TN Closing Costs Are Average for U.S.

Origination and title costs on a $200,000 mortgage averaged $3,754 nationwide, down 7.4 percent from 2011, based on Bankrate's annual survey. Origination fees declined 1 percent; while title and closing costs shrank nearly 12 percent. For the third straight year, New York had the highest closing costs at $5,435, followed by Texas at $4,619 and Pennsylvania at $4,467; while Missouri, Kansas, and Colorado had the lowest closing costs at $3,006, $3,193 and $3,199, respectively.

The average closing cost on a $200,000 mortgage in Tennessee in 2012 is $3,747 (in line with the national average) -- $1,587 for origination fees and $2,160 for title and closing costs.

Bankrate.com surveyed up to 10 lenders in each state in June 2012 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment in the state's largest city. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals and title insurance. The survey excludes taxes, property insurance, association fees, interest and other prepaid items.

To see results for the entire U.S., go to: http://www.bankrate.com/finance/mortgages/2012-closing-costs/closing-costs-by-state.aspx

[SOURCE: Bankrate.com]

Call me at 615-777-4663 or email me at george.margrave@migonline.com .

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Home Sales Show Increase

Sales in Middle Tennessee grew by more than 20 per cent over 2010. There were 1502 single-family homes sold which is a gain of 21.4%. It was the 6th consecutive month that home sales topped their year-ago levels. People who haven't had confidence are now starting to move forward.

According to the Greater Nashville Association of Realtors single-family homes purchases for the entire year grew 1.5% over 2010 to reach 17,192 properties. It was the first time since 2006 that annual home sales rose for the year.

Williamson County saw an 8.4% increase. Median prices in both counties were slightly lower. The median price for the year was around $167,000 down about 1 per cent. Pending sales were up 23% which is a great sign of future growth

If you have been waiting on the economy, it may be time to get moving. Call George at 615-777-4663.

Give the Gift of Charity this Holiday Season!

It's a Snap with THE GOOD CARD® - a Gift Card for Charity

Network for Good has a fresh angle on gifting this holiday season: The Good Card® - a gift card for charity - is perfect for everyone on your list. Good Cards have a stored value that can be redeemed as a donation to any of more than 1.2 million charities based in the US. Good Cards can be distributed via email or physical mail, or can be private labeled to meet your brand needs. Learn more at Network for Good.

A gift card for charity is an ideal reward for employees or thank you gift for customers and vendors that links their passion for a cause to your company's brand. A new study by researchers from Harvard Business School, the University of British Columbia and the University of Liege that was recently highlighted in the Washington Post confirms that a bonus employees get to spend on others is more motivating than a bonus they get to spend on themselves. A Good Card recipient can redeem their gift card as a donation to any of more than a million nonprofits, an easy way for employees to share their personal rewards with others.

Good Card purchases, including fees, are tax-deductible to your company and are a creative way to spend funds earmarked for philanthropy. In addition, because Good Card purchases are charitable donations, they do not fall under the IRS gift limit or policies around corporate gifts with cash value. Network for Good's charity gift card program is turn-key, customizable and easy to implement - even at the last minute. The program is recommended for any company looking to put a special spin on their gift-giving this year. What's more, the person GIVING the gift (i.e., the card purchaser) gets the benefit of a tax advantage for charitable donations as well.

The Good Card is a creative and constructive way to honor partners and prospects, friends and neighbors during the holiday season and throughout the year. Visit Network for Good for more details.

Remember you can always reach me at 615-777-4663 or via email at george.margrave@migonline.com
 
Thanks for reading and Happy Holidays!

The Keep My Tennessee Home Program

The Tennessee Housing Development Agency (THDA) has advised us of "a new program available statewide to assist unemployed and underemployed homeowners cover their mortgage payments while they work to increase their income."
The Keep My Tennessee Home Program is administered by THDA through trained foreclosure prevention counselors. The preliminary eligibility assessment is made at: http://www.keepmytnhome.org/

If an applicant is deemed eligible, the applicant is paired with a foreclosure prevention counselor to continue the loan application. Keep My Tennessee Home will provide 0%, deferred, forgivable loans to homeowners to pay their mortgage and mortgage-related expenses. The payments are sent directly to the servicer. THDA is aware that the program will not help everyone, but they anticipate helping 11,000 Tennesseans over the next four years!

For more information, go to: http://www.keepmytnhome.org/

[SOURCE: THDA]

If you have a friend or loved one, in danger of losing their home this could help.  You can reach me via telephone at 615-777-4663 or via email at George.Margrave@MIGOnline.com