Solicitations for biweekly payment plans have become common as borrowers look to counter the recent “foreclosure” buzz by taking a shot at paying off their homes faster. Instead of the standard one-payment-per-month schedule, some companies specializing in accelerated payoff programs solicit mortgage brokers with a custom option for their loan customers. Simply put, in a do-it-yourself fashion, any additional money added to the monthly payment almost always goes to the principal automatically. If you are aiming at reducing your loan term, consider a 15-year fixed-rate loan because it usually comes with a 0.35-0.4 of a percentage point discount from the 30-year fixed.

search for : Solicitations for biweekly payment, foreclosure, accelerated payoff program

This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

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Most borrowers are not aware of the no-cost mortgage option currently being offered by some lenders. The loan officers and mortgage brokers with whom they deal are unlikely to volunteer the information because no-cost loans are easier to comparison shop. If the borrower requests a no-cost mortgage quote, they will comply, but the quotes are based on cost estimates that can be far off the mark. Borrowers can roll their own no-cost mortgage online. They do this by selecting an interest rate that carries a rebate large enough to cover the settlement costs. This requires that they have access to the complete range of rate/point combinations offered by the lender, as well as the settlement costs.

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search for : no-cost mortgage option, mortgage brokers, no-cost mortgage quote

A frequently asked question among mortgage holders seems to be “is it better to make an additional principal payment every month, or can we make one lump-sum payment each year?” According to bankrate.com “The interest savings comes from reducing the outstanding loan balance. It doesn’t make much difference which approach you take because with either one you’re reducing your loan balance by an extra $2,400 each year. Bankrate’s Mortgage payment calculator doesn’t allow for biannual payments, but it will let you compare between making additional principal payments monthly or annually. One simple table illustrates an example of the two approaches.”

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Mortgage rates are higher now than last week, back up to 6.5 percent for 30-year, fixed-rate mortgages. Even with the recent rate cut, the market still seems to be listening to the inflation bears, gold bugs and the talk of massive global growth portending inflation concerns. Unfortunately, many believe that they may be right. The economy may receive some small benefit from the cut but the crunch is still in place, especially in the mortgage lending sphere. Big currency moves often involve confidence, and it is disturbing in a time of financial crisis to find money running away from the dollar, the historical safe-haven. Confidence has aspects beyond interest rates and inflation with many questioning the policies of our current President concerning Mid-East matters.

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From Jan. 3, 2001, to June 25, 2003, the Federal Reserve reduced its target for the federal funds rate 13 times. However, the average 30-year mortgage rate fell eight times and rose five times. It’s not true that a Fed rate cut automatically leads to a drop in fixed mortgage rates. There is zero causation between mortgage rates and the Fed reducing its target for the federal funds rate. Mortgage rates go up and down according to investors’ expectations of long-term inflation. If investors think inflation will accelerate, mortgage rates (and other long-term interest rates) rise.

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Mortgage borrowers should soon start feeling the impact of Tuesday’s Fed rate cut in the form of lower borrowing costs and stingier savings rates. But the rate cut doesn’t offer much help for the key problems bedeviling many homeowners. The Federal Reserve said it lowered short-term interest rates by half a percentage point, to 4.75%, to combat the effects of a weaker housing market and tighter credit on the broader economy. The steep reduction in the Fed funds rate surprised many on Wall Street who expected a more modest rate cut. Stocks rose sharply after the Fed’s announcement, with the Dow Jones Industrial Average gaining 335.97 points, or 2.5%, to 13739.39.

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At a House Financial Services Committee hearing Thursday, Treasury Secretary Henry Paulson told lawmakers they should send troubled homeowners one simple but urgent message: “Call your lender or mortgage counselor today.” He noted that 50 percent of foreclosures occur without borrowers ever talking to their lenders, and said that he has gotten reports that lenders have tried to reach distressed borrowers to work out more affordable loan terms. “Yet those calls rarely get returned,” he said. Bernanke also warned lawmakers to carefully consider steps they take. In particular, he noted that there are risks associated with one of the proposed remedies: raising the limits on the size of loans that Fannie Mae and Freddie Mac may buy.

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Beautiful Wilkes County NC Executive Country Club Home.

MLS Number: 51211 List Price: $359,000

Bedrooms: 3, Full Baths: 2, Half Baths: 1, Est Total SqFt: 3425+
Type/Style: Tudor, Two Story, Area: 6
Elementary School : Moravian Falls Elementary
Middle School: Central Wilkes
High School: Wilkes Central

Construction: Brick Veneer & Other, Solid Masonry Foundation: Basement, block & brick. Roof: Shingle - Composition, Two Years Old, Floors: Carpet/Hardwood/Tile
Garage/Carport: Garage-Double Attached
Interior Features: Smoke Detector(s), Ceiling Fan(s), Newly Decorated, Painted and Carpeted, Central Vacuum, Large Master Bedroom, Walk-In Closets, Hardwood Floors, Basement, Two Fireplaces (Rock and Brick), Gas Logs, Workshop in Basement, Walk-in Cedar-lined closet, Formal Living Room, Dining Room, Den with Oak Bookshelves and Cabinetry, Cable TV w. broadband Internet

Exterior Features: Tiled Patio/Deck and Walkways, Very Private Yard, Level Lot, Set Back From Street.
Subdivision: Farmington
Lot Size: 1.14 acres

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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On Tuesday, September 19, 2007 the Federal Open Market Committee reduced its Fed Funds Rate by a half percent. The Fed Funds Rate is the overnight rate at which banks lend to each other which, with today’s action, is now 4.75 percent. This was the first reduction of the rate in more than three years. Most believe that the Fed dropped the rate in response to the current credit turmoil and to help stabilize the housing sector. “The Federal Reserve today took an aggressive stance toward injecting money into the economy with a half-percent reduction in the Fed Funds Rate,” said Quicken Loans Chief Economist Bob Walters. “It was widely accepted that the Fed would cut the rate, but most expected a quarter percent reduction. With this decision, the Fed is acknowledging that the consumer credit situation needs serious attention.”

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