, and funded from Mark's local office. Consequently, the process is always as stress-free, efficient and professional as possible. Additionally, since Fidelity does lend its own funds and has direct contracts with Fannie Mae and Freddie Mac, Fidelity can then offer numerous programs that are exclusive to direct lenders, to include rehabilitation loans, down payment assistance programs and direct government loans, i.e. USDA and VA. While this model of business was at one time frequently seen, the number of direct lenders in Georgia are now minimal. This model ensures Mark's customers receive a combination of the best rates, costs and services the mortgage industry has to offer.

Justin Landis
Keller Williams Peachtree Road
404-803-0471
justin.landis@kw.com

Low 15 Year Interest Rate for Mortgages in Georgia

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It seems unbelievable that you can borrow money to buy a house for less than 4.0% interest. It's true, you can.

On June 10th, the mortgage interest rates at Fidelity Bank in Georgia were

• Conventional 30 Yr Fixed 4.375%


• Conventional 15 Yr Fixed 3.625%


• FHA Mortgage 30 Yr Fixed 4.250%

Those are some low interest rates! Want to take advantage? You can refinance your existing mortgage, sell your home and buy a different one, buy your first home, or even look at purchasing an investment property or 2nd home. Whatever you choose, we are here to help!

Justin Landis
Keller Williams Realty
404-803-0471
justin.landis@kw.com

Mortgage rates hit new lows for 2011

Think mortgage rates couldn't go down any more? You wouldn't be alone, but they just hit the lowest point of 2011 according to HousingWire.com.

The 30-year, fixed-rate mortgage rate fell to 4.6% in the most recent Freddie Mac Primary Mortgage Market Survey, reaching a new low for 2011.

That compares to a rate of 4.61% a week earlier and 4.84% last year. The 15-year, FRM followed suit, averaging 3.78%, down from 3.8% a week earlier and 4.21% last year.

“Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity," concluded Frank Nothaft, vice president and chief economist, Freddie Mac.

Justin Landis
Keller Williams Realty
justin.landis@kw.com
404-803-0471

Bank of America to Reduce Mortgage Balances

Bank of America announced Wednesday that it would introduce a program to help distressed borrowers from losing their home. The program focuses on loan modification for those who have experienced a hardship, yet continue to make payments over a period of time. The article below does a great job of explaining all of the details of the program, and outlines the situation at large.

While not perfect, it's another way lenders are trying to limit the amount of foreclosures. By avoiding foreclosures, banks are taking short losses today in hopes of avoiding devastating losses down the road. Efforts like these are being encouraged by the government and community organizations alike in an effort to stabilize home prices and neighborhoods, protect homeowner's credit, and minimize losses suffered by lenders.

New York Times Article

FHA Loan Changes

FHA has changed the amount of Up Front Mortgage Insurance. Effective April 5th all new loans will have an Increased Up Front Mortgage Insurance (UFMIP) from 1.75% to 2.25%.

So, for example, on a $200,000 loan that means the extra .5% will add $1,000 to their loan. For a $300,000 loan the increase will add $1,500 to their loan balance.

The fee increase doesn't take place until April 5th, so there is still time to avoid the fee.