Newspapers / The Kings Mountain Herald … / May 3, 2001, edition 1 / Page 5
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tin Charleston, West: Virginia ne Beforei Ghamndtler Went ito rail BEN LEDBETTER / THE HERALD Ted Chandler Fooantly purchased Moss Realty of Kings Mountain. Ho Ch ja i J Moss: BY BEN LEDBETTER Staff Writer: Many people have hobbies they practice wherithey are not working. 10 Ll gliln Kings Mountain’ Ted Chandler has many hobbies he practices for business. Chandler is a part of Chandler Properties and is in business with his wife Pansie, who runs the company. The company had bought the Kings Mountain branch of Moss Realty. Sandra Wilson ran a compa- ny before Moss bought it. Wilson currently works for Chandler as an agent, and the new company started in January. Chandler, who has been in re- al estate for seven years, WF al estate, he was a truck driver for approximately 20 years; something he did since he was 18 years old. He made the switch from driving trucks to selling real es- tate so he could stay home. Chandler had previously worked for Century 21 in Gastonia, before going to Moss Realty. Chandler said he moved to Kings Mountain because of the difference in weather. - “It’s just nice weather,” he _ said. “There’s no snow, no mountains. It is nice around Kings Mountain, it's a cozy family town.” Chandler said he had been investing in real estate before he got his license to become an agent, and said one of the most rewarding parts of the job is finding out about different peo- ple’s needs preferences for housing. “Everybody has different rea- sons to buy a house,” Chandler said. “Some like them in the city, some out of the city, and some like them close to schools to pick up the kids.” Besides selling houses, Chandler, also runs a limousine andler buys Realty service Passing by his office on Battleground Avenue, a limou- sine is parked on one side of his building, next to the First Union office. Although the car is pointed towards the road, Chandler said the limousine might be parked for a while. He said he’s looking for a driver and is considering driv- ing just for high school proms. “We've been doing it,” Chandler said. “I'm trying to stick mainly in this, I'm about ready to let it go because I can’t do both of them at the same time.” Chandler , who has run his limo business for approximate- ly one year, said his limo busi- ness has more than bettered his own SRA but he wants main spa Advertising is another ven- ture of Chandler's; he runs a web site for ordering wedding, business stationary and other advertising specialties. Chandler said he works with different companies for the var- “ious products such as t-shirts, hats and pens. He said advertising plays an important role in business. “Businesses can’t be in busi- ness without advertising some- how,” Chandler said. “ “You give business cards, that’s ad- vertising, you're getting your name out to people.And giving ink pens out that’s advertising specialties. You have to adver- tise somehow to stay in busi- ness. Everybody has to have a place to live and companies have to advertise to stay in business.” Chandler said that he and Pansie are planning to expand into other areas such as rental properties and commercial real estate. “There's a lot of room to grow,” Chandler said. “We're trying to go in the right direc- tions and find what Kings Mountain needs.” Je Kings Mountain Herald RI CEESRUNSTI A SRR Re May 3 3, 2001 Section A, Page 5 PRR SR ARE NR ROR TR RR Lower interest rates make refinancing attractive option BY ALAN HODGE Staff Writer Home mortgage interest rates are falling, and for more and more folks, refinancing their original loan is becoming an at- tractive option. Before taking the refinancing plunge, however, it’s wise to do a little homework to see if this is really the route you want to take. When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage. These can in- clude settlement costs, discount points, and other fees. You also may be charged a penalty for paying off your original loan early, although some states pro- hibit this. The total expense for refi- nancing a mortgage depends on the interest rate, number of points, and other costs required to obtain a loan. To obtain the lowest rate of- fered by the lender, most lenders will charge several points, and the total cost can run between three and six per- cent of the total amount you borrow. So, for example, on a $100,000 mortgage, the lender might charge you between $3,000 and $6,000. However, some lenders may offer zero points at a higher in- terest rate, which may signifi- cantly reduce your initial costs, although your payments may be somewhat higher. Talk to some lenders to deter- mine the available rates and the costs associated with refinanc- ing. These costs include ap- praisals, attorney's fees, and points. Then determine what your new payment would be if you refinanced. You can estimate how long it will take to recover the costs of refinancing by dividing your closing costs by the difference between your new and old pay- ments (your monthly savings). However, the ultimate amount you may save depends on many factors, including your total refinancing costs, whether you sell your home in the near future, and the effects of refi- nancing on your taxes. The old rule of thumb used to be that you shouldn't refinance unless the new interest rate is at least two percentage points lower. However, many lenders are now offering zero point loans and low-cost refinancing. Therefore, even if your rate change is less than one percent- age point, you may be able to save some money by refinanc- ing. In refinancing, lenders usual- ly offer a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mort- gage loan would add $3,000 to the refinancing charges. Shopping for points as well as interest rates may save you CONTRIBUTED PHOTO Connie Williams, right, medical practice manager for Christian G. Anderson, M.D., of Kings Mountain, recently earned the Doctors Management School of Medical Practice Management's designation of Certified Medical Practice .Manager. Making the presentation is Philip Dickey, Program Director. She completed a 12-month, 40-hour course that in- cluded instruction, discussion, and interactive participation. Carm for hoe Ider or disabled at home? Hospital. If you are caring for an elderly or disabled person at home, then you'll want to mark your calendar for free educational and instructional classes held this month at Kms, Mountain Wm Caring For The Mentally Confused Tuesday, May 15 6:30 p.m. - 8 p.m. Task Force. Bm Caring For People With Limited Mobility Or Who Are Bedridden Saturday, May 19 10 a.m. - Noon (This class repeats from 2 p.m. - 4 p.m.) ® Planning Ahead For End-Of-Life Decisions Tuesday, May 29 1pm. -3pm. Space in these classes 1s limited. To reserve your space call 704-730-5400. This instructional series is sponsored by Kings Mountain Hospital, The Life Enrichment Center, the N.C. Cooperative Extension and the Community Ethics Education Kings Mountain Hospital Carolinas HealthCare System www.carolinashealthcare.org 708 King Street © 704-730-5400 5% NJ money. As a rule of thumb, each point adds about one-eighth to one-quarter of one percent to the interest rate the lender is of- fering. Generally, the lower the inter- est rate on the loan, the more points the lending institution will charge. Some lenders offer refinancing with no points, but generally charge higher interest rates. To decide what combination of rate and points is best for you, balance the amount you can pay up front with the amount you can pay monthly. The less time that you keep the loan, the more expensive points become. If you plan to stay in your house for a long time, then it may be worthwhile to pay addi- tional points to obtain a lower interest rate. “ihe Some lenders may offer to on nance the points so that you do not have to pay them up front. This means that the points will be added to your loan balance, and you will pay a finance charge on them. Although this may enable you to get the fi- nancing, it also will increase the amount of your monthly pay- ments. With a lower interest rate on your home loan, you will have less interest to deduct on your income tax return. That, of course, may increase your tax payments and decrease the total savings you might obtain from a new, lower-interest mortgage. You should be aware of an Internal Revenue Service (IRS) ruling with respect to points paid solely for refinancing your home mortgage. IRS regulations require that interest (points) paid up front for refinancing must be deducted over the life of the loan — not in the year you refinance — unless the loan is for home improvements. Lisa Sisk, CNM/ Karen Rushford, CNM/ Steven A. Chamberlain, MD —E Ew Padgett'S\(/J ewelers Custom Made Mother's Rings Gren? Buys On All Foelsy For Mother’s Day May 13th! 621 Park Street, Abbey Plaza Belmont, NC (704) 825-6982 Diamonds, Anniversary & Wedding Bands, Custom Work & Pearls. EE a aad AAA fC CEE Kings Mountain Women’s Care A Division of Shelby Women's Clinic The Same Concerned Care in a New Convenient [Location Obstetrics and Gynecology 704-487-5268 821 East King Street Kings Mountain, NC 28086 Monday-Thursday 9am-5pm Friday 9am-1:30pm This means that if you paid a certain number of points, you would have to spread the tax deduction for those points over the life of the loan. If, however, the refinancing is for home im- provements — or a portion of the loan is for this purpose — you may be able to deduct the points — or a portion of the points — under certain circum- stances. Check with the IRS regard- ing the current rulings on refi- nancing, particularly if you are using the new loan to make home improvements. According to the American Mortgage Library Internet site, Current home mortgage inter- est rates, in North Carolina are hovering in the range fronvsix to seven percent. On Monday, the rate for a -$125,000 30-year fixed rate loan varied from 6.125 percent to 6.990 percent statewide. A 15- year fixed rate mortgage for $125,000 was going for between 6.0 and 6.625 percent. For FHA loans, the rates ranged from 6.5 to 7.875 per- cent. VA loans were 6.625 to 7.875 percent for 30-year fixed rates. Steve Gammon with Community First Mortgage says that the interest rates for local home mortgages have been pretty stable over the past few weeks. “The rates for the last 60 days for a 30 year fixed rate mort- gage have been in the range of 6.75 to 7.125 percent,” Gammon | said.” For more information on home mortgages, including refi- nancing, contact your local lender, library, or visit one of the many websites devoted to “the subject stich 45 www.amo- mortgage.com/library /. Hours:
The Kings Mountain Herald (Kings Mountain, N.C.)
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May 3, 2001, edition 1
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