Thanksgiving around Lake Keowee is already here. The 2023 College Football regular season is almost over. College basketball has started. Wow, fall is flying by faster than the leaves are dropping from the trees. Unfortunately, much faster than we can blow them all out of the way. There are a lot of leaves.
The great news is the views are opening and you can get a much better idea of the overall look of a Lake Keowee piece of land or home with those pesky leaves on the ground instead of in the trees. We’ve listed a few spectacular lots over the couple of weeks and they are begging for you buyers to come out and see them in their leafless glory. Check out Lot 56 Point Harbor, Lot 5 Laurel Ridge, and Lot 6 Laurel Ridge. We also have a couple of houses we hope to get on the market soon, probably sometime soon after the Thanksgiving holiday.
As expected, this time of year, Lake Keowee sales have slowed. We don’t expect much of a pickup until around March which means it’s a great time to get your property ready to sell. Let us come and give you some advice. Fix a few things, add a few things, and get top dollar when the time is right. As for you buyers, now is a great time to look with the leaves gout of the way and fewer buyers to compete with. Come say “hi” and get an eyeful!
Home Buyers: A Critical Guide To Home Loans:
Choosing the right mortgage will affect your very financial future. Here’s vital information to help you weigh your options and make a sound decision.
An Insider’s Guide to Understanding Mortgage Loans
Which loan is right for you?
Adjustable. Fixed. Balloon. It’s easy to get lost in mortgage verbiage. Here’s a rundown of the most common loans.
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 not guarantees, so beware. It’s best to consult your Realtor or loan office if you have questions regarding these loans.
If you are 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 these 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….
More next time…
Check out the Lake Keowee Real Estate numbers for the year