Cobb Real Estate Blog

Bankrate just released their 2007 study of closing costs for all 50 states.

Closing costs can be divided into three categories.
Closing costs:
• Origination fees charged by the lender.
• Title and settlement fees charged by third parties.
• Taxes and prepaid items such as homeowners insurance, association fees and prorated interest.

Bankrate’s survey includes lenders’ origination fees and title and settlement fees, and not taxes or prepaid items. The survey was conducted in June.

The average closing costs in America is $2,736. Georgia came in at 31st on the list at $2,655.

Have you ever wondered what a mortgage rate rise of say 0.750% would do to your monthly payments? Well, you may be surprised to see that it could cost you $40,000.

A 24 hour, 7 days a week hotline has been announced to assist Georgia homeowners avoid foreclosure. The program, called HOPE, will also offer face to face counseling to Georgians who may be at risk of losing their homes to foreclosure. This program announcement comes on the heels of a report that places Atlanta’s 2006 foreclosure total at 63,737 homes, 4.4% of the city’s households, which is 2nd highest in the country among major metro areas.

The hotline phone number is 1-888-995-HOPE (4673)

Mortgage rates have fallen three straight weeks and five of the last six weeks. The benchmark 30 year fixed rate sits at 6.57%. This recent trend is seeing a rise in mortgage applications, according to the Mortgage Bankers Association.

In Bankrate.com’s weekly survey, mortgage experts try and gauge which direction mortgage rates will head in the next 30-45 days. For the week of February 1st - February 8th…

• 0% think rates are going down
• 87% think rates are going up
• 13% think rates will remain unchanged

Here’s the latest numbers on interest rates for five common consumer products for the week of January 1st - January 7th. This national survey was performed by Bankrate.com on Wednesday, January 4th.

• Mortgages - 6.27% (30 Year Fixed)
• Home Equity Lines - 7.32%
• Auto Loans - 7.90% (48 Month - New Car)
• CD - 3.28% (One Year Yield)
• Credit Card - 12.94% (Standard Fixed)

Here’s the latest numbers on interest rates for five common consumer products for the week of December 25th - December 31st. This national survey was performed by Bankrate.com on Wednesday, December 28th.

• Mortgages - 6.28% (30 Year Fixed)
• Home Equity Lines - 7.25%
• Auto Loans - 7.90% (48 Month - New Car)
• CD - 3.28% (One Year Yield)
• Credit Card - 13.03% (Standard Fixed)

In Bankrate.com’s weekly survey, mortgage experts try and gauge which direction mortgage rates will head in the next 30-45 days. This week…

• 80% think rates are going down
• 20% think rates are going up
• 0% think rates will remain unchanged

In Bankrate.com’s weekly survey, mortgage experts try and gauge which direction mortgage rates will head in the next 30-45 days.

• 25% think rates are going down
• 25% think rates are going up
• 50% think rates will remain unchanged

Here’s the latest numbers on interest rates for five common consumer products for the week of December 4th - December 10th. This national survey was performed by Bankrate.com on Wednesday, December 7th.

• Mortgages - 6.39% (30 Year Fixed)
• Home Equity Lines - 7.13%
• Auto Loans - 7.89% (48 Month - New Car)
• CD - 3.26% (One Year Yield)
• Credit Card - 13.03% (Standard Fixed)