Tag: finance

Chris Shumate – Fairway Home Mortgage Voted Best of Gwinnett 2025

Chris Shumate – Fairway Home Mortgage Voted Best of Gwinnett 2025

We are honored and excited to announce that Chris Shumate – Fairway Home Mortgage has been officially Voted Best of Gwinnett 2025 in the Financial Services category!

This recognition is especially meaningful because Best of Gwinnett is determined by community votes and customer support throughout Gwinnett County, Georgia. We are incredibly grateful to the families, homeowners, referral partners, and local supporters who made this possible.

👉 View the official winners list here:
https://www.guidetogwinnett.com/best-of/winners/2025/financial-services

What “Best of Gwinnett” Means

Each year, Best of Gwinnett, presented by Gwinnett Magazine, highlights outstanding businesses and professionals across Gwinnett, Georgia. The process includes:

  • Community nominations
  • Online voting by local residents
  • Verification and review by the Best of Gwinnett team

Being named among the best in Financial Services in Gwinnett County reflects not only professional excellence, but also consistent community trust and client satisfaction.

Serving Gwinnett County with Excellence

As a trusted mortgage lender in Gwinnett, Georgia, Chris Shumate has built a reputation for integrity, communication, and results. Through The Shumate Team at Fairway Home Mortgage, clients receive personalized guidance whether they are:

  • First-time homebuyers in Gwinnett County
  • Moving up to their next home
  • Refinancing in Georgia
  • Investing in real estate
  • Relocating to the Gwinnett area

Chris Shumate – Fairway Home Mortgage is committed to making the home loan process clear, smooth, and stress-free. Our mission is simple: help families confidently achieve homeownership in Gwinnett, GA and beyond.

Why Homebuyers in Gwinnett Choose The Shumate Team

The Shumate Team is proud to serve communities throughout:

  • Lawrenceville
  • Buford
  • Suwanee
  • Duluth
  • Dacula
  • Snellville
  • Peachtree Corners
  • And surrounding Gwinnett County areas

With years of experience in the Gwinnett real estate and mortgage market, Chris Shumate understands local trends, competitive financing strategies, and how to position buyers for success in today’s market.

Being voted Best Mortgage Company in Gwinnett 2025 reinforces our commitment to delivering five-star service every step of the way.

Thank You, Gwinnett!

To our clients, referral partners, real estate agents, friends, and family — thank you for voting and supporting Chris Shumate – Fairway Home Mortgage.

We do not take your trust lightly. This award belongs to our entire community.

If you’re buying, refinancing, or simply exploring your options in Gwinnett County, Georgia, we would love to help.

📞 Chris Shumate – Fairway Home Mortgage

📱 Phone: (404) 791-3155
📧 Email: chriss@fairwaymc.com
🌐 Website: http://www.chrisshumatefairway.com/

Let The Shumate Team show you why we were voted Best of Gwinnett 2025.

Your home journey starts here.

Using Your Tax Refund for a Down Payment on a Home

Tax season often brings a welcome financial boost. For many buyers, a tax refund can be the extra push needed to move from “thinking about buying” to actually becoming a homeowner. If you’re planning to buy a home in Georgia or anywhere in the Southeast, your tax refund may be a smart way to help cover your down payment or other upfront costs.

For many thoughtful, research-driven buyers, understanding how to use existing funds wisely is what turns uncertainty into confidence. When used strategically, your tax refund can move you from planning to purchasing much faster than you might expect.

Can You Use a Tax Refund for a Down Payment?

Yes—you absolutely can. A tax refund is considered an acceptable source of funds for a down payment and closing costs. Because the money is yours and easy to document through your tax return and bank deposit, it’s typically straightforward for lenders to verify.

Many of the first-time homebuyers I work with prefer clarity and transparency in the process. Using a tax refund checks both boxes—it’s simple, documented, and predictable. Buyers often apply their refund toward a down payment, closing costs, prepaid expenses like homeowners insurance, or even to reduce the loan amount.

How Much Do You Really Need for a Down Payment?

One of the most common misconceptions I hear—especially from first-time buyers who have spent years researching the market—is that you need 20% down to buy a home. That’s not true.

There are several loan programs designed to make homeownership more accessible:

Conventional loans may allow as little as 3% down for qualified buyers. FHA loans typically require 3.5% down. VA loans offer 0% down for eligible veterans and active-duty service members. USDA loans may also offer 0% down in eligible rural areas.

Understanding these options is key for buyers who value informed decision-making. When paired with a tax refund, many buyers find that the financial barrier to entry is much lower than they expected.

How Your Tax Refund Can Strengthen Your Buying Power

Even if your tax refund doesn’t fully cover your down payment, it can still play an important role in your overall strategy. Applying your refund thoughtfully can reduce the amount of money you need at closing, improve monthly affordability, or create a stronger financial profile for loan approval.

Some buyers choose to use part of their refund to pay down credit card balances. This can improve debt-to-income ratios and help create a more stable, confident mortgage application—something especially important for buyers who want proof and predictability before moving forward.

Important Tips Before Using Your Refund

Planning matters. I always recommend depositing your tax refund directly into your bank account so it’s easy to track and verify. Avoid large unexplained cash deposits, and hold off on major purchases—such as buying a car, furniture, or appliances—until after you’ve closed on your home.

For buyers who value structure and clarity, the best first step is a conversation. Talking with a mortgage professional early allows us to map out exactly how your refund should be used based on your loan options and long-term goals.

Buying a Home in Georgia and the Southeast

Homebuying isn’t one-size-fits-all. Loan programs, home prices, and assistance options vary by location. Buyers across Georgia, Alabama, Tennessee, Florida, South Carolina, and North Carolina may also qualify for state or local down payment assistance programs that can be combined with personal funds like a tax refund.

Working with a local mortgage expert who understands regional guidelines, documentation requirements, and market nuances can make the process feel far more manageable—especially for buyers who want facts, not pressure.

Turn Your Tax Refund Into a Long-Term Investment

For many first-time homebuyers, the decision to buy isn’t about rushing—it’s about feeling confident, informed, and prepared. Instead of spending your tax refund on short-term expenses, consider using it as an investment in long-term stability and equity through homeownership.

A well-planned purchase creates clarity, builds wealth over time, and replaces uncertainty with confidence.

Ready to Explore Your Options?

If you’re thinking about buying a home and want clear answers—not hype—I’m here to help. I’ll walk you through your loan options, review how your tax refund can be used, and help you understand the numbers so you can move forward with confidence.

Whether you’re early in your research or ready to take the next step, a simple conversation can bring a lot of clarity. When you’re ready, let’s talk and see how your tax refund can help make homeownership a reality.

— Chris Shumate
Senior Mortgage Loan Officer | Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://www.chrisshumatefairway.com

Follow for mortgage tips and updates:
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The Fed Rate Cut: What You Need to Know About Mortgage Rates

When the Federal Reserve announces a rate cut, it always makes headlines — and it’s easy to assume that means mortgage rates are automatically dropping too.
But that’s one of the biggest misconceptions in the housing market.

Let’s break down what a Fed rate cut really means and how it affects your mortgage options.

🎥 Watch my quick video explanation here:
👉 The Fed Rate Cut Explained – YouTube

🏦 What Is the Federal Funds Rate?

The “Fed rate” refers to the Federal Funds Rate, which is the short-term interest rate banks charge each other for overnight loans. It directly impacts credit cards, auto loans, and home equity lines of credit, but not fixed-rate mortgages.

When the Fed cuts rates, it’s a signal that they’re trying to stimulate borrowing and spending — usually because the economy is slowing down or inflation is cooling.

🏠 Mortgage Rates Don’t Move the Same Way

Here’s where it gets tricky:
Mortgage rates are not set by the Federal Reserve.

Mortgage rates are primarily driven by the bond market, especially the yield on the 10-year U.S. Treasury Note. When investors expect slower growth or lower inflation, they move money into bonds — which can push mortgage rates down even before the Fed acts.

So, mortgage rates move based on how the market reacts to what the Fed says and does, not simply on the Fed’s official rate cut.

Sometimes mortgage rates even rise after a Fed rate cut if investors think inflation could come back or the economy will rebound faster than expected.

📊 What This Means for Homebuyers and Homeowners

If you’re thinking about buying or refinancing, here’s the key takeaway:

✅ Don’t wait for a Fed announcement to decide when to act.
✅ Focus on overall mortgage rate trends and your personal financial goals.
✅ Rate cuts can create opportunity — but timing the market perfectly is nearly impossible.

My advice: stay informed, get pre-qualified early, and make decisions based on your long-term goals, not short-term news cycles.

💬 Final Thoughts

After more than 25 years in mortgage lending, I’ve seen how confusion around “the Fed rate” can cause hesitation that costs homebuyers great opportunities.
Remember — the Fed influences the economy, but the market drives mortgage rates.

If you’d like to understand how today’s market impacts your homebuying or refinancing plans, my team and I are here to guide you with clarity, precision, and care.

📞 Contact me anytime at Fairway Home Mortgage.
Let’s make sure you’re positioned for success — no matter what the Fed decides next.

Chris Shumate
Senior Mortgage Loan Officer | Fairway Home Mortgage
Serving GA, AL, TN, FL, SC, and NC

Smart Strategies for Homebuyers in Today’s Market

Rate Buydowns Help with Affordability, but a Wide Portfolio of Mortgage Options Is the Ultimate Tool

Potential homebuyers today face more hurdles than in recent years. Many don’t have a large amount of cash to bring to the closing table, while others are focused on achieving a manageable monthly mortgage payment.

In an environment where mortgage rates have settled in the mid-to-high 6% range and inventory remains a concern in some markets, buying that first home or moving up with a growing family requires careful planning — and strategy. While this isn’t a one-size-fits-all process, The Shumate Mortgage Team at Fairway offers a wide variety of loan programs that are helping many buyers make homeownership happen.

It takes a savvy loan officer with a strong toolkit and market insight. At The Shumate Mortgage Team at Fairway, we understand that not every homebuyer is a “nail,” and not every mortgage is a “hammer.” Getting families into the homes they deserve requires a personalized approach, not a sales script.

One effective tool that’s gaining traction again is the interest rate buydown — a strategy that can help homebuyers ease into their mortgage payments in today’s higher-rate environment.

What Can an Interest Rate Buydown Do for a Homebuyer?

An interest rate buydown allows a homebuyer to temporarily lower their mortgage interest rate for one, two, or even three years. On average, a 1% drop in rate can save buyers anywhere from $200 to $300 per month. For example, on a $400,000 home, a 1/0 buydown could result in first-year monthly savings of $200–$300 — helping the buyer transition into their full monthly payment more gradually.

For buyers whose goal payment is $2,000 but who qualify at $2,200 or $2,400, using a 1/1 or 2/1 buydown can provide breathing room during the initial years of the mortgage.

Who Pays for the Buydown?

The buydown cost can be covered in several ways:

  • Paid by the buyer at closing
  • Negotiated into the contract and paid by the seller
  • Covered through a lender-paid promotional offer
  • Or a combination of the above

For example, if a 2/1 buydown costs $12,000, that amount could be requested in seller concessions to make the offer more affordable for the buyer.

When Is a Lender-Paid Buydown an Option?

Lender-paid buydown options may be available during promotional periods. For example, during National Homebuyer Month, The Shumate Mortgage Team at Fairway may offer a 1/0 buydown covered by the lender, helping clients ease into homeownership without additional upfront costs. These offerings vary by location, so it’s important to ask your Shumate Mortgage Team at Fairway mortgage advisor about any current programs.

Educating Real Estate Agents and Homebuyers

Buydowns have become more popular post-COVID, especially as mortgage rates climbed. While they were more common in the 1990s and early 2000s, today’s market volatility has brought them back into the conversation.

For many buyers, buydowns open the door to important affordability conversations. They help prospective homeowners better understand what kind of home they can afford and which financing strategies can help them get there. Qualification is always based on the full monthly payment, not the reduced initial payment.

What Kind of Buyers Benefit Most?

Buyers focused on a specific monthly payment often find buydowns beneficial. If cash to close is a bigger concern, other tools like down-payment assistance may be explored instead — or in combination with a buydown. With more inventory available and homes staying on the market longer, sellers may also be more open to negotiations, creating opportunities for concessions that help with affordability.

How Do You Know Which Option Is Right?

The Shumate Mortgage Team at Fairway offers a wide array of mortgage products to meet our clients’ needs. With many buyers today having limited cash reserves, the key is to find the right mix of tools to make the purchase possible — whether that means a seller-paid buydown, down-payment assistance, or a combination of both.

We work closely with each buyer to understand their needs and craft a custom plan that fits. By coupling seller concessions, loan program flexibility, and buyer education, we help more families reach the finish line of homeownership.

Which Buydown Options Are Most Popular?

From a cost and practicality standpoint, the 1/0, 1/1, and 2/1 buydowns tend to be the most commonly used. While a 3/2/1 buydown offers deeper initial savings, it can come with a steep cost — sometimes $20,000–$40,000 — which may be more than sellers are willing to contribute.

Final Thoughts

Today’s homebuyers deserve a loan originator who’s willing to put in the time and strategy to match them with the right tools. At The Shumate Mortgage Team at Fairway, we don’t take a one-size-fits-all approach. We’re solution-oriented, responsive to the market, and committed to helping our clients become homeowners — even in a challenging environment.

Whether it’s reducing your interest rate, minimizing your cash to close, or finding the right combination of both, we’re here to help make homeownership possible.

Contact us today.

Chris Shumate

Loan Officer /NMLS #627360

Direct: 404-791-3155

Email: chriss@fairwaymc.com

Apply Online: http://www.chrisshumatefairway.com

*Not all temporary buydown options are available for every product or scenario. Talk to your Fairway loan officer for more details. A 3 year (3/2/1) temporary rate buydown will reduce the note rate by 3% for the first year of the term, followed by a 2% reduction of the note rate for the second year of the term, followed by a 1% reduction of the note rate for the third year of the term, after which the rate will then revert back to the original note rate for the remainder of the term. A 2/1 temporary rate buydown will reduce the note rate by 2% for the first year of the term, followed by a 1% reduction of the note rate for the second year of the term, after which the rate will then revert back to the original note rate for the remainder of the term. A 1/0 temporary rate buydown will reduce the note rate by 1% for the first year of the term, after which the rate will revert back to the original note rate for the remainder of the term. **Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Copyright©2025 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply.