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February 5th, 2010Categories: Mortgage & Finance reVIEWS

As mortgage lenders tighten approval standards  in Georgia and nationwide, the importance of a good credit score is rising.  Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident.  Some of the highlighted mistakes include:

- Closing open credit cards

- Making appliance buys on credit prior to closing

- Asking creditors to lower credit balances prior to closing

In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores.  Below 740, though, every 20 points adds to the damage.  Watch the video and apply what you can to your own situation.  The more you know, the more you can save.

Tags: Credit score, FICO, Georgia, Home, Loan, Mortgage, Personal finance, The Today Show

Written by Chad Lariscy//Discussion: Please leave a comment.

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January 22nd, 2010Categories: Georgia Mountain Slang

While out previewing a Great Development with new incredible prices in the Lower Trackrock Area of Blairsville Georgia, an associate that I was with just happened to notice this sign…..

….now I should explain that the restaurant also offers gasoline for purchase! You understand I had to take the picture. Oh, you can also play there as well.  By the way, if you are curious about the any of those lots with great prices with views of Brasstown Bald, you can Contact Me or call me at 706.994.8686.

Make it a Great Day!

Tags: Blairsville, Georgia, Restaurant, Sign

Written by Chad Lariscy//Discussion: Please leave a comment.

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January 21st, 2010Categories: Mortgage & Finance reVIEWS

Securing an FHA mortgage in Georgia is about to get more expensive.

In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials.

For consumers, the changes mean higher costs.

As listed in the official announcement, there are 3 major guideline updates for the FHA:

1. Upfront mortgage insurance premiums are increasing to 2.25% from 1.75%

2. Minimum downpayments for applicants with sub-580 FICOs are rising to 10 percent

3. Seller concessions are being limited to 3%, down from today’s allowable 6%

Furthermore, the FHA has appealed to Congress to raise an FHA borrowers’ monthly mortgage insurance premiums.

To read the FHA’s statement, it’s clear what the group is trying to balance.  On one side, the FHA wants to provide affordable financing to families that need it. That’s its mission statement. On the other side, though, the FHA must manage the risk that comes with insuring lesser-quality loans.

To that end, the FHA is stepping up its enforcement of “bad lenders” in hopes of stopping problems where they start.

Also in its new policies, the FHA is introducing a “termination clause”. If banks or loan officers that produce more than their fair share of bad loans, they lose their right to originate FHA mortgages.

As a result, home buyers in Blairsville, GA.  should expect tougher FHA underwriting in 2010. Not because the FHA says so, necessarily, but because banks don’t want to do “bad loans”.  Lenders are incented to turn down at-risk applicants and, already, we’re seeing examples of this. Despite FHA allowing 580 FICOs and lower, many banks have made 620 their minimum.

Some have other guideline overlays, too.

The FHA’s new guidelines don’t go into effect until spring.  So, between now and then, the old guidelines will apply.  Therefore, if you know you’re going to need an FHA home loan in the next few months, consider moving up your time-frame.

If nothing else, you’ll save some money at closing.

Tags: Add new tag, Federal Housing Administration, FHA, Georgia, Insurance, MIP, Mortgage, Mortgage Guidelines

Written by Chad Lariscy//Discussion: Please leave a comment.

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January 15th, 2010Categories: Georgia Mountain Market reVIEWS, Georgia Mountain Real Estate VIEWS

Like real estate, it appears that foreclosure activity is a local phenomenon, too.

As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:

1. California

2. Florida

3. Arizona

4. Illinois

More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.

The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.

Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.

1. 40 states fell below the national Foreclosures Per Capita average in 2009

2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008

Foreclosures are still prevalent, though, and buying homes in foreclosure in Blairsville, Blue Ridge, and Ellijay Georgia continues to be big business.  First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

Distressed homes account for one-third of home resale activity, according to an industry trade group.

That said, buying foreclosures can be tricky.

First, properties are often sold “as-is” and the cost of repairs may unwind the home’s status as a “value buy”.  Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.

Second, buying a foreclosed home in Georgia isn’t as streamlined as buying a “normal” home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.

And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.

Read the complete foreclosure report and take a peek at RealtyTrac’s foreclosure heat maps.  If you like what you see, Contact Me or give me a call at 706.994.8686.

There’s still good deals in the foreclosure market — you just have to know where to find them

Tags: Agent, Blairsville, Blue Ridge, Business, Chad Lariscy, Ellijay, Foreclosure, Foreclosures, Georgia, Investing, Real Estate, RealtyTrac

Written by Chad Lariscy//Discussion: Please leave a comment.

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January 8th, 2010Categories: Georgia Mountain Dining reVIEWS, Georgia Mountain Got-To-Do reVIEWS

When: Saturday February 13th 10:00 a.m. until 5:00 p.m.

Sunday    February 14th 10:00 a.m. until 2:00 p.m.

Where: Brasstown Valley Resort

Young Harris Georgia between Blairsville and Hiawassee

Our first Arts & Crafts festival was such a huge success that we are doing it again!  This is a juried event with outstanding and talented vendors, artists and crafters presenting their work. We will be featuring at least 10 different categories of crafters and artists during this (2) day event. There is no doubt that you will be able to obtain and very unique item for yourself or someone you love.

The Brasstown Stables will be offering Hayrides with Smore’s on Saturday along with pony rides

Our main dining room at Brasstown will be having a wonderful romantic Valentines Dinner on the 14th with special musical guests” Bella Musica preforming!. Reservations are strongly recommended,and a copy of the menu is available also by calling us.

For information on our Overnight Romance Package with Champagne and Chocolates please contact our reservations department.

Tags: Add new tag, Arts & Crafts, Arts and crafts, Dining room, Events, Festival, Food, Georgia, Musical theatre, Recreation, Sweetheart, Valentine's Day

Written by Chad Lariscy//Discussion: Please leave a comment.

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January 7th, 2010Categories: Mortgage & Finance reVIEWS

Both mortgage rates and home affordability took a turn for the better in Ellijay Wednesday after the Federal Reserve released its December 15-16, 2009 meeting minutes.

The Fed Minutes is a follow-up piece to the post-FOMC meeting press release. But whereas the press release is succinct and to-the-point, the minutes are lengthy and often meandering.

As a comparison, December’s press release contained 535 words. December’s minutes had 6,260.

But these “extra words” aren’t superfluous. They’re actually very important to homeowners. Because the Federal Reserve’s internal debates help to shape Wall Street expectations, it doesn’t take much for those conversations to have a trickle-down effect on Main Street.

For example, after the December meeting, the Fed said that economic growth is steady, inflation is in check, and an orderly wind-down of mortgage market support was underway. A look at the minutes, though, showed some disconnect.

Some Fed members believe rising commodity prices could lead to stronger-than-expected, and others think that improvement is housing could be “undercut” by a pull-back in government stimulus.

Overall, the Fed appears optimistic about the economy, but not as optimistic as on December 16. Mortgage markets responded favorably to the minutes and mortgage pricing improved.

Although rates remain higher as compared to early-December, pricing has been on a good run this week. If you’re under contract for a home in Georgia or just looking to refinance, now may be a good time to lock.

Related articles by Zemanta

• Fed Debates Extending Its Mortgage Purchases Beyond March (dailyfinance.com)

Tags: Add new tag, Economic growth, Fed Minutes, Federal Open Market Committee, Federal Reserve System, FederalReserve, FOMC, Georgia, Inflation, Mortgage, Wall Street

Written by Chad Lariscy//Discussion: 1 Comment »

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December 16th, 2009Categories: Georgia Mountain Real Estate VIEWS

Foreclosure Activity Falls For The 4th Straight Month

Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months.

On a month-to-month basis, November’s foreclosure activity fell another 8 percent.

However, national foreclosure activity continues to be dominated by a minority of states.

As reported by RealtyTrac.com, more than half of November’s foreclosure-related activity sourced from just 4 states:

1. California

2. Florida

3. Illinois

4. Michigan

These are the same 4 states that topped October’s foreclosure activity despite three of them posting month-to-month declines last month.

The remaining Top 10 states in terms of total foreclosure activity include Arizona, Texas, Ohio, Georgia, Nevada and New Jersey.

If you’ve been actively looking at REO lately, you’ve likely noticed that true bargains are harder to find.  This is because buyers of all types — first-timers, move-ups, and investors — are purchasing bank-owned homes aggressively and getting better at identifying the “best ones”.

Read the rest of this entry »

Tags: Blairsville, Blue Ridge, Ellijay, Foreclosure, Foreclosures, GA, Georgia, Hiawassee, Home Sales, North Georgia Mountains, Real Estate, Real estate owned

Written by Chad Lariscy//Discussion: Please leave a comment.

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December 7th, 2009Categories: Georgia Mountain Real Estate VIEWS

Saturday I woke to two children screaming that there was snow outside! I rolled out of the bed…….mind you on a Saturday morning, and sure enough, it had snowed. It was a snow white winter land…..well except for the roads.

I am often asked in Real Estate, “How often does it snow in the North Georgia Mountains?” My usual reply is simple, “Sadly….Atlanta usually gets more than we do!” That is true to some degree. Now we have our fair share of light dustings, and occasional ice storms, but we don’t usually receive the kind of snow that most would think being here in the higher elevations of the mountains. I would say that our biggest winter hurdle here in North Georgia would be the freezing rains. It is extremely rare to have blizzards here in North Georgia. Our last blizzard, was the Blizzard of 1993 .

So if you are looking for a home for sale in Blairsville Georgia,  or a cabin for sale in Blue Ridge, GA. and you are expecting 4′ snow drifts, or to go out snowmobiling across the Appalachian Mountains, you better head a little more West!

If I can help you with any of your North Georgia Mountain Real Estate needs, I would be grateful for the opportunity to go to work for you. Please call me with any questions or concerns you may have at 877-633-8186, or you can Contact Me through this website.

Tags: Appalachian Mountains, Blizzard, Climate, Georgia, Ice storm, North Georgia, Real Estate, Snow Fall

Written by Chad Lariscy//Discussion: Please leave a comment.

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December 3rd, 2009Categories: Blairsville Georgia Real Estate reVIEWS, Family reVIEWS

Well the old saying that a picture speaks a thousand words holds true in this case. Santa came to visit Kaden and all of her friends at school yesterday, and I will let you be the judge on how things went.

Kaden is participating in a new program that started this year at the Union County High School. Rhonda Colwell heads up the Early Childhood Learning Center (ELCC) and is doing a fantastic job. She also has great help!  We appreciate so much Mrs. Dyer and Mrs. Collins along with all the Student Teachers.  They have assembled together as a great team for this wonderful new program for the Union County School System that has kicked off so successfully.

The Early Childhood Education program prepares students for occupations in early childhood care, education or any other field that may require working with young children. This program allows students the opportunities to gain the knowledge and skills needed for furthering their education. The education courses in the classroom foster   laboratory components combine hands-on projects with a rigorous curriculum to prepare students for the most challenging programs including articulated credit through a partnerships with some USG institutions, work-based learning opportunities through the Youth Apprenticeship Program and other career- related activities, and, currently membership in the Family, Career & Community Leaders of America.  For more information about the Education Program, please contact Rhonda Colwell at 706-745-2216, EXT. 1122.

Please be sure to let these Teachers and Student Teachers know what an AWESOME JOB they are doing!

Tags: Curriculum, Early Childhood, Early Childhood Education, Education, Georgia, High school, Student, Union County

Written by Chad Lariscy//Discussion: Please leave a comment.

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November 13th, 2009Categories: Georgia Mountain Real Estate VIEWS

For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.

As reported by RealtyTrac.com, more than half of October’s foreclosure-related activity came from just 4 states:

1. California
2. Florida
3. Illinois
4. Michigan

The remaining Top 10 states in terms of total foreclosure activity included Arizona, Georgia, Texas, Ohio, New Jersey, and Maryland.

Foreclosures are up 19 percent from last October, but a deeper look at the RealtyTrac report revealed two positive developments for the housing market.

1. Foreclosure activity is down 3 percent from last month
2. Foreclosures per Household decreased in 9 of the 10 most heavily concentrated states

Furthermore, Nevada’s foreclosure pace is down 4% from last year.  This is a big deal because Nevada has long led the nation in foreclosure-related activity. Until last month, Nevada’s year-to-year foreclosure rate hadn’t fallen in more than 4 years.

It’s too soon to say that the foreclosure market is drying up, but bargains are getting harder to come by.  First-time buyers and bona fide investors alike have been snapping up property at a furious pace.

According to an industry trade group, distressed homes account for nearly one-third of home resale activity.

That said, buying foreclosures isn’t for everyone.

For one, properties are often sold as-is and may be defective.  The cost of repairs may negate “the deal” or “the steal” — depending on the cost of the home.

Secondly, closing on a foreclosed home can be a 3-month long process. This is because banks rarely process home sale paperwork as fast as a “person” would. A 3-month timeframe may not fit your schedule.

In the end, fundamentally, buying a foreclosed home is the same as buying a “regular” home — there’s a contract and a closing.  Most of the steps in the middle, however, are different.

Read the complete foreclosure report and take a peek at the foreclosure heat maps on the RealtyTrac website.  If you like what you see, talk to your real estate agent about what to do next.

There’s still good deals in the foreclosure market, but based on October’s data, they may not last through the winter.

Tags: Deals, Foreclosure, Georgia, Homes For Sale, Real Estate, United States

Written by Chad Lariscy//Discussion: Please leave a comment.

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