Category: Uncategorized

North Gwinnett Co-Op Book Bag Bash

Back To School Supply Drive

Join us to help the North Gwinnett Co-Op prepare students for school. On Saturday, July 23 from 11:00-1:00 the North Gwinnett Co-Op will host a book bag bash to help kids with school supplies. Please join us in collecting items to pack book bags with the supplies needed. Click on our Amazon wish list and items will be sent directly to us. We will assemble the book bags and deliver to the Co-Op by July 15th. https://www.amazon.com/hz/wishlist/ls/2H7LGQUARS04Q/ref=nav_wishlist_lists_2

The Shumate Team will be donating a portion of their June proceeds to the Book Bag Bash!

For more information check out this video: https://youtu.be/FP0a48U1pas

The North Gwinnett Co-Op serves the communities of Buford, Sugar Hill, Suwanee & the Gwinnett County portions of Auburn, Braselton & Hoschton only.

North Gwinnett Co-Op Spring Break Food Drive: Sunday, March 20th 3-5pm

Kick off Spring on the 1st Day of Spring

Sunday, March 20th, 2022

3:00 – 5:00 PM

StillFire Brewing – 343 Buford Hwy, Suwanee, GA 30024

Join us on the First Day of Spring at StillFire Brewing! We’ll kick off the season on the patio and collect much needed items for the North Gwinnett Co-op to help stock the shelves for kids and families during Spring Break.

Hosted By: The Shumate Team | Benefiting: North Gwinnett Co-Op

Suggested Spring Break Items:

  • Granola Bars
  • Crackers
  • Juice Boxes
  • Chips
  • Snacks
  • Fruit Snacks
  • Peanut Butter/Jelly
  • Popcorn
  • Breakfast Cereals, Grits, Pancake mix & syrup
  • Pasta
  • Canned Fruit
  • Pop-Tarts
  • Pasta & Sauces
  • Rice
  • Checks Accepted
    • Payable to North Gwinnett Co-Op
    • Grocery Gift Cards Accepted

Basic Needs Items:

  • Laundry Detergent/Dish Soap
  • Mayonnaise/Ketchup
  • Hamburger Helper/taco Kits
  • Paper Towels
  • Shampoo & Conditioner
  • Shaving Cream & Disposable Razors

If you are unable to attend, donations can be dropped off at our office 3453 Lawrenceville-Suwanee Rd, Suite D, Suwanee, GA 30024

Learn more about North Gwinnett Co-Op: northgwinnettcoop.org

February Mortgage Journal

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REACH YOUR GOALS
Five Value-Adding Home Remodeling Projects  

When it comes to remodeling, not all projects have the same return on investment. Which projects should homeowners consider before listing their home for sale? Here’s a look at five areas where you may get the most bang for your buck:

*Refinish hardwood floors
Refresh the entire look of your home with newly refinished floors that cost, on average, $2,500 and increase a home’s value by nearly the same amount.   Add new wood floors
Replacing carpeted areas with wood flooring can raise the value by as much as $5,000.  
* Upgrade insulation
While this may not be obvious during an initial viewing, updating the insulation in attics and walls can increase a home’s value by as much as $2,000.  
* Install a new HVAC system
Energy-saving improvements, like a new HVAC system, add value while providing lasting peace of mind. You may be able to obtain a tax deduction, too.  
* Increase your living space
Converting a basement into a livable space can increase the value of a home by as much as $25,000.1  
Image  MORTGAGE IQ
Prepare Now to Protect Your Assets Later  

For most of us, our home is our largest asset — and we want to do everything we can to protect it. That’s why it’s vital to prepare for a potential disaster by creating an emergency plan for you and your family.
Start by making sure you’re getting emergency alerts from local news sources, emergency offices, and your kids’ schools. Next, list the potential crises you could encounter such as natural disasters, civil or political unrest, or even job loss.   Next, think about how those disasters could impact your life. For example, if a tornado, wildfire, or hurricane could leave you temporarily homeless, what would be your first step? Your disaster plan should include details of possible temporary housing — like a relative’s or friend’s home — and a list of essential items to take with you.   Finally, build a kit of essentials that include communication devices, battery chargers, non-perishable food, a power source, and water. Keep important documents in a portable, fire- and water-proof safe.2  
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FINANCIAL NEWS
Three Economic Factors Impacting the 2022 Housing Market

While the overall economy has navigated a rocky road the past two years, the housing market has been more boom than bust since mid-2019. However, three economic factors could bring about major changes in the housing market over the next few months. They include:
* Rising interest rates
Economists expect the Federal Reserve to raise interest rates at least three times this year. Borrowers are already seeing an increase in mortgage loan rates, and they will likely continue to rise as overall rates go up.  
* Decreasing financial security
Many programs designed to help out-of-work Americans have expired. This may lead to increased housing supply as more homeowners consider downsizing, selling or even opting for a short sale.  
* Lagging consumer confidence
People are more likely to make long-term purchasing decisions when they’re optimistic about the future. As the pandemic era evolved, consumer confidence fell slightly last month. These fluctuations could continue well into the coming year.3  
DID YOU KNOW?
Safe Selling During a Pandemic

Two years into the pandemic, the real estate industry has adopted new best practices for keeping buyers and sellers safe. Agents are employing CDC-recommended sanitization and disinfecting measures before and after an open house event. They’re also expanding their use of digital tools like social media, video conferencing, and signature software. While many of these changes were made in response to COVID, they’re likely to stay even after the pandemic subsides.4
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PERSONAL FINANCES  
A higher credit score unlocks lower interest rates on mortgages and other types of loans. Fortunately, if you’re not happy with your current score, or would like to take yours from good to great, here are three easy ways to get a boost:
* Don’t max out your credit
Credit bureaus look at your utilization, or how much credit you’ve used versus how much is still available. A good rule of thumb is to keep your utilization below 10%. For example, if a credit card has a $1,000 limit, try to keep your balance below $100.  
* Take advantage of available programs
Some credit companies offer credit-building programs to help boost your score, while others provide free credit counseling to help you manage your debt wisely.  
* Set up auto-pay for monthly bills
Late payments can drag your credit score down. Set up automatic payments for your mortgage, utilities, credit card accounts and loans.5
Image  FOOD   A little heat and lots of melty cheese — who wouldn’t love that combo? This Buffalo Chicken Pasta Bake is quick and easy to make on those nights when you’re short on time.6
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REAL ESTATE TRENDS  
A new study from realtor.com has examined the best communities for first-time homebuyers. Number one on the list was Magna, Utah. Just 15 miles from Salt Lake City, Magna was chosen for its strong job market, short commute times, entertainment, affordability, and housing supply. Rounding out the top five were Chalco, Nebraska; Mauldin, South Carolina; Beech Grove, Indiana; and Portsmouth, Virginia.7
1 americangenius.com; 2 biggerpockets.com; 3 magazine.realtor;
4 keepingcurrentmatters.com; 5 money.com; 6 spendwithpennies.com; 7 themreport.com.  

Changes to Condo Lending

Homebuyers may find it more difficult to get loans for condos and co-ops with deferred maintenance due to lending changes stemming from last year’s condo collapse in Surfside, Fla.

Tighter condo lending requirements from Fannie Mae went into effect on January 1, 2022, nearly 7 months after 98 lives and 136 homes were lost in the Champlain Towers South collapse. Fannie Mae is one of two government-sponsored enterprises that back a majority of conventional home loans.

An investigation into the cause of the disaster revealed significant deferred maintenance not only in Champlain Towers South and the building surrounding it, but widespread safety and maintenance challenges in high-rise condos built in the late 1900’s.

According to a blog post from Fannie Mae director of single-family collateral risk management Jodi Horne, the new requirements make condos with “significant deferred maintenance or that have received a repair directive from a local regulatory authority or inspection agency” ineligible for a Fannie Mae loan until repairs have been made.

In simple terms: Fannie Mae won’t back loans for condos or co-ops with known safety and structural issues. And if Fannie won’t back the mortgages, lenders will be more hesitant to offer them to condo buyers.

A October lender letter from Fannie Mae defines “significant deferred maintenance” as projects that:

  • Require full or partial evacuation for more than seven days to complete repairs
  • Affect safety, soundness, or structural integrity
  • Need substantial repairs or rehabilitation
  • Impede the function of major structural or mechanical elements, such as foundation, roof, load bearing structure, electrical systems, HVAC, or plumbing

Fannie also updated its eligibility review requirements for itself and lenders, and reminded appraisers and lenders that condo appraisals must document special assessments (maintenance costs) and deferred maintenance.

Read more here: https://home.com/new-fannie-mae-condo-requirements/

Some references sourced within this article have not been prepared by Fairway and are distributed for educational purposes only. The information is not guaranteed to be accurate and may not entirely represent the opinions of Fairway.

Understanding the Georgia Homestead Exemption and How It Could Help You

Have you recently purchased a home, or are you a homeowner currently occupying your home as your primary residence? If so, you will want to learn more about the homestead exemption options.

Have you recently purchased a home, or are you a homeowner currently occupying your home as your primary residence? If so, you will want to learn more about the homestead exemption options. Many homeowners may not know the exemptions, and they may not realize that they could qualify.

Below, you’ll learn more about Georgia homestead exemptions, how and where to apply, and how it could help save some money for those who qualify.

What Is the Georgia Homestead Exemption?

This type of exemption can help to reduce the amount of property taxes you owe on your legal residence. When you apply and qualify, there is a chance you could see some tax breaks on your property taxes. Saving money on your taxes is always a benefit.

Where and When Do You Need to Apply?

To apply, you will need to file in the county or city where your home is located. It’s important to keep in mind that each county will have different documents that are required and different applications to complete.

Are You Eligible

Before you can file, though, you need to be sure that you are eligible. To qualify, you need to have owned the property as of January 1 the year you want to apply. Additionally, the home needs to be considered your legal residence for all purposes. You need to occupy the home, meaning you will not qualify for an exemption if it is an investment property you are renting out to tenants.

What if you are not in the home because of health reasons? Fortunately, someone away from their home due to health issues will still be capable of getting the homestead exemption if they qualify otherwise. In those cases, a friend or a family member can contact the tax commissioner, and the exemption can be provided.

There is another thing to keep in mind regarding eligibility. You can’t already claim a homestead exemption for any other property in Georgia or another state. If you have homes in other areas of the state, you can’t try to claim it since it would mean one of those properties is not your primary residence.

Get Documentation Together

Once you are certain you are eligible, you will gather all of the documentation required by your city or county. Be sure to check with your specific county. Some of the types of documentation you will likely need to include are the property address, homeowner’s name, parcel I.D. for the property, proof of residency, and recorded deeds (at least for new owners if the county records aren’t yet up to date). Pay attention to the requirements in your location and provide everything needed.

Filing the Application

When it comes time to file, you need to file it with your county tax officials. Get in touch with them beforehand to find out how they want the application.

Here’s some good news. Once you are approved, the exemptions are typically automatically renewed each year. However, this is only true when the house is occupied by you and under the same conditions. Remember, you can’t turn it into a rental property and try to get the Georgia homestead exemption.

You need to apply by April 1 at the latest. If the application does not get into the office before then, it will not be granted until the following calendar year.

Types of Georgia Homestead Exemption

As mentioned, there are multiple types of homestead exemptions in Georgia. You will want to determine which of these you are eligible for and which one will make the most sense to you. These differ from the standard exemption discussed above. Let’s look at a few of these options below.

Exemption for People 65 and Older

If someone 65 and above’s (and their spouse’s) income was $10,000 or less in the previous year, they could claim a $4,000 exemption from all county ad valorem taxes. Income from sources of retirement funds is excluded up to the max amount paid to the individual and their spouse under the federal Social Security Act.

Disabled Veteran or Surviving Spouse Exemption

Disabled veterans can receive an exemption of $60,000 plus an additional sum determined by the index rate set by the U.S. Secretary of Veteran’s Affairs.

Surviving Spouse of U.S. Service Member

An unmarried surviving spouse of a member of the U.S. military who died as the result of armed conflict or war can be granted a homestead exemption from all ad valorem taxes for the county, as well as municipal and school purposes for $60,000 and an additional amount set by the U.S. Secretary of Veteran’s Affairs.

Surviving Spouse of Peace Officer or Firefighter

If there is an unmarried surviving spouse of a peace officer or firefighter who is killed in the course of their job, they can be granted a homestead exemption for the full value of the home for as long as they occupy the residence.

Above are some of the various types of homestead exemptions in Georgia. For the vast majority of people, though, the standard homestead exemption will be the one that is chosen. It applies to a lot of new homeowners, as well as people who have been in their homes for a while.

Get in Touch

If you think you could qualify for the Georgia homestead exemption, you will want to apply. Be sure to connect with the Shumate Team on our site and download our free guide, which contains information on places where you can apply for the exemption. We’re the mortgage team you can depend on.

If you are interested in knowing more about how much your home is worth, be sure to subscribe to our Homebot. It can provide you with notifications and reports each month to have better control of your wealth.