The views around Lake Keowee are absolutely stunning this time of year. The air is crisp and the leaves are going into full-on exquisite mode. The change in air temperature has also led to the lake fog effect giving us those gorgeous Lake Keowee mornings with thick mist dancing on the water. Just have to love this time of year!
As expected, business is slowing down a bit, although we’ve scheduled 3 tours for the next three days and closed a nice waterfront lot a couple of days back. The inventory overall remains pretty low with folks not willing to give up the incredible interest rates they’ve locked in on. For you folks with a second home, take a minute to look back on how much you’ve used it over the summer of 2023. Then run the numbers for cost per day. Then give us a call to see what the current value of your Lake Keowee gem is. It may be time to make a move!
Make sure you get out and enjoy the season as it is. Before you know it, it’ll be cold, and the days will be gone by the time you get home from work. Now is the time!
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.
Adjustable-Rate Mortgages – Your interest rate (and monthly payment) rises and falls with the index to which it’s tied. Because they start out two to three percentage points below fixed-rate mortgages, they’re particularly popular when fixed rates are high. To protect you agains interest rate hikes, the best loans put a cap on annual rate increases of two percentage points a year, with a lifetime increase of no more than five percentage points above where you began.
The most popular ARM indexes are those linked to three-month, six-month and one year Treasury Bills, the 11th District Cost of Funds (COFI), the prime rate and the London Interbank Offer Rate (LIBOR).
As a rule, ARMs make more sense if you don’t plan on staying in your home longer than five years at most. Which index is good for you depends on two things: the economic forecast and your personal comfort level.
more next week….
More next time…
Check out the Lake Keowee Real Estate numbers for the year