Your Local Mortgage Lender
Located in Alpharetta, Georgia
Personalized Mortgage Experience
Shelby Pennix offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
Review The Process
Work with our team to find your next home you would like to move into
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Alpharetta, Georgia
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
Non-QM
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
Every Home Buyer Should Know Three Numbers Before Shopping and Most Only Know One
The Three Numbers That Actually Determine Whether a Home Purchase Works
Most buyers focus on purchase price. That is the number they see on the listing, the number they negotiate, and the number they tell people when they talk about what they bought. But purchase price is only one of three numbers that determine whether a home purchase actually works for a buyer's life. Shelby Pennix wants every buyer to understand all three before they start shopping.
Number One: Purchase Price
The purchase price is the starting point and it matters. But it does not tell the whole story of what buying a particular home will cost or feel like financially. Two homes at the same purchase price can produce very different monthly payments and very different cash requirements at closing depending on the tax rate, the insurance cost, the HOA structure, and the loan program being used.
Number Two: Monthly Payment
The monthly housing payment is what the buyer lives with every single month for the life of the loan. It can include principal and interest, property taxes, homeowner's insurance, mortgage insurance if applicable, and HOA dues if the property is in an association. Each of those components can vary significantly from one property to the next even when the purchase prices are identical.
A buyer who is comfortable with a purchase price may look at the monthly payment and find it does not fit their actual budget once all of the components are factored in. A buyer who is focused only on the price is missing the number that matters most to their month-to-month financial life.
Number Three: Cash to Close
Cash to close is the amount the buyer needs to bring to the transaction. It includes the down payment, closing costs, and prepaid expenses like homeowner's insurance and prepaid interest. It is reduced by any lender credits, eligible down payment assistance, and seller concessions that apply to the transaction.
Two buyers with identical purchase prices and monthly payments may face very different cash-to-close requirements depending on their loan program, their negotiating strategy, and what assistance is available to them. A buyer who is comfortable with both the price and the payment but who cannot comfortably cover what is required at closing has a solvable problem that requires a specific strategy rather than a different house.
Why These Three Numbers Must Be Understood Together
As Shelby Pennix explains these numbers are connected but they are not interchangeable. Adjusting one of them affects the others in ways that are not always intuitive. A lower purchase price changes the payment and the cash requirement. A seller concession changes the cash to close without changing the payment. A rate buydown changes the payment without changing the price. Understanding how all three interact is what allows a buyer to build a home buying strategy that actually works for their specific situation rather than optimizing for only one number.
Message Shelby Pennix the word THREE and she will build your home buying budget around all three numbers so you know exactly where you stand before you start shopping. Call or text 404-451-1250 or send a DM directly.
Sources
ConsumerFinancialProtectionBureau.gov
FannieMae.com
MortgageNewsDaily.com
Investopedia.com
BankRate.com
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