Metro Atlanta mortgages Archives - Page 3 of 3

Your Metro Atlanta Mortgage Data May Be at Risk

Think your Metro Atlanta mortgage data is secure? Think again!

If the ease with which hackers cracked into the financial information of millions of Target and Neiman Marcus customers has you worried about how easily your private data can be lifted from your mortgage company, wait until you hear what a major cyber security firm found out about lenders.

According to HALOCK Security Labs, mortgage companies big and small allow information-sharing practices that put your personal and financial data at grave risk. This goes for your Metro Atlanta mortgage data as well.

In its investigation of 63 lenders, the firm discovered that seven out of 10 allowed applicants to send their info over un-encrypted email as attachments. Moreover, nearly the same percentage encouraged faxing sensitive data, which is somewhat less dangerous but still not as secure as encryption.

Only 40 percent of the lenders studied offered a postal mail option, and just 12 percent provided a secure email portal.

So how can you be sure your most personal financial information like your Metro Atlanta mortgage data won't be snatched from your lender? Here are a few tips:

Making Sure Your Metro Atlanta Mortgage Data Is Secure

Brand awareness. If you are sending anything online, be sure you are dealing with brand names. Hackers follow the path of least resistance, and the big-name lenders tend to have the strongest security measures.

Also, the lender's security systems are only as good as those of its weakest contractor. And the big lenders tend to work with only the strongest vendors.

Look for e-signatures. If a company offers an electronic signature process, it shows a heightened level of security awareness and sophistication.

Avoid un-encrypted email. Sending anything over the Internet invites trouble. But since regular emails can be hacked by anyone, use only password-encrypted email to send your information to your lender. Common sense goes a long way. People are too comfortable with regular email.

Says security blogger Graham Cluley: "If (email) was invented today, no one would use it. It's worth the extra effort to go through the paces of using a secure portal."

Stay away from drop-boxes. Drop-box technologies are fine for most data exchanges, but you have no clue who has access. Keep your private stuff private using encrypted email.

Watch for secure sites. When applying online or sending anything over the Internet, make sure the website itself is secure. Look to see if the URL begins with "https". And as you go from page to page, make sure the frame and URL have not changed. In other words, make sure the "s" is still there. Otherwise, you could become a victim of a phisher looking to steal your data.

Finally, there's this warning from Terry Kurzynski, a senior partner at HALOCK: "Any type of weak link in a system involving sensitive information exposes people to unnecessary risk. It takes months to recover from identify theft and only seconds to log into a secure portal. Do the math."

For other mortgage related tips, click the Metro Atlanta Real Estate News link to your right under Metro Atlanta Real Estate Categories.

Metro Atlanta Mortgages: 4 Mistakes To Avoid

Most people planning to buy a Metro Atlanta home will ultimately be shopping Metro Atlanta mortgages as well. Metro Atlanta mortgages can vary from lender to lender, so it pays to compare, and make sure you're getting the best deal.

Here are 4 mistakes you want to avoid when shopping Metro Atlanta mortgages…

Rules have changed for getting Metro Atlanta mortgages and even though all lenders have certain guidelines they must follow to comply with new rules that went into effect January 1, rates can still vary.

To stay on top of market changes and conditions that may affect getting Metro Atlanta mortgages in 2014, check out our other articles by clicking on the Atlanta Mortgage Info link to your right under Atlanta Real Estate Categories.

Getting a Metro Atlanta Mortgage in 2014

If you're planning to get a Metro Atlanta mortgage in 2014, you may find it harder. The reason? New rules have gone into effect this month. Mortgage lenders look at a host of factors when deciding whether or not to approve you for a mortgage. All lenders will be asking for even more information than ever before, as explained in this report…

Lending requirements for getting a Metro Atlanta mortgage will vary from lender to lender, but they've generally become more strict since the sub-prime mortgage lending crisis in 2008.

To stay on top of market changes and conditions that may affect getting a Metro Atlanta mortgage in 2014, check out our other articles by clicking on the Atlanta Mortgage Info link to your right under Atlanta Real Estate Categories.

FHFA Considers Lower Limits on Metro Atlanta Mortgages

The Federal Housing Finance Agency is considering a possible reduction in the maximum loan limits for Metro Atlanta mortgages purchased by Fannie Mae and Freddie Mac, but the agency wants to collect public feedback before making any bold moves.

Limits on Metro Atlanta mortgages could be lowered if the FHFA has its way. The GSE conservator recently sent a request for public comment to the Federal Register asking for input on the possibility of reducing the loan purchase ceilings.

The plan up for consideration would move the max loan limit for one-unit properties from its current $417,000 to $400,000, a 4% reduction. In parts of the country where the limit is $625,500, the ceiling would be pushed down to $600,000.

FHFA says before making a final move, it wants to be aware of any technical or operational concerns.

The agency also is asking respondents to determine whether a six-months advanced warning is enough time for the market to prepare for lower purchase limits.

Voice Your Input on Lower Limits on Metro Atlanta Mortgages

The conservator will hold off on any adjustments to ensure it has time to review all submitted comments. If changes do occur, they will not impact any Metro Atlanta mortgages originated before Oct. 1, 2014.

Feedback will be accepted up until March 20, 2014.

Submissions as to how you feel about the lower limits on Metro Atlanta mortgages can be sent to the FHFA via e-mail: loanlimitinput@FHFA.gov. We encourage you to email them and ask that limits not be lowered, as this could make getting Metro Atlanta mortgages more difficult for buyers in the future.

For more news and information relating to Metro Atlanta mortgages, check out our other mortgage related stories by clicking on the Metro Atlanta Mortgage Info link to your right under Metro Atlanta Real Estate Categories.

Low Metro Atlanta Mortgage Rates Come To An End

The days of record low Metro Atlanta mortgage rates have apparently come to an end as fixed-mortgage rates hover around 4%. And while there are many saying that rising rates won't hurt the housing market, others are more concerned.

Many analysts seem to agree that if Metro Atlanta mortgage rates rise much more above where they are now, affordability could begin to take a toll. This is especially true with first time home buyers and investors, which combined, make up a large part of the home buying market these days.

Speed of Rising Metro Atlanta Mortgage Rates the Biggest Concern

Low Metro Atlanta mortgage rates come to an end Fannie Mae Chief Economist Doug Duncan said the concern should be less about what the rates have risen to and more about the speed at which they are rising.

Duncan noted that in 1994, for instance, rates rose 2% over a 12-month period, resulting in a huge impact on home prices, which fell significantly.

"If the rise happens rapidly, it tends to have an impact," said Duncan, who added that once Metro Atlanta mortgage rates rise 100 basis points, home sales may begin to slow.

As far as first-time homebuyers go, Duncan said it all depends on how high the mortgage costs go. "It's all about the size of the mortgage that they're going to try to take on relative to their financial strength," said Duncan.

Overall, first-time homebuyers are making up about 30% of total buyers, said Duncan.

High investor activity is making up the difference, he added. "If investors fell off, would first-time buyers be bigger?" asked Duncan.

A lot lies on that very important "if," according to Duncan. If investors start to back out, you'll likely see prices flatten out.

"We do believe there is going to be a slow down," said Duncan.

But Duncan added, "We're not up to the average long run mortgage rate that the economy has seen over all those years." From World War II to today, the average 30-year fixed-rate mortgage is about 6.5%, according to Duncan, who noted, "People have forgotten that there were mortgage rates at the 14% and 15% range for awhile."

Even though Metro Atlanta mortgage rates have risen pretty quickly and significantly, they were from a very low level — the lowest level since World War II — so we're not even close to the average 30-year fixed-rate mortgage rate. The greater concern overall is not the level of the Metro Atlanta mortgage rates, but the speed at which they rise.