Keowee Expert Blog Light?
Some looks to be poking through the vail of pandemia that masks Lake Keowee as various governors, including ours in SC, explore plans to allow businesses, the world, etc. to reopen. Certainly looks to be a bit of throwing caution to the wind, but folks also need to get on with life at some point and nobody (including my wife) is asking for my opinion. With that being said, all we can do is our best and we’re doing exactly that. We’ve been able to put two Lake Keowee waterfront homes under contract over the past week whilse also keeping safe with proper social distancing techniques. Most of the buyers we are dealing with are folks from the local area, not so much folks traveling in from other states and we expect it to continue that way for at least a couple more weeks as other states grapple with their unique situations and timetables. Regardless of what happens, we will endeavor to persevere and deal diligently with the situation and get your Lake Keowee waterfront home or lot out in front of as many clear eyes as possible! If you’re thinking about selling, see above. There are buyers out there looking and they want to get into a Lake Keowee home or lot before the summer hits. We can get your property in front of them in a variety of ways so contact us today so we can do just that!
A Critical Guide to Home Loans:
Which loan is right for you?
Intermediate Fixed Mortgages – these are a family of 20 or 30-year loans that are fixed for a set amount of time, such as 5 to 7 years , then they readjust once for the remainder of the loan. This readjustment is based on a predetermined index. Some may refer to these as “balloon” mortgages, but this term is falling out of favor because of negative connotations associated with balloon mortgages of the past – which were fixed for 5 to 7 years, at which time the entire balance of the loan became due.
Today, they are more commonly known as intermediate fixed loans or extended balloon mortgages. Some of these loans are not for the fainthearted. You enjoy low fixed payments from one to seven years, and then the loan readjusts – as long as certain conditions are met, such as interest rates haven’t risen more than five percentage points, you haven’t made any late payments in the previous 12 months, etc. If conditions aren’t met, there are no guarantees, so beware. It’s best to consult a Realtor or loan officer if you have questions regarding these loans.
If you’re a first time home buyer who plans to trade up before the loan comes due, you might want to consider a balloon mortgage in order to have lower monthly payments. But be sure to get all stipulations in writing and review them carefully. (There’s a new family of intermediate loans becoming available that are similar to the other balloon mortgages, but when they become due after 5 to 7 years, they adjust and become variable rate loans. They also do not carry the rigid stipulations that balloon loans carry, making them a little easier to live with if you don’t move before the loan is due.
More next week….
Check out the Lake Keowee Real Estate numbers for the year