A tighter mortgage environment and tougher credit standards are forcing buyers toward more conservative home loans, according to economists who study the mortgage industry. Home buyers and homeowners who want to refinance are moving away from shorter-term adjustable rate loans. For conservative borrowers, the chance that the payment could increase beyond their comfort level is a very real and unwelcome possibility. They prefer the certainty of a fixed-rate 15- or 30-year mortgages. For buyers intent on getting the smallest possible monthly payment, adjustable rates are no longer automatically the ideal. Payments can go up and the ability to refinance in a few years is not a sure thing.

(more…)

search for : adjustable rate loans

Are you looking for ways to save money on home expenses? Here are two easy suggestions. First, By switching five incandescent bulbs for compact florescent light bulbs you can save 50% a year on your lighting bill. What it does for the earth: If every household in the country did this it would eliminate the same amount of greenhouse gas as removing 8 million cars a year from the road. Next, install a programmable thermostat can save more than $100 a year on their energy bills by installing a programmable thermostat. What it does for the earth: If one out of every 10 U.S. households used programmable thermostats, it would eliminate 17 billion pounds of greenhouse gases, according to the Energy Star Action Guide.

(more…)

search for : compact florescent light bulbs, programmable thermostat

While securing insurance is a fact of homeownership, lining up coverage on a vacation home is not always a straightforward process. Vacation homes can be expensive to insure and some companies will not offer coverage if the home is regularly rented out. And when owners do find insurance, they may have to pay extra for extended liability or coverage that will protect the home in case of a flood. A house in a gated community close to a fire station would likely be less expensive to insure than a home that is in a remote location. And homes along the east coast, a flood prone area, have also become increasingly expensive to insure.

(more…)

search for : vacation home

This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

click here for more information

According to the Tax laws, use of the second home is “personal” if on any day (or even a part of a day) it is used by anyone who owns an interest in the property, or their relatives. The property is also considered “personal” if used by any other person who does not pay a fair rent. Vacation homes include homes, apartments (such as condominiums and cooperatives), and even trailers or boats. However, for a boat to be considered a “home” it must have sleeping, cooking and toilet facilities. If you rent out the property and never make personal use of it, it is considered rental property and all appropriate deductions are available to you. On the other hand, if you never rent out the property, but enjoy it for yourself and your family, it is treated as a second home and again you can deduct real estate taxes and mortgage interest — subject to any limitations imposed by law, such as the Alternative Minimum Tax (AMT) rules.

click here for article

search for : Alternative Minimum Tax

Rates on 30-year fixed loans dipped last week, to 6.41 percent. In addition, tightened lending standards stemming from the subprime crisis likely mean fewer buyers, pushing down home prices. But, ou’ve got to be a buyer with good credit, a low debt to income ratio, a healthy down payment, verifiable income, and looking to finance less than $417,000 (the cutoff for so-called jumbo loans). Expect to pay a down payment of at least 10 percent, and have a FICO credit score of 620 or higher in order to get a rate between 6.2 and 7.5 percent. Perhaps 90 percent of home buyers qualify for that prime rate, although if you want a rate below 7 percent you probably need a FICO score above 660.

(more…)

search for : FICO credit score

More than another determining factor, lenders are concerned with your ability to repay the loan. Their reasoning is purely mathematical as they consider your annual salary, current debt load, and past credit history. Your “debt-to-income ratio” and the amount of down payment are signals to the lien holder that the long-term prospects of a worry free prepayment by you will occur. In addition, real estate taxes and property insurance play a part in calculating your monthly debt load.

(more…)