e Buckhead Northwest Office
REAL ESTATE BUYERS HOME GUIDE
e Buckhead Northwest Office Why Should You Use a REALTOR®?
Only real estate licensees who are members of the National Association of REALTORS® are properly called REALTORS®. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge as it relates to the process of buying and selling real estate. They are committed to serving all parties of a transaction honestly and all Realtor® business practices are monitored at local board levels, where arbitration and disciplinary systems are in place to address complaints from the public or other board members. When purchasing a home, your Harry Norman, REALTORS® sales associate can give you up-to-date information on what is happening in the marketplace including price, financing and terms of competing properties. These are key factors in successfully purchasing your home at the best price in the least amount of time. Your Realtor® will help you write an appropriate legally binding purchase agreement. Between the initial sales agreement and settlement, questions may arise. Your trusted Harry Norman, REALTORS® sales associate is the best person to answer these questions and help move the transaction towards settlement.
e Buckhead Northwest Office Brokerage Relationships in Real Estate Transactions Act Harry Norman, REALTORS® and its sales associates appreciate the opportunity to assist you in your real estate needs. We are pleased to work with you in the agency relationship that best meets your needs and satisfies Georgia Agency Law. Our services to you are based on our desire to provide the highest quality of service possible, Our mission is that you will be satisfied before, during and after the sale or purchase of your property.
Brokerage in Georgia: • • • •
Sales associates are licensed and are affiliated with a licensed broker, typically as independent contractors. Buyers and sellers interact with sales associates who are supported by their Broker. Licensed brokers and sales associates are required, by law, to be honest, truthful and to disclose materially adverse conditions relative to the purchase or sale of a property. Georgia law defines working relationships between buyers, sellers and real estate brokers and how relationships are established.
Agency Relationships: Consumers work with sales associates as “clients” or “customers.”
Clients • • • • • • • •
Clients are represented by real estate brokers and their sales associates. Brokerage duties to the client are loyalty, confidentiality and protection of the client’s interest in the transaction. Georgia law requires that clients and Brokers sign a brokerage agency agreement for representation. If the buyer and seller in a transaction are clients of the same brokerage and working with the same sales associate, Dual Agency occurs. Dual agency requires the written consent of both buyer and seller. Disclosure and consent to dual agency is provided in the seller’s listing agreement and in the buyer’s agency agreement. In dual agency, neither party is exclusively represented. Confidentiality is maintained for each party, unless information relevant to the transaction is false, unlawful, materially adverse or harmful to the position of either party. If the buyer and the seller in a transaction are clients of the same brokerage but represented by different sales associates, Designated Agency occurs. Designated agency is not dual agency in Georgia.
Customers • Customers are not represented by a broker in a legal or agency capacity. • If both the buyer and seller are customers, the Broker is a Transaction Broker. A transaction broker represents neither party in the transaction. • Services available to a customer are called “ministerial acts.” Ministerial acts include: locating property, providing information, preparing contracts and providing names of other professionals such as inspectors, attorneys, lenders, etc. www.harrynorman.com
e Buckhead Northwest Office
I can help you with any home.
Call me! As your agent, I will always look out for your best interests and, I will provide you with the information you want about any home.
www.harrynorman.com & mobile.harrynorman.com Harry Norman, REALTORS® is committed to leading the way in providing you the technological resources you need. Whether you are looking to buy or sell, www.HarryNorman.com is THE online resource for all your real estate needs.
Advantages for buyers:
Advantages for sellers:
• Search more than 75,000 area listings of multiple listing services located throughout Georgia and North Carolina • Search nationally and globally through our affiliation with Leading Real Estate Companies of the World® • Apply online for a mortgage through HomeServices Lending, LLC • Determine how much you can afford with our mortgage calculator • Search for Open Houses • Obtain step-by-step information on the buying process
• More than 129,000 visitors per month • Exposure for your home with direct access to our site from more than 600 Leading Real Estate Companies of the World® affiliated companies across the country and around the world • User-friendly search brings more buyers to your home • Your open house listed and searchable • Step-by-step information on the selling process • Direct connection with your agent and access to website activity information on your property www.harrynorman.com
e Buckhead Northwest Office
If You See... FOR SALE BY OWNER 555-111-6789
A For Sale By Owner Sign
Sunday, Open Houses
atlaNta couNtry cluB 4348 Paper Mill Road, $6,950,000 6BR/7fb/2hb. FMLS: 4246745 Kelly Boudreau 404-851-0700
BrookhaveN 3965 Vermont Road, $1,850,000 4BR/3.5b. FMLS: 4242763 Cathy Boston 404-660-5431
Buckhead 3383 Kilby Place, $1,195,000 5BR/5.5b. FMLS: 4292914 Sherry Wren 404-964-7080
Buckhead 1348 Peachtree Battle Avenue, $1,200,000 4BR/4.5b. FMLS: 4307877 Shirley Sharp 404-291-2273
Buckhead 799 Longwood Drive, $545,000 3BR/3b. FMLS: 4332252 Mary Stuart Iverson 404-495-8246
Buckhead 79 Honour Circle, $865,000 3BR/3.5b. FMLS: 4303628 Carol Young 404-495-8349
Buckhead 1209 Paces Forest, $899,000 4BR/3.5b. FMLS: 4318460 Carol Young 404-495-8349
Buckhead 3010 Habersham Road, $3,695,000 5BR/4.5b. FMLS: 4331427 Studie Young 404-495-8350
Buckhead 211 Nacoochee Ave., $2,285,000 4BR/5.5b. FMLS: 4325720 Studie Young 404-495-8350
Buckhead 2586 Woodward Way, $2,395,000 4BR/4fb/2hb. FMLS: 4332331 Bonneau Ansley 404-906-3161
Buckhead 401 Argonne Drive, $3,395,000 5BR/5.5b. FMLS: 4281960 Bonneau Ansley 404-906-3161
Buckhead 1337 Peachtree Battle Ave., $2,385,000 7BR/7fb/2hb. FMLS: 4328281 Bonneau Ansley 404-906-3161
Buckhead 711 Burke Road, $579,000 4BR/3b. FMLS: 4288485 Kelly Boudreau 404-851-0700
Buckhead 3127 Lenox Road, Unit 3, $535,000 4BR/3fb/1hb. FMLS: 4325949 Bill Goldstein 404-245-8590
Buckhead 3111 Margaret Mitchell Drive, $399,900 3BR/2fb. FMLS: 4289766 Pam Hughes 404-851-0732
Buckhead 4460 Paces Battle, $779,000 5BR/4fb/1hb. FMLS: 4310604 Robbie Turner 404-234-8535
Buckhead 2214 Peachtree Road, A-1 PRICE? 2BR/1b. FMLS: 4303126 Brandy Klump/Kelly Boudreau
Buckhead | regeNts park 2440 Peachtree Road #14, $1,750,000 3BR/4.5b. FMLS: 4149949 Bonneau Ansley 404-906-3161
Buckhead 3395 Valley Road, $1,395,000 5BR/5.5b. FMLS: 4333780 Beverly Mason 404-606-1579
Buckhead 650 Moore Mill #21, $389,000 2BR/2.5b. FMLS: 4332843 Beverly Mason 404-606-1579
Buckhead | peachtree resideNces 2626 Peachtree Rd. #14, $259,900 2BR/2b. FMLS: 4309307 Sandy Abrams 404-281-0097
Buckhead/ collier hills 2010 Dellwood Drive, $549,000 3BR/3b. FMLS: 4327212 Allison Sinkler 404-259-2093
North Buckhead 3620 Ivy Road, $899,000 3BR/2fb/1hb. FMLS: 4321202 Kelly Boudreau 404-851-0700
chastaiN park 4495 Powers Ferry Road, $ 1,399,000 5BR/4fb/1hb. FMLS: 4264703 Kelly Boudreau 404-851-0700
chastaiN park 4720 Powers Ferry Road, $645,000 4BR/3b. FMLS: 4262913 Kelly Boudreau 404-851-0700
chastaiN park 4500 Stella Drive, $2,950,000 5BR/6fb/1hb. FMLS: 4195029 Kelly Boudreau 404-851-0700
chastaiN park 4719 Tall Pines Drive, $599,000 4BR/3fb/1hb. FMLS: 4283997 Kelly Boudreau 404-851-0700
decatur 1082 Greenbriar Circle, $189,900 2BR/2b. FMLS: 4260425 Mary Hood 404-680-9026
ellijay 741 Wilderness Way, $2,800,000 5BR/5fb/4hb. FMLS: 4254695 Sandi & Wendell Harsh, 404-310-0208
MidtowN 75 14th Street, $1,990,000 3BR/3fb/1hb. FMLS: 4299993 Margie Kessler 404-966-5457
North georgia MouNtaiNs 1643 Mountainside Drive, $1,099,000 5BR/4fb/2hb. FMLS: 4329418 Bonnie Wolf/Russell Gray
roswell 200 River Landing Drive, $385,000 4BR/3fb/1hb. FMLS: 4330588 Phebe Etheredge/Kathy Sanghani
saNdy spriNgs 700 Glen Ferry Trail, $559,900 6BR/5b. FMLS: 4332429 Mary Helen Abbott, 404-229-4113
saNdy spriNgs 575 Chestnut Rose Lane, $1,199,999 6BR/5fb/2hb. FMLS: 4272214 Sandy Abrams 404-281-0097
saNdy spriNgs 5965 Greenbrier Rd., $799,900 6BR/5.5b. FMLS: 4310849 Sandy Abrams 404-281-0097
saNdy spriNgs 985 Lancaster Walk #15, $449,500 4BR/3b. FMLS: 4318584 Sandy Abrams/Beverly Aaron 404-281-0097/404-353-1180
saNdy spriNgs 770 Brook Park Place, $1,390,000 5 BR/5fb/1hb. FMLS: 4328682 Kelly Boudreau 404-851-0700
saNdy spriNgs 720 Heards Ferry Road, $6,900,000 10BR/11fb/3hb. FMLS: 4331626 Kelly Boudreau 404-851-0700
saNdy spriNgs 5178 Lake Forrest Drive, $2,695,000 5BR/4fb/1hb. FMLS: 4309176 Kelly Boudreau 404-851-0700
saNdy spriNgs 691 Londonberry, $1,075,000 5BR/4fb/1hb. FMLS: 4327414 Kelly Boudreau 404-851-0700
saNdy spriNgs 4760 Mystic Drive, $449,000 Lot. FMLS: 4230699 Kelly Boudreau 404-851-0700
saNdy spriNgs 4770 Mystic Drive, $1,099,000 5BR/5b. FMLS: 420705 Kelly Boudreau 404-851-0700
saNdy spriNgs 6325 Riverside Drive, $2,475,000 5BR/ 6fb/1hb. FMLS: 4328920 Kelly Boudreau/Marilyn Rowland 404-851-0700/404-851-0784
Buckhead 4642 Sentinel View FMLS: 4163387 Shirley Sharp 404-291-2273
east coBB 4587 Chattahoochee Court, $649,900 5BR/4fb. FMLS: 4325386 Gitte Claud 404-316-1111
under contract saNdy spriNgs 680 Tanglewood Trail, $1,250,000 6BR/4fb/1hb. FMLS: 4292351 Kelly Boudreau 404-851-0700
Buckhead 532 East Paces Ferry Rd 404-233-4142 Betsy Franks, VP & Managing Broker
saNdy spriNgs 6295 Weatherly Drive, $599,000 4BR/2fb/1hb. FMLS: 4302435 Barbara Oliver 404-667-4211
Buckhead chastaiN 3744 Roswell Rd 404-233-1492 John Barnes, VP & Managing Broker
saNdy spriNgs 635 Widgeon Lane, $1,375,000 6BR/5fb/2hb. FMLS: 4184011 Shirley Sharp 404-291-2273
Buckhead North 3405 Peidmont Road #150 404-814-9000 Rob Owen, VP & Managing Broker
viNiNgs 3083 Farmington Drive, $415,000 UNDER CONTRACT 4BR/2b. FMLS: 4326282 Katherine Maxwell 404-992-8813
Buckhead Northwest 3523 Northside Pkwy 404-261-2700 Shea Zimmerman, VP & Managing Broker
saNdy spriNgs 5290 Roswell Road 404-250-9900 Helen Lynch, VP & Managing Broker
The above information is believed to be accurate but is not warranted. Offer subject to errors, changes, omissions, prior sales and withdrawals without notice. www.harrynorman.com
A Competitor’s Sign
Any Advertisements, Internet Listings, Etc.
Call me - as your agent, I will always look out for your best interests and I will provide you with all the information you want about any home. www.harrynorman.com
e Buckhead Northwest Office The Power of VoicePad® Mobile Audio Search! Harry Norman, REALTORS® VoicePad® Audio Search puts you in the driver’s seat in your home search! While you are driving around town, get up-to-date information on any property for sale, no matter the listing broker! Simply call the search system (404-8744663), enter a house number, listen to the updated presentation in English or Spanish and receive an e-mail with additional information on each property of interest.
I can register you with VoicePad Buyer 411. Just some of the benefits of Buyers 411: • Allows you to search the local inventory on your own • Works on your existing mobile phone – no need for any additional equipment • Ability to connect to your buyers agent immediately if you find a property you wish to view • Receive an e-mail on each property presentation you hear automatically • Receive a text message within minutes containing abbreviated property information on your search • I am notified of your property searches so that I may better assist you • Avoid multiple callbacks by other agents as property information is supplied to your own phone and your identity is protected.
I will put you in the driver’s seat. Put the power of VoicePad to work for you today.
î že Buckhead Northwest Office The Home Purchasing Process I will guide you through each step of the purchase of your home. Below is an example of the steps involved from finding your home through closing the transaction.
î že Buckhead Northwest Office
Information To Help Select Your Home
This will enable me to find additional homes for you to review that meet your criteria.
e Buckhead Northwest Office Upfront Buyers Costs Buying a house is a big investment- so of course there are going to be other costs that factor into the equation. Here are some upfront buyer costs that you should be aware of while looking at purchasing a new home. Buyers can pay these “as you go” so you if anything doesn’t check out, you don’t have to lose any additional money.
• Earnest Money: Approximately 1% of the List Price or $1000, whichever is more. It is presented with an offer and deposited when the home goes under contract. This is the money that is “held over the buyer’s head” to help the buyer get to closing. The buyer gets it back either if they back out of the contract during one of the agreed upon contingency dates, or at closing. • Inspection: A regular home inspector will cost about $350 at the time of inspection. He may recommend other tests be run that will be at an additional cost (radon, stucco, pool, etc). • Termite/Pest Inspection: $50 paid at the time of inspection • Appraisal Fee – approx.: $350-$400 paid at time of appraisal • Survey – approx.: $350-$400 paid at time of survey
All other costs will be estimated by the lender and will be due at closing.
î že Buckhead Northwest Office Pre-approval vs. Pre-qualification A pre-approval indicates that a lender has taken a detailed look into your financial background and has committed to lend you a certain amount of money, pending specific property details. Because pre-approval entails a credit check and a review of supporting documentation, itâ€™s more powerful than a pre-qualification letter, which generally only estimates what you can afford based on information you have provided.
Advantages of being pre-approved: Pre-approval offers a number of advantages over waiting to apply for a mortgage until after you have found a home. It entitles you to: 1. Shop for a home with the confidence of knowing you are approved for the price range in which you are looking. 2. Take advantage of the preference many home sellers have for pre-approved buyers. With a pre-approval, sellers know they have a 2. fully-approved buyer qualified to purchase their home. This often will give you an advantage over an un-approved buyer when more 2. than one contract is presented. 3. Strengthen your negotiating position. 4. Allow your sales associate to structure the financing portion of the contract based on your financial needs. 5. Obtain a quick closing date. 6. Discover possible qualification issues early in the home buying process, minimizing last minute surprises. When searching for a new home, the last thing you want to be concerned with is the financing. A pre-approval helps remove the stress and anxiety during the home buying process by giving you the confidence that the financing will be in place.
Provided by HomeServices Lending
e Buckhead Northwest Office Mortgage Basics
Provided by HomeServices Lending
Although each individual home financing package has its own variety of features, the concept of a mortgage is really quite simple: a mortgage is a loan to help you finance a home. Your lender advances you a certain amount of money, which you repay over a specified period of time.
Rates, Points and Loan Fees
The total cost of your mortgage is determined by a number of different factors, most notably the interest rate, discount points and loan fees. The expenses that contribute to the cost of your loan can be expressed as theannual percentage rate (APR). • Interest Rate refers to the percentage of your outstanding loan balance that you pay the lender each month as part of the cost of borrowing money. Your interest rate will be based on the current overall rate environment, as well as your financial profile and the specific features of your loan.
• Discount Points allow you to “buy down” your interest rate at closing. One point equals 1% of your loan amount. The more points you pay, the lower your interest rate will be and the less you will have to pay each month.
• Loan Fees are up-front charges to cover the cost of originating, processing and closing your loan, among other things. An origination point is a loan fee that equals 1% of your loan amount. When considering a loan, keep in mind that rates, points and fees should be considered together. The interest rate alone only tells part of the story.
Your Monthly Mortgage Payment Mortgage payments can generally be divided into four parts: principal, interest, taxes and insurance. • Principal refers to the amount of money you borrow to buy a home, and to the outstanding loan balance at any point during the mortgage term. • Interest is the cost of borrowing money. As noted above, the amount of interest you pay each month is determined by your interest rate. • Taxes assessed by your local government will likely be collected by your lender as part of your monthly payments and then paid annually or semi-annually on your behalf. This process is known as an escrow. • Insurance, like property taxes, is normally collected by the lender in an escrow account. Insurance offers financial protection and has two major components: • Homeowner’s Insurance, also called hazard insurance, protects you against damage to your property caused by fire, wind or other hazards. • Mortgage Insurance provides partial protection to your lender in the event that you fail to repay your mortgage. Whether you must pay mortgage insurance usually depends on the loan and the size of your down payment. www.harrynorman.com
e Buckhead Northwest Office Provided by HomeServices Lending
Choosing A Loan Selecting the right mortgage is central to the home buying process. You need to consider two things at the outset: which loan type best meets your home buying needs and which loan term offers the ideal repayment schedule. Your Academy Financial Services representative can assist you in the process, but here are a few things to keep in mind:
Loan Types Most home loans fall into one of two general categories: fixed rate mortgages and adjustable rate mortgages. You’ll also encounter other basic loan types such as government loans and flexible qualifying programs. • Fixed Rate Mortgages have interest rates that stay the same for the entire life of the loan.
• You will have predictable monthly payments throughout the life of the loan.
• You will be protected from rising rates, so your principal and interest payments can never increase. • Adjustable Rate Mortgages have interest rates that adjust periodically based on market conditions.
• The initial rate is fixed for an introductory period (usually one to ten years) and is typically lower than for a fixed-rate mortgage. After that, the rate adjusts annually based on a market index, but can’t go above a predetermined adjustment cap.
• Because of the lower initial rate, some borrowers may be eligible for a larger loan amount with an ARM than with a fixed rate mortgage. • Government Loans are offered by conventional lenders like Academy Financial Services, but insured by the federal government. They come in two types: FHA and VA.
• FHA loans are backed by the Federal Housing Administration, and are designed to assist low-to- moderate income homebuyers by offering low down payment requirements and flexible qualifying guidelines. • VA loans are backed by the Department of Veterans Affairs (formerly the Veterans Administration), and are available to qualified veterans and active-duty military personnel and their spouses. They offer many of the same features as FHA loans.
• Flexible Qualifying programs are designed for borrowers with less-than-perfect credit histories, excessive debt or previous bankruptcy, foreclosure or tax delinquency.
Loan Terms The “term” of a loan is the period of time for repayment. The most common loan term is thirty years, but other terms are available, ranging from 10 years all the way up to 40 year terms. Whether you’d be better off with a longer or shorter loan term depends on a number of factors, most notably your monthly income and long-term financial goals. • Longer Mortgage Terms offer lower monthly payments and are a good option if you’re on a tight budget or would prefer to direct your monthly cash flow toward other investments or expenses. • Shorter Mortgage Terms mean higher monthly payments, but allow you to repay the loan faster and save money on interest. www.harrynorman.com
e Buckhead Northwest Office
— harry norman, realtors® —
Family of Services
Dedication • Integrity • Service • Experience • Commitment
CAMILLE BRANNON Managing Partner Campbell & Brannon, LLC Office: 404-504-8700 Fax: 404-504-8710 firstname.lastname@example.org One Buckhead Plaza 3060 Peachtree Rd., Ste 1735 Atlanta, GA 30305
DAN NEUMANN Home Mortgage Consultant Office: 404-760-9452 Fax: 1-877-856-8692 Dan.Neumann@hsl-ga.com 3523 Northside Parkway Atlanta, GA 30327
SHELBY J. EDMUNDS, CIC Personal Agent Office: 404-943-1899 Cell: 678-553-5281 Fax: 404-943-0738 SGilleland@nortoninsurance.com 5180 Roswell Road South Building, Suite 203 Atlanta, GA 30342
Camille is a Tuscaloosa, Alabama native. She graduated from the University of Alabama in 1981 and earned her J.D. from the University of Alabama School of Law in 1986. She was admitted to the State Bar of GA and AL in 1986. A managing partner working out of Campbell & Brannon’s Buckhead office, Camille is a member of, and on the Board of Directors for, Georgia’s Real Estate Closing Attorney’s Association, as well as a member of the State Bar of Georgia (Real Estate Section). Township Title, a strategic joint venture alliance between Harry Norman, Realtors® and Campbell & Brannon LLC, was created to provide buyers and sellers with the vast knowledge, skills and experience of the Township Title attorneys and staff while offering a smooth closing experience. After graduating with a Finance degree, Dan landed a job in Atlanta and spent 4+ years as a financial advisor before starting his career as a residential mortgage originator 18 years ago. He is originally from Chicago, but made it to Atlanta via Wisconsin, Maryland, Virginia, South Carolina and Georgia. He is married to Beth with two adopted children, Jack, 9 and Grace, 5 and lives in Sandy Springs. His goal is to “take the mystery out of the mortgage” to help both his Realtors and clients. Financing homes can be overwhelming and he learned long ago to educate his agent and client base. Communication is the key to a successful transaction. Dan will always return voicemails and emails, and emails all participants during the mortgage process when key milestones are attained. He works when you work – even nights and weekends. He wants to help you close your listings too, so don’t forget to ask him for suggestions.
With over 10 years of experience in the insurance industry, Shelby brings a distinctive edge in identifying risk and implementing solutions which meet the needs of her clients. Shelby’s educational achievements include a BBA degree from the University of Georgia where she majored in Risk Management and Insurance. She also has achieved the designation of Certified Insurance Counselor and is currently pursuing the Certified Risk Manager designation. As an independent insurance agency, HN Insurance Services represents a carefully selected group of nationally known insurance companies. Their personal lines of coverage include Homeowners, Valuable Articles, Automobile, Flood, Watercraft, Renter’s, and Excess Liability insurance products. HN Insurance Services is your trusted insurance advisor! www.harrynorman.com
e Buckhead Northwest Office Mortgage Payment Comparison Mortgage Payment Comparison This chart is provided for educationalMortgage and illustrative purposes only. speakComparison with your Home Mortgage Consultant for Payment
more information regarding theThis content contained on this page. chart is provided for educational and illustrative purposes only. Speak with your Home Mortgage Consultant for more
This chart is provided for educational andthis illustrative information regarding the content contained on page. purposes only. Speak with your Home Mortgage Consultant for more information regarding the content contained on this page. use this tool: Select the interest rate closest toHow thetocurrent mortgage rate, then find the amount in the column that is closest to How to use this tool:tointereest Select the interest rate closest the current mortgage interest rate, then find the amount in the column that is closest to your the interest rateamount closest mortgage to the current mortgage rate,column. then find the amount in the column that is closest to your your current payment. The corresponding mortgage will be in the current Select payment. The corresponding amount will left beinterest in column. the left current payment. The corresponding mortgage amount will be in the left column.
How to use this tool:
Your loan’s interest rate will depend upon specific characteristics of the loan transaction and your credit profile up to the time of closing. The payment amounts provided do not include homeowners
Your loan’s interest rate will depend upond specific characteristics the loan transaction andloan your credit profile the time ofthe closing. the payment amount provided dodonot include homeowners insurance orproperty loan’staxes interest rate will depend specific of the transaction and your credit profile up to time of closing. The payment amounts provided not include insurance orYour property which must be paid upon inof addition tocharacteristics your loan payment. Your actual payment mayup be to higher. Estimated closing costs used in the APR calculation are assumed to be paid homeowners insurance or property taxes which must be paid inthe addition to your payment. Yourwill actual paymentIfclosing may be higher. Estimated closing costs used in the APRassumed calculation to the be paid by the borrower at closing. If the closing costs are financed, loan, APR andloan payment amounts be higher. the down payment isin lessthe than 20%, mortgage insurance may be required and by taxes which must be paid in addition to your loan payment. Your actual payment may be higher. Estimated costs used APR calculation are toarebeassumed paid borrower at closing. by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20% mortgage insurance may be required and could increase the monthly payment and APR. could increase the monthly payment and APR. Information is accurate as of date of printing and is subject to change without notice. Information is accurate as of date of printing and is subject to change notice. Lending, LLC Series A may not be available in your area. Wells Fargo Home Mortgage is a All first mortgage products are provided by HomeServices Lending, LLC Series A.without HomeServices firstFar mortgage products are provided HomeServices LLC Series A. HomeServices Lending, SeriesAn A Equal may not be available in #438782 your area.-Wells Fargo Home Mortgage is a division OfAll Wells go Bank, N. A. ©2011 HomebyServices Lending,Lending, LC Series A. All Rights Reserved. KNURLS IDLLC 345604. Housing Lender. 05/11-07/15/11 division Of Wells Far go Bank, N. A. ©2011 Home Services Lending, LC Series A. All Rights Reserved. KNURLS ID 345604. An Equal Housing Lender. #438782 - 05/11-07/15/11
e Buckhead Northwest Office
Documents Required for Loan Application*
Provided by HomeServices Lending
W-2 forms from the last two years Federal tax returns, all pages, for the past two years for self-employed or commissioned income sources A copy of the lease agreement(s) for rental property A complete copy of the divorce settlement agreement (if using income to qualify) Year-to-date pay stub Pension/Social Security: Current year award letter. Copy of most recent check or, if direct deposit, a copy of the most recent bank statement showing receipt of funds Self-employed: Year-to-date Profit & Loss Statement
Self-employed: Corporate/Partnership Tax returns for the past two years
The two most recent bank/brokerage statements, all pages, for all accounts
Credit card account numbers, lender’s name, balances and minimum payments Car loan: Lender’s name, account number, payment and balance Mortgage loans: Lender’s name, account number, payment and balance for each loan Landlord’s name, address and telephone number dating back two years
Complete copy of divorce/settlement agreement
Application fee A copy of the fully executed contract on your home A copy of the relocation agreement (if applicable) Alimony/Child Support/Note Income. Copy of note receivable or divorce decree/paternity award. Six months cancelled checks or deposit slips showing receipt** (to use income to qualify, it must continue for a minimum of three years)
*Alimony, child support, or separate maintenance income need not be revealed if the borrower or co-borrower does not choose to have it considered for repaying the loan . www.harrynorman.com
î že Buckhead Northwest Office Behind the Scenes of Your Mortgage Application
Provided by HomeServices Lending
Home Mortgage Consultant:
Works with you to gain an understanding of your needs and determine the product and program that best suit your financial needs Gathers data and documents to pre-underwrite your loan and when possible issue a pre-approval commitment Discusses purchase price ranges, mortgage payments and closing cost expectations Sets expectations from application to closing
Accepts your loan file from the Home Mortgage Consultant and collects any additional documents needed or loan approval Follows up on appraisal report and title orders with the closing attorney May make the underwriting decision if certain criteria are met, otherwise refers the file to underwriting
Reviews the loan file and makes the underwriting decision May request additional documentation from you Communicates with the Home Mortgage Consultant and Mortgage Specialist. They, in turn, contact you
Prepares instructions for the closing attorney based on your approval Assembles the package for your closing and sends it to the closing attorneyâ€™s office Reviews and verifies final closing figures and authorizes funding
Obtains payoffs Reviews title examination and survey on your property. Clears any survey and title problems found Prepares settlement statement and faxes a copy to the closing department and Mortgage Consultant Conducts closing and executes all lender documents
e Buckhead Northwest Office When purchasing a home customers can rely on HomeServices Lending’s extensive resources and capabilities to answer unique financing requirements. HomeServices Lending, LLC is focused on value as well as quality. Therefore, they offer practical rate, term and closing options so customers can effectively optimize tax advantages and leverage their capital. For more information, visit www.harrynorman.com
As an independent insurance agency, HN Insurance Services represents a carefully selected group of nationally known insurance companies. HN Insurance’s independence allows their professional insurance agents the flexibility to shop and compare a wide variety of insurance and financial products for customers. Existing solely to serve the needs of the Harry Norman, REALTORS® organization, HN Insurance Services is a part of their team of trusted advisers. For more information, call 404-943-1899.
Township Title Services offers quality title services for buyers and sellers while providing a smooth closing experience. A strategic joint venture alliance between Harry Norman, REALTORS® and Campbell & Brannon LLC, Township Title Services was created to provide buyers and sellers with the vast knowledge, skills, and experience of the Township Title attorneys and staff. Campbell & Brannon LLC is a law firm at the forefront of the real estate law and litigation in metro Atlanta and Georgia. Township Title shares a customer service philosophy with Harry Norman, REALTORS® which supports serving the client first and foremost. For more information, call 404-504-8700 or visit www.campbellandbrannon.com.
Moving made easy. All connect is a free service that not only helps you find the best home services deals in your area; we also manage the process of getting them all connected. Allconnect provides you with a detailed list of plans available for your home address from over 200 nationally recognized partners. www.harrynorman.com/allconnect.
One less thing to worry about
Get the peace of mind an American Home Shield Warranty provides. Harry Norman, REALTORS has partnered with American Home Shield Warranty to offer comprehensive and affordable home warranty coverage, with unmatched customer service. American Home Shield has over 35 years of experience. Whether you are buying or selling a home, an American Home Shield Warranty eliminates the uncertainty of unplanned expenses for repair or replacement of covered items and limits your exposure to a reasonable deductible. www.harrynorman.com/HomeWarranty
e Buckhead Northwest Office Glossary of Home Buying Terms Provided by HomeServices Lending, LLC
Interim Interest: The interest that accrues, on a per-diem basis, from the day of closing until the end of the month. Leverage: Using credit or borrowed money to increase the rate of return for an investment. For example, by purchasing a $100,000 with 10% down, you are using just $10,000 to control the investment. Lien: A legal claim or attachment against property as security for payment of an obligation. Loan Conditions: These are the terms under which the lender agrees to make the loan. They include the interest rate, length of loan agreement, and any requirements the borrower must meet prior to closing.
Note: A general term for any kind of paper or document signed by a borrower that is an acknowledgement of the debt, and it, be inference, a promise to pay. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee (lender) is named as the payee. Origination Fee: The amount charged for services performed by the company handling the initial application and processing of the loan. Points: A one-time charge by the lender to increase the yield of the loan, a point is 1% of the amount of the mortgage. Pre-approval: A written commitment from a lender, subject to a property appraisal and other stated conditions, that lets you know exactly how much home you can afford.
Loan Payment Reserves: A requirement of many loan programs that, in addition to funds for the down payment and other purchase-related costs, you have saved enough money to cover one or two months of mortgage payments after your closing. Reserve requirements for loan programs may vary.
Prepaids: Closing costs related to the mortgage loan which are collected at loan closing – including per diem pre-paid interest and initial deposits of monthly escrows of taxes and insurance.
Loan Settlement: The conclusion of the mortgage transaction. This includes the delivery of a deed, the signing of notes, and the disbursement of funds necessary to the mortgage loan transaction.
Principal: The amount borrowed or remaining unpaid; also, the part of the monthly payment that reduces the outstanding balance of the mortgage.
Loan-to-Value (LTV): The ratio between the amount of a given mortgage loan and the lower sales price or appraised value. Margin: The set percentage the lender adds to the index rate to determine the interest rate of an ARM. Age: The conveyance of an interest in real property given as security for the payment of a loan. Mortgagor: The borrower in a mortgage transaction who pledges property as security for a debt. Mortgage Specialist: The Academy Financial Services employee responsible for collecting the completed application with all supporting documents before the entire loan packet is submitted to underwriting. Also known as the “processor”. Non-Conforming Loan: Conventional home mortgages not eligible for sale and delivery to either FNMA or FHLMC because of various reasons, including loan amount, loan characteristics or underwriting guidelines.
Primary Residence: A residence which the borrower intends to occupy as the principal residence.
Private Mortgage Insurance (PMI): Insurance written by a private company protecting the mortgage lender against loss resulting from a mortgage default. Rate Cap: The limit of how much the interest rate may change on an ARM at each adjustment and over the life of the loan. Rate Lock: The borrower or lender agree to protect the interest rates, points, and term of the loan while it is processed. Title Insurance: An insurance policy that protects a lender and/or homebuyer (only if the homebuyer purchases a separate policy, called owner’s coverage) against any loss resulting from a title error or dispute. Truth-In-Lending Statement: A Federal law requiring full disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms and financial institutions. Underwriting: Analysis of risk, determination of loan eligibility, and setting of an appropriate rate and terms for a mortgage on a given property for given borrowers. www.harrynorman.com
e Buckhead Northwest Office Glossary of Home Buying Terms Provided by HomeServices Lending, LLC
Adjustable-Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Alternative Financing: A home financing program that accommodates borrowers with special qualifying factors, including unique employment, income or credit issues. Annual Percentage Rate (APR): A yearly percentage rate that expresses the total finance charge on a loan over its entire term. The APR includes the interest rate, fees, points and mortgage insurance, and is therefore a more complete measure of the loan’s cost than the interest rate alone. The loan’s interest rate, not its APR, is used to calculate the monthly principal and interest payment.
of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be dispersed upon the closing of a sale of real estate. In some parts of the country, escrows of taxes and insurance premiums are called impounds or reserves. Fixed-Rate Mortgage: A mortgage which the interest rate and payments remain the same for the life of the loan. Float the Rate: This term is used when a mortgage applicant chooses not to secure a rate lock, but instead allows the rate pricing to fluctuate until the applicant decides to lock in, usually no later than five days prior to closing.
Appraisal: A report made by a qualified person setting forth and opinion or estimate of property value. The term also applies to the process by which this estimate is obtained.
Front-End Ratio: Also known as the housing expense-to-income ratio, it compares your proposed monthly home payment (PITI) to your household gross monthly income.
Bridge Loan: A form of second deed of trust or mortgage that is collateralized by the borrower’s present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new home before the present home is sold.
Good Faith Estimate: A document which tells borrowers the approximate cost they will pay at or before settlement, based on common practice in the locality. Under requirements of the Real Estate Settlement Procedures Act (RESPA), the mortgage banker or the mortgage broker, if any must deliver the GFE to the applicant.
Closing: The consummation of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, the signing of notes and the disbursement of funds necessary to complete the sale and loan transaction. Closing Costs: The costs paid by the mortgage borrower (and sometimes the seller) in addition to the purchase price of the property. These include the origination fee, discount points, appraisal, credit report, title insurance, attorney’s fees, survey and prepaid items such as tax and insurance escrow payments. Commitment Letter: A formal offer by a lender stating the terms under which it agrees to loan money to a home buyer. Conventional Loan: A mortgage not obtained under a government insured program (such as FHA or VA). Debt-to-Income Ratio: A formula lenders use to determine the loan amount for which you may qualify. Also known as “back-end ratio”. Guidelines may vary depending on the loan program. Deed: The legal document conveying title to a real property. Escrow: An item of value, money or documents, deposited with a third party, to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender
Government Loan: A mortgage insured by a government agency, such as FHA, VA, Farmers Home Administration, or a state bond program. The loans are generally made by private lenders, such as Academy Financial Services. Home Mortgage Consultant: The Academy Financial Services representative to a homebuyer. Sometimes called a loan officer, account executive or sales representative. Homeowners Insurance (also called Hazard Insurance): A real estate insurance policy required of the buyer protecting the property against loss caused by fire, some natural causes, vandalism, etc. The homeowners insurance policy may also include added coverage such as personal liability and theft away from the home. HUD-1 Settlement Statement: A standard form used to disclose costs at closing. Index: A published interest rate, such as the prime rate, LIBOR, T-Bill rate, or the 11th District COFI. Lenders use indexes to establish interest rates charged on mortgages or to compare investment returns. On ARMs, a predetermined margin is added to the index to compute the interest rate adjustment. Interest Rate: The percentage of an amount of money which is paid for a specific time. www.harrynorman.com
e Buckhead Northwest Office Residential Property Renovation Notice & Disclaimer Regarding Renovation, Repair and Painting If you, as either Seller or Buyer, intend to disturb paint, remodel or renovate your residential property (or other type of property that is considered a “child occupied facility”, such as a day care, pre-school or kindergarten) AND your property was built before 1978, you should become familiar with the Environmental Protection Agency’s (EPA) Residential Property Renovation Rule, called Renovation, Repair and Painting (RRP). Common renovation activities like sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children. To protect against this danger, the EPA issued the Renovation, Repair and Painting Rule. Under the Rule, beginning in April 2010, contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and must follow specific work practices to prevent lead contamination. WHAT DOES THIS MEAN TO ME? • You should seek to use a contractor who is certified by the EPA if your property is covered under the Rule, for safety reasons. A list of EPA certified renovators can be found at http://cfpub.epa.gov/flpp/searchrrp_firm.htm • All Contractors who work on your Property and disturb more than the allowed amount of lead based paint (6 square feet indoors or 20 square feet outdoors, any window replacement and other specified items) within a 30 day period are required to be certified by the EPA and to use safety procedures, including providing you with a copy of the pamphlet: Renovate Right: Important Lead Hazard Information for Families, Child Care Providers and Schools. • You should make certain that any bids you obtain for painting, remodeling or renovating your covered property include all costs for compliance with the Residential Property Renovation Rule. It is anticipated that the Rule will increase costs to many contractors, so it is your responsibility to make sure any bids or estimates include contractor compliance costs to be passed on to you. • Some pre-1978 properties are not covered by the Requirement, or can opt out of the coverage; for more information, visit www.epa.gov/lead. • If you are doing work yourself, check out the EPA website for further information on how to safely complete your work, but you are NOT affected by the requirements, for your own work in owner occupied properties. BE SAFE! Get your bids and estimates from a Certified Renovator and review the EPA website for more specific information. HomeServices of America, Inc. Copyright April 1, 2010
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e Buckhead Northwest Office Corporate Relocation Impact More than 15 percent of Harry Norman, REALTORS® closed transactions originate in our Corporate and Consumers Business Services.
In Metro Atlanta We offer first-class service to our relocation clients, including coordinated group moves, special services and short term living arrangements. We work with over 200 companies in metro Atlanta, including many top employers. Below is a sampling of some of the businesses for whom we provide relocation services.
National and International Relocation
We are affiliated with the Leading Real Estate Companies of the World®, a network which represents over 600 of the foremost local and regional brands in residential real estate. Members number at 5,000 offices and 150,000 sales associates in the U.S. and 35 other countries.
Collectively, we sell over 1 million homes annually valued at $300 billion. These numbers secure our position as the highest volume producing real estate organization in America. In addition to helping families relocate to Atlanta, we also offer services to list, manage and sell corporate-owned and banked-owned properties.