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THURSDAY JULY 20, 2006
6D REAL ESTATE
Options for
mortgage rate
It is not always a clear choice between an
adjustable rate and a fix rate mortgage in a
rising interest rate market, like the one we are
in now.
As interest rates rise so does consumer’s
consideration of the Adjustable Rate Mortgage
as a viable financing option. There are several
adjustable rate options currently availabie to
homebuyers- Lower initial home loan
payments tend to be particularly attractive to
first time homebuyers with limited incomes
and buyers who believe they
will only own the property for
a short period of time.
You can choose finm a
traditional 1-year adjustable
up to a tempting 10-year
adjustable rate program.
Between a 1-year and a 10
year term loan you can
consider attractive 3-, 5- or 7-
year adjustable rate mortgage
alternatives.
Some lenders will try to entice buyers into
considering ARM, with an eye on refinancing
with a fix rate at a later time. A problem may
occur with refinancing anARM later, ifinterest
rates continue to rise and this option is no
longer a practical one.
Buyers must also be caieful to avoid
adjustable rate mortgage programs that
contain the potential for negative
amortization. All mortgages have amortization
schedules. The timetable for re-payment of a
mortgage loan principal and interest is called
an amortization schedule.
Negative amortization is when a gradual
increase in a mortgage debt occurs. This
increase occurs when the monthly payment is
not sufficient to cover both the principal and
interest due.
It is prudent to avoid ARM products that
contain the potential for negative
amortization. This somewhat outlaw mortgage
program could occur by obtaining an
incredibihty low initial interest rate. As loan
interest rates rises, the loan payment remains
the same for a certain time period. At the end
of the specified time period the difiTei-ence is
. added back in on top of the current principal
due. This is called negative amortization
because your principal balance actually
increases instead of decreases.
This explains why you should avoid aU loans
that expose you to potential negative
amortization. Aloanfike this could create huge
problems for an impulsive purchaser.
As interest rate rise it is wise to shop for the
best interest rate program that meets your
Family needs and budget. Remember, lenders
are more competitive for the home buying
business in a rising interest rate market.
As the consumer refinancing demand
diminishes during rising interest rates
environments, lenders are more apt the pay
more attention to their home purchasing
applicants.
Although we have been spoiled by the
availability of incredibly low interest rate
options ov^ the past year, now is still a great
time to purchase a home.
It is stiU a buyer’s market and with many
deals left to be made. Homebuyers must
beware however, when considering adjustable
rate mortgage programs with interest rates
that appear too good to be true.
ROLAND K. HAWKINS is a real estate agent with
Coldwell Banker United Realtors. He can be reached
at (704) 840-5762 or via the Internet;
wwwTolatidhawkins.com
Sensible burglary prevention
measures start with basics
PHOTO/ARA CONTENT
Handy devices can help deter break-ins 24 hours a day.
AR7(CL£ RESOURCE ASSOCIATION
Summer is busy season for burglars.
According to FBI statistics, the greatest
numbers of home bursaries occur in July
with August a dose second.
In 2004, for instance, bursars entered a
house, apartment or condominium every 14.7
seconds, making off with valuables wortii an
average of $1,607 each time.
Art Noparstak, marketing manager for
Intermatic, Inc. and spokesperson for the
national Burglary Prevention Council, an
organization dedicated to the prevention of
residential burglaries, states, “Sixty-two
percent of all bursaries occur in dayhght
hours, and almost a third are made without
forced entry Homeowners make the
bursar’s job too easy”
Tb prevent bursaries, Noparstak offers the
following, advice:
• Keep aU doors, windows and garage doors
dosed and securely fastened- Doors should
have deadbolt locks with at least a 1-inch
throw and rdnforced strike plate with S-inch
screws. All windows should have v.dndow
locks-
• Cut up cartons for TVs, computers,
stereos, etc. Tie the pieces together so a
buiglar going through the garbage does not
see any of your highly valuable household
items.
• Do not leave ladders or tools lyir^ around
outside.
• Install a wide-an^e door viewer (peephole)
in your finnt door so you can see who is at the
door.
• Don’t put your name and residential
address on your key ring. If you happen to lose
it, a dishonest person could gain entry to your
home.
• Use timers on h^ts, radios and TVs. Set
light timers to turn on and off and random
times of the day and night, making your
residence appear occupied.
• Keep shrubbery trimmed away firom
entrances and walkways.
• When service or ddivery people come to
your door, ask for ID. If you^ stiU not sure,
call the pohce first and report the stranger.
Next, call the company to confirm.
• Make a home inventory list, complete with
photos or video. Engrave items with your ID
to help the police identify your belongings.
Store this list in a safety deposit box.
• Post signs in conspicuous locations that
clearly indicate that the premises are
protected by a burglar alarm.
“Consumers should also consider installing
a buiglai' alarm aroimd their home,” says
Noparstak. ‘Tt is a myth that burglar alarms
need to be high-tech and cost thousands of
dollars. There are many affordable options
available, including window, door and table
top alarms.”
For more tips on safeguarding a home or
apartment, • visit
www.burglaryprevention.oig- Tb receive afi:ee
“Safe and Secure” booklet send a self-
addressed, stamped envelope plus $1 for
postage and handling to BPC Literature
Fulfillment, Intermatic Inc., Intermatic Plaza,
Spring Grove, IL 60681.
Tbpics include evaluating your home’s
current safety measures, assessing your
home’s entry points, imderstanding what
attracts burglars, and implementing a cost-
effective security program in your home.
Teens can do it themselves
ARTICLE RESOURCE ASSOCIATION
PHOTO/ARA COINTENT
In some ways, decorating a baby’s
room couldn’t be easier. The room’s
primary occupant really doesn’t have
much to say about the dV(c)cor. Enter
the teen years. Now, she hates the
pink carpet and floral ciirtains you
thov^t were precious beyond words.
He’s into Japanese anime, and your
clever pirate thane makes him want
to walk the plank.
If your teen’s room is overdue for a
makeover, there is some good news:
Your child is probably old enough
now to do a lot of the work him or
herself
“Teenagers are aU about
independence, control and being
cool,” says Lisa Jerlstrom, parent of a
teenager, and a trend-watcher and
art buyer for Environmental
Graphics Inc. “Aliowii^ your child to
redesign his or her room not only lets
them express their independence
and look cool in their own space, it
can be a great way to teach
important budgeting and home
improvement skills.”
Here are five simple steps to help
your teen tackle his, or her, own
room makeover project:
Step 1. Set a budget. You can be
generous, and give your teen some
money to spend in the room. Or you
can really drive home the financial
lesson by making her create a budget
based on her own sources of income -
fi'om allowances and part-time jobs
to gifts fiom grandparents. Either
way make sure she understands she
must accomplish her redesign with
the money she has, just like in the
adult world where going over budget
would have serious consequences.
REAL ESTATE / CLASSIFIEDS / REAL ESTATE/ CLASSIFIEDS
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Call 704-394-9394 Ext 13
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Village Of Buena Vista
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704-536-5510
ICIIVGSTOJRIC
MEW
NOW
is a good time to move to
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We are still the
"Westside’s Best Kept Secret".
Judy Williams,
Manager
704-333-2966
Ask About
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