When rates have risen during the introductory period of your mortgage loan, the first reset can be steep. That’s because not only does your index, which determines your interest rate, reset upward to reflect current interest rates, but for the first time, your mortgage company tacks on its margin, an extra percentage point or two for them. Both index and margin components then continue for the term of the loan. If you hold an adjustable-rate mortgage, or ARM, your rate will reset by definition on one or more “change dates,” with the largest hike coming at the end of an introductory or “teaser” rate period of anywhere between one month and 10 years.

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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

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Before making an aggressive offer, some homework is in order, real-estate professionals say. And buyers will need to effectively explain why the price of a home should be lower. Even though housing is in a slump in many parts of the U.S., low-ball offers won’t work in markets that remain healthy. And there’s always an inherent danger in going too low. A low offer could insult the seller to the point that they’ll refuse to counter, Realtors say. And the seller could easily make the assumption that the buyer isn’t committed to making a deal. Certain sellers are going to be more willing than others to negotiate a low offer — and there are several giveaways that might indicate more leeway on price. If the sellers have already purchased another home and that sale has closed, they’re likely to be more willing to make a deal.

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According to an article published on the CNN website, Jim Gillespie, president and chief executive of Coldwell Banker Real Estate, said foreclosures were adding a relatively low number of homes to an already oversupplied market. “This added inventory would likely equate to at most a one-month increase in supply,” Gillespie said in an e-mail responding to Reuters’ questions. “I believe the subprime problem will not significantly hurt the real estate market. It may delay the rebound, but it will not cause a downturn,” he said. “Remember, most who took a sub-prime mortgage before 2005 enjoyed strong appreciation and many have income to support a higher mortgage payment.”

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For anyone building or repairing a deck, there are lots of material choices — natural and exotic woods, the new pressure-treated products and dozens of synthetics that resemble real wood boards. The most common and least expensive replacement decking is wood that has been pressure-treated with alkaline copper quaternary or copper azole, available for about $1 a linear foot. While natural and treated wood decking should be sealed every couple of years, synthetic decking just has to be cleaned.

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Thinking of moving from your current rental unit? If you’re leaving due to a reason that might afford a solution, you may want to give the situation a healthy look, especially if the rent or location is hard to match. Potentially resolvable problems can run the gamut from noisy neighbors to increased rents to dripping faucets. Incurable problems include an undesirable location, permanent sources of noise, or a landlord unwilling or unable to fix problems. It your are certain that a move is the solution, factor in the costs associated with moving. Leaving means spending considerable time adjusting your life to a new location. Security deposits, utility transfer costs and the hassle of taking on a new address can also drain your time and your wallet.

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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.

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