Join us at 160 Edinburgh Drive on Thursday, August 21st from 11:30 - 2:00 pm.  I will be available from 12-1pm to answer questions regarding the Federal Tax Credit savings for qualifying buyers.

Visit MLS #129482 for more information or call Lisa Stafford with Fore Properties for more details (638-1400)

 

 

 

Do you get the emails and cards that tell you to save the date?  Thanks to the new Housing and Economic Recovery Act of 2008 the dates of April 9,2008 to June 30, 2009 are especially important.  These dates mark the eligibility time span to qualify for the home purchase tax credit.  Now some of the nitty gritty

You may be eligible to qualify for the home purchase tax credit up to $7500 ($,3750 if you file taxes as a single person) if you have not owned a home in the past  three years

Income can not exceed $75 k for indivduals or $150k for filing couples.

The credit is generous, but be careful when explaining it to your clients it is actually an interest free loan and it has to be paid back in 15 years at $500 per year when taxes are filed.

Some types of seller-paid down payment assistance programs are being eliminated as of October 1st.  So the purchase of a home now may gain your client the double benefit of tax credit and seller paid down payment.

For more information,go to www.federalhousingtaxcredit.com

     

Join us this Wednesday for lunch, dessert and prizes.   Jean Webster of McDevitt Sotheby's Real Estate opens 285 Fairway Drive in Knollwood for your viewing.  

Lunch co-hosted by Victoria Spannaus with Wachovia Mortgage.

As a parent of small children I am often asked by clients ideas of things they can do that are family friendly.  Below is a small list of ideas.  Moore County has many family friendly activites planned by the various communities or by civic and non profit groups. You can easily get overbooked. Enjoy!

 

First Night- Southern Pines- 5pm - 8 pm New Years.  Kid Friendly and fun for the whole family- Magic- Music and Food. Something for everyone- free

 

Sandhills Gardens- Sandhills Community College- A quiet oasis with beautiful trails and scenery that changes every day.  Free and kid friendly- Has nice visitor center and open space to picnic

   

Spring Fest - Southern Pines- A true street fair with rides for the kids, crafts, music, free performances by local schools- something for everyone. Fun bike races for kids.

 

First Fridays- Southern Pines-Started last year and will hopefully continue as an annual tradition. 5pm- 8pm- Very Family Friendly- This year May- October.

 

Buggy Festival- Carthage- Look for it in June.  Something for kids of all ages. See antique cars from almost every decade. Buy crafts, Rides for kids are free!

 

Pet Parade- July 4^thPinehurst- It is not often you can see  a pony, cats, dogs and pets of every size dressed for the 4^th.  Patriotic music and community participation make this event special.

 

Farmers Day- Robbins- First Weekend in August.  This has got to be one of the largest livestock parades on the East Coast.  Kids love to see "cowboys". Vendors and family friendly fun is planned by the Robbins community -and almost all of the activities are free.

  

Malcolm Blue Festival- Malcolm Blue Farm Aberdeen- See a piece of our county history right in our back yard. My child loved panning for gold, petting animals, listening to bluegrass music and seeing sheep herded by dogs. A museum on sight with civil war era items.  Look for it in September.  

    

Blessing of the Hounds- Southern Pines- This is a Thanksgiving tradition. You do not have to be a horse person to enjoy the event.  Family friendly.  Hobby Field off Youngs Road. Around 10am.

 

 

Bob's Pizza Hwy 1 towards Vass. The owner is an avid collector. Cheap pizza- KID friendly and something for everyone to see. You will see games and kids toys you have probably forgotten about and loved. 

 

     

Please join us Wednesday July9th, 2008 at 60 Whinhill Court in National Golf Club from 11:00am to 1:30 PM for Lunch (compliments of Wachovia Mortgage, FSB) and $100 Prize Drawing compliments of Bob Graham Coldwell Banker United  Realty.   To see more information visit MLS $127947  - This is a beautiful must see luxury golf front home.    

    

 

          With mortgage rates at historically low levels, and with mortgage interest deductible against your income taxes, it is unlikely you will find a lower cost of money.  But here are two considerations, which should make your decision an easier one.

          If your house appraisal is such that "rolling in" your closing costs would cause you to have to pay mortgage insurance, or push you into a higher premium category for mortgage insurance, it may make more sense for you to pay closing costs out-of-pocket.  After all, you want to maximize, not minimize, your savings when you refinance.

          If you have enough equity in your home to avoid mortgage insurance, you would be hard-pressed to justify paying closing costs out-of-pocket.  With your after-tax cost of mortgage money running in the 4% to 5% range, even the most conservative long-term investment will enable you to "beat the bank."  So roll your closing costs into your loan and invest the cash you saved.  Talk to your financial advisor about investment options for beating the bank.

         Look for my weekly article in the Sandhills Real Estate section of the Pilot.  

  

                      

First time home buyers are having an increasingly tough time acquiring their first dream home.  Prices continue to slowly increase along with mortgage interest rates, and lenders are pickier about qualification requirements.  However, those young first-timers seem to be more determined than ever to find a way to purchase a home - perhaps even more determined than their parents a generation earlier.

Freddie Mac, a major government-sponsored buyer of existing home mortgages, has some timely suggestions to help first-timers. Here are a few of their tips:

While preparing for your home purchase, take steps to improve your credit rating and score.  This will have a major impact on your ability to obtain a mortgage at the best rate and terms.  It will even affect the pricing of your homeowners' insurance.  Establish a home buying budget. 

Pre-qualify yourself for a home mortgage.  Before looking at homes, contact one or more lenders and become pre-qualified for a loan.  Lenders will consider your 4 Cs - capacity, credit, capital and collateral - in determining your qualification capabilities.  Capacity is your ability to repay a loan based on your income and work history.  Credit means your history of repaying loans and paying your bills and other obligations.  Capital is your wealth in terms of the property or money you have now.  Collateral is any property you own that is acceptable as security on a loan.  I would note with the continued changes to loan programs available having capital/cash to serve as your reserves available to you after the purchase is more important than ever and can make the difference in what program you may qualify for and what rate you are offered. 

After you make an offer on a home, and it's accepted, you will need to make a formal mortgage application.  There are many types of mortgage plans available to home buyers in today's market.  Be sure you understand all the terms of your selected loan before signing any documents.

In North Carolina the contract to purchase has been updated to reflect that the binding agreement is also one that is time is of the essence.  It is more important than ever that you apply for your mortgage and provide your complete documentation before if possible or same day as the day you write your offer to purchase. Waiting to apply may put your purchase in jeopardy as there are other events in the process to purchase..such as the appraisal, home inspection, pest inspection that must be completed within a specific period of time.  

Have a great week!  Look for my weekly article in the Sandhills Real Estate Section of the Pilot.  

 

 

 

         The news has been focusing on the difficulties in the subprime mortgage market and more recently on "jumbo" loans.  However, borrowers with good credit scores, good jobs, and a down payment, still have ready access to 30-year "conforming" loans - those funded through banks and mortgage brokerages by Fannie Mae and Freddie Mac, the giant federally chartered companies that fund the bulk of the nation's mortgages.

            The large inventory of homes for sale right now gives buyers more to choose from and a greater capacity for negotiation.  This inventory includes new homes left over from the housing expansion over the last few years and the home resale market.  Builders have cut back in producing new homes due to the problems with the subprime mortgage market and are working down their present inventories. David Seiders, chief economist of the National Association of Home Builders, expects that new-home sales will stabilize by the end of this year, and housing starts will start to grow again by mid-2008. He felt that in spite of the present difficulty in the subprime mortgage market, the overall economy will continue "... to be supportive of housing..." and that "...interest rates in government-related components of the mortgage market will remain favorable on a historical basis."

            Real estate still remains one of the best performing and consistent long-term investments.  The many housing choices available and low interest rates make it a positive time to be the buyer.

            There may be no better time than today to buy your new home and lock in an outstanding low rate.

Look for my weekly article in the Sandhills Real Estate Section of the Pilot. 

The media attention given to sub prime loans and also to option arms has definitely slowed the pace of individuals looking for creative loan alternatives.  It is always a good idea to do some research and also look at your full financial picture when deciding which loan program is best for you. Ask yourself the following questions, How long do I plan to own this home? How long have I had my mortgages in the past, Do I expect my income to increase if the rate goes up and my payment increases? What are my objectives for this loan and what are my financial plans for the next 3, 5, 10 years.  Armed with this information meeting with a mortgage consultant should allow you to find the loan that best fits your needs and helps you meet your financial goals. Don't count out the creative alternatives until you look at the full picture.    Fixed-Rate Mortgages Most Popular Fixed-rate mortgages are definitely the "loan of choice" by today's homeowners seeking a refinance mortgage. About eighty-five percent of refinance mortgages in recent months have been fixed-rate loans, according to Freddie Mac, a major government-sponsored buyer of existing mortgages. Those applications include many homeowners who initially had a hybrid ARM (adjustable-rate mortgage). "Mortgage rates on 30-year fixed-rate conventional conforming loans have become more favorable to applicants of refinance loans," Freddie Mac reported. "The difference in rate between fixed and adjustable rate loans has narrowed. Also, although the spread between the 30-year fixed-rate and 15-year fixed-rate mortgages has not moved significantly in recent months, more borrowers replaced their 15-year fixed-rate mortgages with 30-year fixed-rates when they refinanced." The report also shows that refinancing into the 30-year fixed-rate mortgage among borrowers who originally had an ARM loan has been increasing. However, fewer borrowers who originally had a balloon mortgage are switching into a 30-year fixed loan, many opting instead for an ARM or hybrid mortgage. The proportion of borrowers who originally held 30-year fixed-rate mortgages and are now applying for a refinance mortgage of the same type has remained about the same in recent months. For a free consultation to discuss which type of mortgage loan will work best for you, call Victoria Spannaus at Wachovia Mortgage Corp. at (800) 741-7813 or 910-692-6225.

Producer Price Index May Affect Your Mortgage Rate

There are numerous economic indicators which are watched by investors in bonds and mortgage-backed securities (MBS). One of the more important ones is the producer price index (PPI) because it is the first inflation report to be released each month.

The PPI is a measure of prices at the producer level. If producer prices are increasing, there is a tendency for producers to pass the increases on to consumers in the form of higher-priced goods. However, the PPI is only a measure of goods, while the consumer price index (CPI) measures goods and services. It is possible for the prices of goods to remain stable while the prices of services increase.

While MBS investors typically are able to gain an initial indication of inflationary pressures from the PPI data, the CPI data are considered a more accurate indicator of inflation due to the cost-of-services component. Nevertheless, a PPI release indicating increasing goods prices may cause mortgage rates to push higher, while a falling PPI may cause a drop in mortgage rates.

For a free consultation to discuss which type of mortgage loan will work best for you, call Victoria Spannaus at Wachovia Mortgage Corp. at (800) 741-7813 or 910-692-6225.

 

Look for my weekly article in the Sandhills Real Estate section of the Pilot.