Featured Home in Longwood

7340 Mt. Zion Church Road, Longwood, NC 28452

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7340 Mt. Zion Church Road is a charming, 3 bedroom/2.5 bath home in Longwood.
If you can get passed the previous owner’s bold paint choices, you will find 7340 Mt. Zion Church Road to be a great home with many upgrades.

Enjoy mahogany colored laminate flooring in the common areas, an open kitchen with functional island and inviting fireplace; formal dining area; master suite with sitting area, walk-in closet, linen closet, double vanity, and stall shower with ceramic tile.

Tucked away just four miles off of Route 17, this property offers a quiet country life with the excitement of shore life just a short drive away. This home has a 350 sqft rear deck, as well as a 300 sqft covered front porch with ceiling fans for your comfort.

 

Get in touch with Bill Carney for details on this new listing, he works out of the Southport office. Call 910-477-2331 or email bill@teamgale.net

Demystifying The Refinance Process

Markets across the nation have rebounded from the burst bubble of ’08, with more and more homeowners proactively trying to optimize and stabilize their assets. Home ownership is one of the most, if not the most, important investment a person or family can make. If you plan to stay in your home for some time, refinancing is responsible; as it provides the opportunity to assess the value of your home, clarify your equity, and potentially save you money on your outstanding mortgage payments.
One issue associated with refinancing that always hangs people up is whether it costs anything to explore… No! We cannot stress enough that calling a lender to check on rates and what your options would be doesn’t cost a thing!
The great Clark Howard tackled misconceptions on restructuring mortgage loans recently. We read and discussed the article, and have fleshed out some of the finer points for you below.

“Most people can’t qualify for a mortgage refinance”
Rick Roque with Michigan Mutual identifies “low financial self-esteem” among the masses; people think their credit is worse than it is or that they won’t be able to overcome the challenges on their report before the rates fluctuate. Team Gale captain, Tom Gale, points out that “by getting in front of a lender as soon as you start thinking of buying or refinancing, you give yourself more time to make minor improvements to your score ,whether it’s paying down a credit card balance or getting an erroneous blemish corrected.”

“One quote is enough”
It’s so important to compare loan types and lenders. Besides the interest rates and fees, you should consider the kind of customer service you’re getting. Faramarz Moeen-Ziai with Commerce Home Mortgage suggests you “call different places and ask questions to see if you can get help understanding your loan options.” Tom Gale points out that “local companies typically provide better service,” but it is up to you whether you’re more comfortable working with a local bank, online lender, or mortgage broker.

“An appraisal won’t impact your refinance rate”
The loan-to-value of your property is “a primary driver of your interest rate,” Moeen-Ziai explains. This ratio will directly influence the percent you may borrow, and every appraisal is subjective. “A local appraiser is critical in getting an accurate value for your home” in your market, Gale stresses.

“You can take out as much cash as you want from your home equity”
You may not have as much access as you think. With a cash-out refinance on a conforming loan with less than $417,000 balance, you can borrow up to 80%. With a high-balance conforming loan, you’ll be limited to borrowing 60% of your home value.
“Unless you need the equity for something like a home improvement,” Gale warns, “be careful about getting caught in the trap of pulling out equity to purchase a new boat or car like so many people did right before the great recession.”

“Advertised rates are what most people pay”
Obviously advertised rates reflect an optimal scenario, not your average refinance. “There is no set rate that everyone is paying,” Gale offers. “Your credit score will determine your interest rate” on the kind of loan you are pursuing. Additional factors to think about when you’re considering a refinance include how much lower the new rate is versus your old one (even a $50 or $100 savings per month will amount to a significant savings over 30 years! That’s definitely worth your time!) and your payment history (making payments on time and having a higher income now than when you initially borrowed are things that will be scrutinized during your refinance).

teamgaleTeam Gale works with so many great local experts in financing, insurance, and estate law… We would love to help you buy, sell, or restructure.
Neighborhood experts on duty daily, call 910-541-1212
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6 Questions You Have About Buying A Home

1. What’s the first step ?

There’s no point in looking at property until  you know what you can comfortably afford. Getting pre-approved for a loan will help you set a budget, as well as detect any credit issues you must rectify before moving forward. While a credit score of 620 or better is generally the threshold for approval, the industry is ever-evolving and loan requirements can change. Speaking with a lender is helpful in that they will be able to tell you what kind of financing options and special programs you may be able to pursue – like downpayment assistance for workforce housing buyers or 100% USDA financing.

2. How long does it take to buy a home ?

It’s probably going to take you longer to find the home you want and negotiate the deal than it will to get your keys! Cash buyers can expect a 30-day closing, but traditional borrowers should anticipate a 45-day process because of updated lending disclosures and privacy protections that are taking effect.
You officially own your home when the deed is filed with the county, which can be accomplished the same day you close if you schedule it with your attorney early enough in the day. You get your keys when the sale records.

3. What does a REALTOR® do? 

In short, everything.
Anyone can buy or sell on their own, but Team Gale captain Tom Gale points out that “it’s what you don’t know that you don’t know that can torpedo a deal.” Save yourself the headache & team up with a professional. A credentialed, experienced agent will protect your interests.

4. How much do I have to pay a REALTOR® as a homebuyer?

Not a thing!  Real Estate is structured so that the sellers pay the listing agent, and the listing agent pays the buyer’s agent for facilitating the transaction.

5. How much money do I need for a downpayment?

This figure will depend on the type of loan you are approved for, but 3% to 5% down is typical.

6. What other fees are there, besides the downpayment?

Loan origination fees will be your second biggest concern. Most lenders charge between 2% and 4% of the loan amount, depending on the loan type. Your loan officer will help you determine how much you can expect to pay towards loan origination.
Closing costs are another expense to consider, but sometimes the sellers are willing to contribute towards closing costs so it can cost the buyer little to no money out of pocket.

TEAM GALE is the #1 Listing and #1 Sales Team
at Coldwell Banker Sea Coast Advantage
in southeastern North Carolina.
We have agents on duty daily to answer all your real estate questions!
We are in touch with local lenders, attorneys, builders, and other experts to help you withe every facet of buying and owning a home. Call today! 910-541-1212