Adjustable rate mortgages (ARMs) can be difficult to understand with a language of their own. So learn your cap, index and reset terms. Here are 10 of the most important terms. The first is “Cap” which is the top limit on the amount the interest rate can increase during a certain period of an [tag]adjustable-rate mortgage[/tag], or ARM. Every ARM has two caps: a periodic cap, which limits the periodic changes to the interest allowed in the loan agreement, and a lifetime cap, which governs the total increase that can be imposed during the life of the loan.

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Are the usual suspects returning to [tag]mortgage-related scams[/tag] as a result of the [tag]subprime lending fallout[/tag]? Does the practice of illegal “[tag]foreclosure rescue”[/tag] operations extend even into the second-home market? It always seems that when a large group of consumers are in trouble with their home finances, bad guys are around to help the unsuspecting homeowner dig their hole a little deeper. The latest attempt at the age-old practice of equity skimming is foreclosure rescue where scammers peruse county records to find properties that are facing foreclosure for nonpayment of mortgages or taxes.

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87.5 +/- ACRES AVAILABLE FOR RESIDENTIAL SUBDIVISION

Mountain Development, 7 miles from West Jefferson, NC, 20 miles from Boone, NC.

$2,000,000 Purchase Price, Paved Road and Bridge Built To State Specifications, Average of $23,000 per acre, this Property Should Retail For Approximately $50,000 to $60,000 per acre.

ALL PROPERTY HAS LONG RANGE MOUNTAIN VIEWS

Contact Greg Stikeleather, Broker, 704.880.5247
or
email Greg at grstike@charter.net

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Bank of America’s new “[tag]no-fee plus[/tag]” [tag]home loan[/tag] program has competitors searching for sleight of hand tricks and gimmicks. But Bank of America says that its new program is for real, and comes with none of the usual grab bag list of origination, processing, title or [tag]closing costs[/tag]. That means no application or origination charges, no credit check fees, no charges for the appraisal, title examination, title insurance policies, settlement fees or even tax service and floor certification.

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Two weeks ago, the [tag]10-year T-note[/tag] traded under 4.65 percent; yesterday it touched 4.9 percent. Mortgages — as always, following the 10-year in lockstep — were trying to break 6.25 percent going down; now they are trying to hold 6.5 percent while going up. The case for holding is poor. Rates are rising because the global economy is taking off. Forget all the thoughts of drag from concerted tightening by central banks, Europe to top out, America to slide near recession on weak housing and manufacturing, Asian exports to be undercut by American weakness.

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Four bills aiming to [tag]curb foreclosures[/tag] in North Carolina have cleared the N.C. House, and now await action by the state Senate. The bills would significantly increase state oversight of the [tag]mortgage industry[/tag] for the first time in more than five years. During that time, the number of foreclosures has climbed sharply. More state residents likely will lose homes to foreclosure this year than in any previous year. The problem is worst in Mecklenburg County, where almost 4 in 100 homeowners likely will face foreclosure. The current crop of legislation stems from the work last year of a special House committee appointed in response to the Observer’s reporting about rising foreclosures in the Charlotte area.

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The entry – and what surrounds it – are key to making a home welcoming. So the “Grey Poupon” yellow [tag]aluminum siding[/tag] and tiny off-kilter portico on this home had to go. In fact, such “updating” had left the 1909 four-square looking like a shell of its former self. Relying on a vintage photograph, the homeowner set about restoring the facade’s original charm. Architect David Raino-Ogden drafted the plan for the facade, and a [tag]landscape-design course[/tag] helped the homeowner devise her own plan and hardscape scheme.

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