Mortgage Rates still low in Davidson, NC - Tuesday November 24th, 2009 3:26pm
I receive daily mortgage updates from several different lenders and I'm telling you, mortgage rates are low, low, low. You can still get a 30 year conventional loan for well under 5%, a 15 year is under 4.5%, and we finally have good jumbo rates. You can even get 100% financing with excellent credit. Unbelievable. We heard lots of talk about these 100% financed homes and many people think these are to blame for the high foreclosure rates now. One would have thought they would disappear. Nope, they are still available. I'll give my opinion on these loans in a future blog.
For right now, just know that rates are low, the tax credit has been extended and housing prices are low. It's a great time to buy!

Seller Short Sale Tips for Davidson, NC - Monday November 23rd, 2009 3:54pm
I am being flooded with desperate calls from my Sellers wanting to know how to do a short sale. Heck, some just want to walk away and let it go into foreclosure. So, what's a person to do when the home won't sell and you can't lower the price and still cover the morgage and closing fees? The first thing would be to get some counseling and one of the best sites I've found is at www.HopeNow.org. If this doesn't help, the next step is to call the loan modification department at the lender. Most lenders now have a hotline set up for this situation. When you call your lenders main phone number, listen for an option for the "Short Sale department",the loan modification department or foreclosure department and speak with someone there. Some lenders will only consider a short sale if you are at least 2 payments behind, so keep this in mind. If you qualify, the lender will send a large packet to you to fill out and return. Be sure to have 2 months worth of bank statements, paycheck stubbs, a monthly debt analysis and a hardship letter ready to go. Follow their instructions and send it in. Follow up with a phone call every week until you get an answer - do not expect them to call you with the results.
A short sale is a better option than foreclosure, but a good counselor will help you determine which path to go down. A good real estate broker can help guide you through this process.

Charlotte Symphony in Davidson - Wednesday November 11th, 2009 3:28pm
We are so lucky! At 8PM, the Charlotte Symphony Orchestra will be in Davidson this Saturday night at Duke Family Performance Hall. I just checked, and there are still tickets available for only $20. There is not a bad seat in the house, so take advantage of this performance. Call 704-894-2135 for more information and to purchase tickets. I'll see you there!
The Theater Department at Davidson College is also performing Alice In Wonderland from November 11 - 15 at The Barber Theater. Performances are Wednesday - Saturday at 7:30PM and on Sunday at 2:30PM. Call the same number listed above to purchase tickets. This play offers a fun-filled whimsical adventure for all ages.

Tax Credit Extended! - Monday November 9th, 2009 3:51pm
First time home buyers now have until June 30, 2010 to lay claim to a tax credit of up to $8,000. There are some new changes. Also helped are people owning a home for at least the last 5 of 8 years. The home had to be the owner's primary residence and the 5 years must be consecutive.
For the first timers - you can purchase up to $8000,000 worth of home, and can earn up to $125,000 if you are single and $225,000 if filing jointly.
You are considered a first time home buyer if you have not owned a home in the previous 36 months. As with all good things, there are some additional restrictions. You will NOT receive the credit if you: bought your home from a close relative, do not use the home as your primary residence, sell your home within a year,are a non-resident alien, and a few other very obscure restrictions.
Remember that this is a tax credit, therefore you will claim it when you file your Federal Tax Returns. For more questions on your specific situation, please contact your tax preparer or an attorney.
It's a great time to buy a home!