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

Malone Bay features 18 lots at [tag]W. Kerr Scott Dam[/tag] & 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

Mortgage Rip-offs and Money Savers reveals how the mortgage industry cheats borrowers out of billions in extra costs every year. Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they don’t want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way [tag]mortgage borrower[/tag]s can truly get the best possible deal. (more…)

In coming months, homeowners with [tag]adjustable-rate mortgage[/tag]s will experience an interest rate reset, giving them a higher rate as required by the loan agreements and leaving many unable to make their payments. Soaring mortgage default rates this year already have shaken major financial institutions and the fallout from more of them, some experts say, could spread from those already battered banks into the general economy. The worst-case scenario is anyone’s guess, but some believe it could become very bad. Some of the nation’s leading economic minds lay out a scenario that is frightening. Not only would the next wave of the mortgage crisis force people out of their homes, it might also spiral throughout the economy. (more…)

While most of the attention during the housing slump has been directed at [tag]subprime mortgage[/tag]s given to those with weak credit histories, some high-cost regions have a different problem. There are prime borrowers with excellent credit who’ve used subprime-style gimmicks in combination with jumbo loans to overpay for their homes. The investors who had fueled the real estate boom earlier in the decade were spooked by cascading losses from the junk mortgages they owned. Since then, the investors have refused to buy securities that aren’t based on the most conservative borrowing standards, even loans to borrowers with excellent credit. If the jumbo-mortgage segment doesn’t bounce back, home sales will slow even more than they have and prices could continue to fall. A well-functioning jumbo market is essential if the housing market is to stabilize and eventually head up again. (more…)

Many lenders have [tag]biweekly payment plan[/tag]s under which borrowers make half the monthly payment every two weeks. They are especially convenient for people like you who are paid biweekly. If you pay half the monthly payment every two weeks, over the course of a year you make 26 half-payments, which is the equivalent of 13 full payments. Most biweekly programs credit payments monthly, while a few credit payments biweekly, which is worth a little more to the borrower. Crediting payments every two weeks means that the balance is reduced every two weeks, which saves a little interest within each month. (more…)

In the months ahead, millions of [tag]adjustable-rate mortgage[/tag]s will reset, giving them a higher interest rate as required by the loan agreements. Many homeowners may be unable to make their payments. Soaring mortgage default rates this year already have shaken major financial institutions and the fallout from more of them. Some experts say this could spread from those already battered banks into the general economy. The worst-case scenario is anyone’s guess, but some believe it could become very bad. “We haven’t faced a downturn like this since the Depression,” said Bill Gross, chief investment officer of PIMCO, the world’s biggest bond fund. He’s not suggesting anything like those terrible times — but, as an expert on the [tag]global credit crisis[/tag], he speaks with authority. (more…)

About two thirds of the mortgages in Europe and Australia are written as CAM ([tag]Combined Account Mortgages[/tag]) and under certain circumstances for some borrowers they can be an exceptional tool that can automatically greatly accelerate the payoff of a borrower’s mortgage with no change in the borrower’s spending habits or any special administrative procedures required of the borrower. The key here is that CAM mortgages will benefit the borrower only if he or she makes significantly more money per month than they spend but do not use their excess cash to accelerate the payoff of their existing mortgage because they may need the money downstream. With the typical mortgage they cannot retrieve any extra money they may have paid in without refinancing or selling their home. With the CAM mortgage they can. (more…)

[tag]Freddie Mac[/tag] has reported a loss of $2 billion for the third quarter and said it is “seriously considering” a 50% cut in its fourth-quarter dividend. Freddie also said it is considering ways to raise additional capital. Losses at Fannie and Freddie constrain their ability to perform their role of funneling money into the mortgage market when other investors are leery of home loans, said Jim Vogel, an analyst at FTN Financial Capital Markets, Memphis, Tenn. Though Fannie and Freddie remain huge sources of funding for mortgages, their woes could prolong the shortage of capital that is forcing lenders to ration credit and hurting demand for housing. Freddie said it has hired Goldman Sachs and Lehman Brothers to help it “consider very near-term capital-raising alternatives.” Last week, [tag]Fannie Mae[/tag] raised $500 million with a sale of preferred stock. (more…)

$5,850,000

MLS Number: 50913

City: [tag]Valle Crucis, NC[/tag]
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-[tag]Blowing Rock, NC[/tag]
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of [tag]Blue Ridge Mountains[/tag].

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

Homeowners facing [tag]foreclosure[/tag] have several options for saving money, their credit rating or their home. But of more importance is that these same folks need to be wary of [tag]foreclosure scams[/tag]. Even when declaring bankruptcy, avoiding a foreclosure can salvage your ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure very much worthwhile. Two immediate options available to all mortgage holders are 1) sell the property and 2) work out a deal with your lender. Almost always, your lender will be willing to work with you, rather than lose money at a foreclosure sale. By all means, do not sign over your property title to another company. Some companies say that after the mortgage is current they will re-sign the property back over to you. This rarely happens. Instead, the company is likely to pull out equity, not make any mortgage payments and allow the property to be foreclosed. You will not be able to save the property from future foreclosures because the property is no longer in your name. (more…)

Typically, a [tag]Home Ownership Accelerator[/tag] loan program (sometimes referred to as an [tag]HOA[/tag]) can be used as if it were a checking account. A borrower’s paycheck, instead of being deposited in a bank account to earn little or no interest, pays down the mortgage balance. The borrower thus earns the mortgage rate starting the day of deposit. As the borrower spends money by writing checks, withdrawing cash from an ATM or using a bill-pay service, the mortgage balance rises. Even if the balance at the end of the month is the same as at the beginning, the average balance and therefore the interest charge is lower. Both an HOA and a [tag]home equity line of credit[/tag] (HELOC) accrue interest daily, and adjust the interest rate frequently, monthly on the HOA, anytime on the HELOC. Borrowers can draw up to a specified maximum amount at any point during an initial 10-year draw period, with repayment required over the ensuing 20 years. (more…)

An expected surge in home foreclosures will cause U.S. property values to sink by $223 billion, with the most severe impact in minority communities, a new report says. The report released Tuesday by the Center for Responsible Lending estimates that roughly one in three households will see their property values drop by $5,000 on average as mortgages made to borrowers with weak credit in 2005 and 2006 reset at higher interest rates, accelerating the pace of foreclosures. (more…)

Lenders are making it a lot easier to buy a house without the traditional 20% down payment, but you’re going to pay a lot for that option. If you borrow more than 80% of the home’s value, you’ll usually have to pay private mortgage insurance, which protects the lender if you default on your loan. That tends to cost 0.5% to 1% of the loan value, up to $3,500 per year on a $350,000 home, or $5,000 on a $500,000 home. It’s money that doesn’t go toward your principal or interest. If you wait to accumulate the 20% down payment, these extra costs can usually be avoided. You may also qualify for a lower-rate loan and keep your mortgage payments much lower, which gives you a lot more flexibility in the future. (more…)

Experts now agree that a lot of mortgages shouldn’t have been made in recent years. It was foolish for lenders and homeowners to bet housing prices would keep rising. But allowing millions of [tag]foreclosures[/tag] to punish the imprudent isn’t smart. It’ll damage entire neighborhoods. “It’s not like ‘repo-ing’ cars, where you can move them around,” says Richard Syron, chairman and chief executive of mortgage giant Freddie Mac. An empty house loses 20% of its value in six months, he says. Even worse, the larger economy is at risk. Cue Federal Reserve Chairman Ben Bernanke: “A sharp increase in foreclosed properties for sale could weaken the already struggling housing market and thus, potentially, the broader economy.” (more…)

Beautiful Wilkes County NC Timber Frame Home and Mountain Property.

MLS Number: 51166, List Price: $898,500

2 Bedrooms, 2 Baths, 2 half baths, 2 car attached garage, full basement, and a barn on 5 acres of land.

These terms are used to describe thousands of homes and yet some things just can’t be described, they have to be experienced. This is one of those homes that really has to be seen to be appreciated.

This majestic Timber Frame home of the Bob Timberlake genre is not just another house, it provides a feeling of home that is not about walls and floors and windows and doors. It creates a feeling of the flow between your outdoor and your indoor environment that is seamless. Everywhere you look there is a view. Everything you touch feels natural and beautiful in a way that cannot be described, only owned.

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

In a growing percentage of cases, government-linked bodies are the ones putting up the cash for home loans and taking the risk that a borrower won’t pay the money back. Private enterprise’s role is narrowing in many instances to the job of arranging loans, providing the initial funding until the loans can be sold, and handling the monthly paper work. For home buyers, the renewed dominance of government-related entities means the end of the era of endless choice and easy approvals on [tag]mortgages[/tag]. Borrowers now generally must meet tighter standards familiar from earlier years, such as proving their income and making a down payment of 10% to 20%. (more…)

N.Y.-based Lender [tag]Lead Solutions[/tag] recently introduced Simple60, a new reverse mortgage product available to homeowners aged 60 and older. [tag]Reverse mortgages[/tag] offered to date require that borrowers be at least 62 years old. “For every 100 people I talk with about reverse mortgages, I lose 20 to 30 of them because one spouse is younger than 62 or they don’t want to pay the higher closing costs attached to the entire value of the home,” said David Peskin, Lender Lead Solutions’ chief executive officer. “We do not anticipate the Simple60 to be a substitute for the HECM. Rather, we look at it as an add-on for borrowers fitting in a specific niche. [tag]HECM[/tag]s, or [tag]home equity conversion mortgage[/tag]s, are mortgages insured by the U.S. Department of Housing and Urban Development and account for nearly 85 percent of the reverse market. Closing costs on HECMs usually are computed on the home’s value, not on the amount borrowed. The HECM program has insured more than 240,000 reverse mortgages since 1990, while private “jumbo” reverse plans also have been available. (more…)

For borrowers, higher costs for some [tag]home loans[/tag] and tougher qualifying requirements for approval are becoming the norm among the nation’s mortgage lenders. [tag]Risky lending and borrowing[/tag] habits during the last housing boom left too many homeowners with mortgages they couldn’t afford. That forced lenders to end the boom with the sound of the door on risky loans being slammed shut to lock out losses from failed home loans. Forty percent of loan officials said their institution has tightened lending standards on prime, nontraditional and subprime home loans in the past three months. Forty percent of loan officers surveyed said standards for prime loans had tightened, but the percentages were higher when only nontraditional or subprime loans were considered. Of the 40 banks originating nontraditional residential loans, 60 percent in the October survey, reported tightening lending standards on nontraditional loans, up from 40 percent in July. (more…)

All the larger lenders have both retail and wholesale divisions. The brokers and lenders receiving wholesale mortgage prices add a markup before quoting retail prices to borrowers. The [tag]mortgage interest markup[/tag] covers the cost of the various retail functions, including marketing to borrowers, counseling and advising them, taking their applications, verifying credit, employment and other information provided by applicants, pulling together all the documents required for the loan to be executed (called “processing”), and arranging for all the third-party services required for the loan including insurance ([tag]title, mortgage, flood[/tag], homeowner) and closing services. (more…)

Federal housing-finance agency Ginnie Mae plans to roll out as soon as today what it calls the first “standardized” bond issue backed by [tag]reverse mortgage[/tag]s, a move aimed at boosting liquidity for one of the fastest-growing markets targeting [tag]baby boomer[/tag]baby boomers. The offering, expected to total about $120 million, consists of more than 1,000 government-insured reverse mortgages, which allow homeowners 62 years old or older to turn home equity into income they don’t have to repay until they sell their homes. Such loans have grown rapidly in popularity in recent years, thanks to the nation’s aging population, a lack of retirement savings and the rapid house-price gains in the first half of this decade.

(more…)

The House Financial Services Committee, working to address problems in the [tag]mortgage market[/tag]s, passed a bill with broad support that would overhaul the way loans are offered, securitized and regulated. “I think we have a national crisis to which we have to respond,” said Rep. Barney Frank (D., Mass.), the committee’s chairman. The panel voted 45-19, with nine Republicans voting for the measure. The bill is expected to go to the full House next week. Under the measure, lenders would be required to consider a borrower’s ability to repay an [tag]adjustable-rate mortgage[/tag] after monthly payments reset higher than introductory rates, and also ensure that borrowers receive a “net tangible benefit” to refinanced mortgages.

(more…)

Beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 – 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

Federal and state officials are proposing laws that would regulate the lending industry more tightly than in the recent past, to put a stop to underwriting practices that many in the housing industry have criticized as abusive or predatory. Among the recommendations now being proposed in Congress, for example, are rules that would stop mortgage brokers from steering people into [tag]subprime loans[/tag] if they qualified for less-expensive, conventional mortgages; prohibiting hidden brokerage fees that are rolled into higher interest rates, and getting rid of prepayment penalties that made it difficult for people to refinance. (more…)

Consumers paying on a mortgage don’t intend to walk away from it. However, circumstances unforeseen to the individuals like huge medical bills, lost jobs, divorce or eroding property values can overwhelm even the best-intentioned borrower. A simple twist of fate can leave a person facing a homeowner’s worst nightmare: [tag]foreclosure[/tag]. Where foreclosure is concerned, you and your lender are on the same side. Lenders want your money and the interest that comes with it, not your house. If you seem to be a good risk, the lender will offer to help keep your mortgage afloat. But be forewarned: If you seem like a bad risk, the lender may cut its losses by taking steps to foreclose and evict you as quickly as possible.

(more…)

If you think the [tag]mortgage meltdown[/tag] is a mess today, imagine if interest rates were at 7 percent, 8 percent or 9 percent? Nothing we’ve seen to date in terms of foreclosures, lender failures and investor losses would match the chaos which would ensue with higher rates. Even Wall Street would be unable to hide the damage with accounting tricks and Enron-like, off-the-books, entities. It is an absolute miracle — a financial miracle — that the housing situation is not significantly worse than it is today. Look at interest rates for the past several decades and it’s simply unreasonable to think that today’s rates are anywhere near the middle of the scale. Truth is, we’re looking at rates last seen in the 1960s. (more…)

[tag]Reverse mortgage[/tag]s are available only to people 62 and older. The loans enable homeowners to convert part of the equity in their homes into tax-free income without having to sell the property, give up the title or take on a new monthly [tag]mortgage payment[/tag]. Everyone named on the property’s title must meet the minimum age requirement. Unlike a traditional “forward” mortgage, with a reverse mortgage, the payment stream is reversed: Instead of making monthly payments to a lender, a lender makes payments to the homeowner.

(more…)

Continued market concerns of weaker economic growth and further declines in the housing market resulted in new lows in [tag]mortgage rate[/tag]s. The [tag]30-year fixed-rate mortgage[/tag] averaged 6.26% for the week ending Nov. 1, down from last week’s 6.33% average, according to Freddie Mac. The mortgage rate hasn’t been this low since the week ending May 17, when it averaged 6.21%. It averaged 6.31% a year ago. The 15-year fixed-rate mortgage also dropped, averaging 5.91% for the week, down from last week’s 5.99% average. It marked the rate’s lowest level since the week ending May 10, when it averaged 5.87%. It averaged 6.02% a year ago. “October’s consumer confidence fell to its lowest level since October 2005, as mortgage rates continued to decline this week to their lowest level in almost six months,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. “Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks.” (more…)

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

Malone Bay features 18 lots at [tag]W. Kerr Scott Dam[/tag] & 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

Mortgage rates actually follow the bond market, not the [tag]Fed-funds rate[/tag]. The interest rate on a 30-year fixed-rate mortgage tracks the yield on the 10-year Treasury note. Lenders typically set their base [tag]mortgage rate[/tag] around two percentage points higher than the 10-year bond yield. Rates on adjustable-rate mortgages are tied to yields on two-, three- and five-year Treasurys. These short-term loans are more sensitive to Fed rate movements, and those with the shortest maturities see the greatest impact when short-term rates rise and fall. Trying to predict mortgage rates is a waste of time. Rather than gamble and wait on lower rates, consider a lender that is willing to let your rate “float down” if mortgage rates drop after you’ve locked in your loan, but before the closing. (more…)