How a Bridge Loan Helps You Buy While the Old House Is Still On The Market | Wilmington NC real estate

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Nobody wants to carry two mortgages on two homes at the same time. Sometimes, however, an overlap between buying a new home and selling the old one occurs. A bridge loan (also, “gap” or “swing” loan) can defeat the blockade, take the pressure off the monthly budget and provide down payment money that will make everything move along more smoothly. Traffic Blockade

  • Know what to expect.
  • A bridge loan is a short-term loan for which the equity in your old home (and sometimes in your new one) serves as collateral. Various lenders charge different interest rates – often 1 or 2 percentage points above the current prime rate, or a bit higher than the current regular mortgage rate. Depending on lender’s requirements (appraisal, title search, etc.), closing costs can be anywhere from 0.5% to 1.5% of the loan amount.

  • Pay off when you sell.
  • You may pay the loan off when you sell your home, or in monthly or quarterly installments. If your home does not sell within the specified term (often 6 months or a year), the loan is usually renewable.

Bridge loans are only one of the many tricks in our bag to help you smooth your move. If you’re planning to move soon, contact us by e-mail or phone. We’ll be happy to help.

Categories: Coldwell Banker Buyer Bonus Program, Wilmington NC Neighborhoods, wilmington nc real estate, wilmington nc weekly events, Wrightsville Beach NC

Falling Foreclosure Rate | North Carolina real estate

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Realty Trac Inc. has stated that the forclosure rate in North Carolina fell 38.3 percent from May 2010 to May 2011.  That is good news for North Carolina as we try to slowly get out of the recession levels.  Some lenders are working with customers in redesigning their loans, but not all companies are letting their customers renegotiate a lower rate and payment plan.  These are some of the current foreclosures in the Wilmington NC market.  Foreclosures Priced from 100,000 – 200,000

Foreclosures Priced from 200,001 – 300,000   Foreclosures priced from 300,001 – 600,000  Foreclosures priced from 600,001 –

These are current listing in New Hanover County.  If you would like a list of properties in Pender or Brunswick Counties, please email me at kaybaker@seaocoastrealty.com

Categories: Uncategorized

To Live on the Water is Devine! | Wrightsville Beach Beauty

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Wrightsville Beach is a hidden gem that we treasure for it’s clear crystal clear waters, quaint atmosphere and wonderful people.  With Banks Channel, ICWW and the Altlantic ocean at our fingertips what is there not to like.  Great restaurants, a couple of shops and fishing piers provide entertainment for all.  We are pleased to  share with you our newest waterfront listing just in case you are interested in Wrightsville Beach.

www.WrightsvilleBeachWaterfront.com

Spectacular dream home on Banks Channel with over 4100 sq. ft. of gorgeous living area. 5 bedrooms and 4.5 baths in a well thought out open, floorplan with ELEVATOR. Incredible views await you from most every room including large decks from the owners suite and main living area. Vintage inspired kitchen w/bead board cabinets, Champaign and cream granite counters, kitchen island with built-in gas, downdraft cook top, and 2 raised breakfast bars. And a breakfast room with uninterrupted views of the channel and your private pier with floating dock and 2 boat lifts. One is a 13000 lb. lift for your fishing machine and the other a 3000 lb. lift for smaller pleasure craft. A recently new bulkhead was installed along the beautiful backyard with sod, knockout roses and other indigenous shrubs and bushes. The large owners suite has beautiful Brazilian Cherry floors and a fireplace that is shared with the spa like master bath offering unsurpassed views from the 2 man whirlpool and separate walk shower.

Over 4100 sq. ft. 5 BR, 4.5 bath dream home on Banks Channel with private pier, floating dock/gazebo and 2 boat lifts. Incredible Views. Prepare to stay awhile, because you have just found your new home.

Enjoy.

 

Categories: Figure Eight Island, Uncategorized, Wilmington NC Neighborhoods, wilmington nc real estate, wilmington nc weekly events, Wrightsville Beach NC


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.