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Will Generation Y Live The American Dream Of Buying A New Home?

Since the real estate meltdown happened in the 2007/2008 time frame, many families across America have seen their home prices plummet far from the original purchase price they paid, even with home improvements.  Others that bought properties in the mid to late 90’s saw a spectacular run of home price growth only to see many of those gains wiped away over the past four years.   With much of the home ownership across America dispersed between the baby boomers and generation X, there is a looming question around whether Generation Y will even want to own a home in the future.    Is this actually still an American Dream or merely something that has turned into a Nightmare On Elm Street?   Here are three reasons why Generation Y may not be a major purchaser of new homes over the next decade despite the incredibly low mortgage interest rates we are seeing today.  Heavy Student Debt – Many people in the 20’s are ...

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Why Refinance Back into a 30-Year Loan?

Refinance Your Mortgage for Rate and Payment Reductions Atlanta, GA – One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at “no cost” to the borrower. In the no-points no-fees scenario, the mortgage consultant uses rebate monies paid by the lender to pay off non-recurring closing costs for the borrower. These are “one time” fees such as escrow or attorney fees, title insurance, document preparation, tax service, flood certification, processing and underwriting fees, etc. The borrower is still responsible for recurring fees such as interim insurance, property taxes or insurance policy payments. Refinancing typically occurs when mortgage interest rates drop significantly, but borrowers with recently improved credit scores (from paying off credit card debt, making mortgage payments on time, ...

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