1. Lower Rate.

One method is to seek out a lower interest rate for the balance of $175,500. By lowering the interest rate to 7%, but maintaining the current payment schedule (20 more years of payments in the above example) your payment would drop to about $1,361 and the loan would still be retired at the original 30-year mark.

2. Longer Term.

Another way to lower your payment would be to prolong the length of the amortization. For instance, by getting a new 30-year mortgage for $175,500 at the 10-year mark, your payment would drop to $1,167 (at 7%).

3. Cash Out.

Some homeowners pull equity out of their properties for home improvement, vacation, college costs, big-ticket purchases or to consolidate debt. Especially when interest rates are rising or stable, cashing-out is often the primary reason for refinancing.

4. Change Loan Type.

Other folks refinance in order to change the type of loan they are paying off. Some homeowners grow uncomfortable with the variability of adjustable-rate mortgages and would rather have a fixed-rate loan. Others need to reduce monthly expenses and choose an adjustable-rate loan to lower their payment.

5. Shorter Term. The rates are still around 4%

Sharpen Your Pencils!
Determining how much you can afford to finance in today’s market requires careful consideration and a bit of math. If you are thinking about refinancing an existing mortgage or buying a home, use these charts to help you plan. Then call us, so we can answer your questions and help you take the next step!
Monthly Payment: How much can you afford?
Lenders will usually allow you to spend 28% of your total–or gross–monthly income to make mortgage payments of principal, interest, taxes and insurance. The table below shows how much 28% is at various income levels.
Annual Income	Gross Monthly Income	Affordable Monthly Payment**
$20,000	$1,667	$467
$25,000	$2,083	$583
$30,000	$2,500	$700
$35,000	$2,917	$817
$40,000	$3,333	$933
$45,000	$3,750	$1,050
$50,000	$4,167	$1,167
$60,000	$5,000	$1,400
$70,000	$5,833	$1,633
$80,000	$6,667	$1,867
$100,000*	$8,333	$2,333
*For incomes over $100,000, add together the two appropriate columns.
Loan Amount: How much can you plan to borrow?
Once you know how much you can afford monthly, use this table to estimate how much you can borrow. Add your down payment to get an approximate house-hunting price range.
Monthly Payment**	5%	7%	9%	11%
$467	86,995	70,194	58,040	49,038
$583	108,603	87,630	72,457	61,219
$700	130,399	105,216	86,998	73,505
$817	152,194	122,802	101,539	85,791
$933	173,803	140,237	115,956	97,971
$1,050	195,598	157,823	130,497	110,257
$1,167	217,393	175,409	145,038	122,543
$1,400	260,797	210,431	173,995	147,009
$1,633	304,201	245,453	202,953	171,476
$1,867	347,791	280,625	232,035	196,047
$2,333	434,599	350,668	289,951	244,980
**Principal and interest only; taxes, insurance and any homeowner fees not included. These will raise your monthly payment and reduce the amount of principal and interest and total loan amount you can afford. Loan amounts are based on a 30-year fixed-rate mortgage. For incomes over $100,000, add together the two loan amounts and add your down payment.

Yet another reason for refinancing is to shorten the term of your current mortgage. If your income has grown substantially and you’re happy living in the same home, you could reduce the length of your loan by simply refinancing to a shorter-term mortgage with a smaller balance but higher payment. Using the above example again, a $175,500 loan paid off in 15 years at 8% would cost you $1,677 each month (about $200 more than for the original loan), but the loan would be paid off relatively quickly–saving you thousands of dollars in interest payments.
Whatever you decide, be sure to weigh the costs of refinancing carefully. A lower monthly payment may help your cash flow, but is it going to cost you too much up-front to make sense? Be sure you’ll live in the home long enough to recoup the expenses associated with refinancing–points, closing costs and fees.

This time of year everyone is in a hurry trying to get all the shopping done, homes decorated and cards in the mail.  Take a minute to slow down.  Think of others and ask yourselves what you could do for someone else that might help them out at this time of year.  There are many organizations that need help, especially during the holidays. The feeling you get when you help someone else is the best present you could ever receive. So, here are just a few of the organizations that would love to hear from you.

Get involved in Wilmington volunteering!

• North Carolina Food pantries and Soup kitchens Wilmington Groups and Organizations
• Angel Food Ministries
• American Legion post locator
• American Red Cross – Local Chapter
• Chambers of Commerce in North Carolina
• Habitat for Humanity – Local Affiliates
• Jaycees
• Kiwanis clubs in North Carolina
• Lions clubs in North Carolina
• Meals-on-Wheels Volunteer
• Rotary clubs in North Carolina
• VA Facilities in North Carolina
• Veterans of Foreign Wars post locator
• Volunteer Opportunities for Wilmington, North Carolina
  • VolunteerMatch.org
  • ServeNet.org
• Non-profit Groups in Wilmington and North Carolina
  • MelissaData – Wilmington Nonprofit Organizations Lookup
  • GuideStar.org Search
  • Foundations in North Carolina
  • Community foundations (by state)

Rendering by Creative Illustration Media, INC. LS&P Architects

Wilmington NC is going to get it’s own state of the art  Convention Center.  After waiting for approvals and site plans, an opening date has been set for the Historic Downtown Wilmington Convention Center on the Cape Fear River. 

The grand opening is set for Thursday January 13, 2011 at 9:30 am.  The public is invited and there will be a ribbon cutting ceremony with the mayor and other community leaders.  Following the ceremony, there will be a BizTech Expo with technology and business vendors.  On January 15 a black tie event will be held by the Greater Wilmington Chamber of Commerce, with proceeds benefiting the Cape Fear Future initiative.  

A couple of big companies have signed contracts to hold their conventions here for the next couple of years.  This will bring added revenue to Wilmington NC and expose our area and all it’s natural treasures and great Wilmington NC real estate opportunities.  

Please explore our website for the most up to date listings of all Wilmington NC real estate and waterfront properties.  www.cbbaker.com or call us and we will personally select properties that will fit your real estate needs or portfolio.

1. Beautiful Beaches and Waterways

Wilmington NC is situated on the southeast coast of NC and is bordered on the east by the Atlantic Ocean and the west by the Cape Fear River. The beauty and charm of Wilmington and the surrounding beaches equal or surpass any on the east coast. The many pristine beaches that we have to enjoy such as Wrightsville Beach, Carolina Beach, Kure Beach, Topsail Beach, Oak Island and Ocean Isle Beach are sure to captivate your heart.

2. Boating

The area’s many miles of coastline, rivers and sounds offer a variety of  watersports, boating activities, and quite a few harbors, marinas, and yacht clubs.

3. Fishing

Being located within minutes of one of the most protected inlets on the east coast, Wilmington offers bountiful fishing opportunities within minutes. Masonboro Inlet is located between the Southern tip of Wrightsville Beach and Masonboro Island. Also, the many creeks and bays located off banks channel and the waterways are a fisherman’s dream. You will see them fishing for drum, trout, and  flounder in the fall of the year.

3. Masonboro Island

Masonboro Island is an 8 mile long uninhabited island on the southern North Carolina coast between Wrightsville Beach and Carolina Beach and is part of the National Estuarine Research Reserve. Masonboro Island, only accessible by boat, is enjoyed by campers, surfers, anglers, and bird-watchers alike. The reserve consists of about 5000 acres, which about 4400 acres are tidal marsh and mud flats. The most northern end at Masonboro Inlet is the most popular area with its sandy beaches and protected waters. Any summer weekend you will see many boaters and campers prepared for a few days on the beach with tents, grills and water toys in tow.

4. Historic Downtown Wilmington NC

Wilmington is blessed with a beautiful and extensive historic district with magnificent and stately oaks, azaleas and oleanders. 230 blocks of downtown are on the The National Register of Historic Districts. The city embraces a lot of history and is fortunate that so much has been preserved.

5. Wilmington NC Real Estate

I cannot speak highly enough about the real estate offered in and around Wilmington NC, from the River to the Sea! Wilmington offers many affordable neighborhoods such as Whitney Pines to move up neighborhoods like Covil Estates with amenities, to luxury gated communities such as Landfall, or golf course neighborhoods like Porters Neck, and waterfront neighborhoods with marinas and boatslips such as Turtle Hall or Shinn Point . The choices are all right here in our great port city of Wilmington NC.

6. Golf

You can truly enjoy golf year round at the many golf courses throughout the Cape Fear Region. Whatever your handicap, there are more than twenty courses in and around Wilmington that are a pleasure to walk. Some of the courses were designed by some of golf’s greatest names including Jack Nicklaus, Tom Fazio, Fred Couples and P.B. Dye, among others.

7. NC Azalea Festival

For more than 50 years, Wilmingtonians have enjoyed the biggest celebration of the year, The NC Azalea Festival. From the parade, artwork, garden tours, street fair, and rich history, there is truly something for everyone to enjoy. This year the Azalea Festival will be held April 1-5th. Come have fun with us!

8. USS Battleship NC

For all the history or military buffs, the USS Battleship NC is located just across the Cape Fear River from downtown Wilmington. You can tour the ship, take a history lesson, visit the museum or the ship’s store.

9. Wilmington NC Attractions

You will certainly never be bored with all the attractions to our area including the Zoo, numerous Museums, Cape Fear Riverboats, Airlie Gardens, Poplar Grove Plantation, Art galleries, live music and performing arts.

10. Churches

Wilmington is known for its many churches and their unique architecture. You will find one on almost every corner from any denomination you prefer.

11. Bald Head Island

Escape to the tropics! That is exactly how a visit to Bald Head Island will make you feel. Bald Head is located right off the Cape Fear River across from Southport, NC and only accessible by ferry or boat. The island is only traveled by golf cart and offers some of the most beautiful beaches and creeks around.

12. Figure Eight Island

Figure Eight Island, NC is located just north of Wrightsville Beach, NC . It is a private island, only accessible by a swing-bridge with a gatehouse and is bordered by the Intracoastal Waterway and the Atlantic Ocean. The island consists of 1300 acres and approximately 441 homes.  Figure Eight Island today is a beautiful coastal community offering the ultimate in privacy and security and just minutes from the conveniences of Wilmington and Wrightsville Beach, NC.

13. Thalian Hall Theater

Thalian Hall in Wilmington NC celebrated its grand opening October 12, 1858! 85 performances were presented that first year.  At the time, it was the largest Theater South of Richmond, Va. Thalian Hall was known by many names in its early days such as “The Wilmington Theater”, “The Opera House” and “The Academy of Music”. Thalian Hall today looks largely the same as it did in 1858, with its rambling ornate architecture.

14. Fort Fisher Aquarium

The NC Aquarium at Fort Fisher not only displays an assortment of waterlife, but also focuses on conservation of aquatic environments. The Aquarium is open to the public and is available for private events.

15. Warm Climate

The mild climate of the Cape fear region is a big bonus for residents and visitors alike. Golfing, watersports and a multitude of outdoor activities can be enjoyed year round. However, there are four seasons and their transitions are usually spectacular.

16. Southern Hospitality

You will always be in amazement of the southern culture and hospitality of the Southeast region of North Carolina. It is commonplace for southerners to stop on the street and ask you “how you are doing”. And, the courtesy of drivers will pleasantly surprise you.

17. Vibrant and Diverse Economy

New Hanover county is a good location for comfortable living and a thriving business environment. In fact, the Wilmington area was just ranked in the 6th position for cities with job and economic growth by Milken Institute.

18. Shopping

Shopping is delightful with the many strip centers, Independence Mall, Cotton Exchange in downtown Wilmington and the new Mayfaire Town Center with all the name brand stores like William & Sonoma, J Crew, Pottery Barn, and more.

19. Schools

The schools in New Hanover county are some of the best in the country. The recent ABC scores and AYP results are indicative of our excellent schools.

20. UNCW Wilmington NC

UNCW has been named numerous times “Best in the Southeast” by the Princeton review and one of the top three ‘Best Values” by Kiplinger’s rankings. Wilmington College opened its doors in 1947 and was granted 4 year status in 1963 after moving to its present location on College Rd.  UNCW presently enrolls nearly 12000 students.

21. Museums

Wilmington, NC is blessed with many museums such as the Cape Fear Museum, Cameron Art Museum, Wilmington’s Children’s Museum, Wilmington Railroad Museum and many more.

22. Nightlife

When the sun goes down in Wilmington, the downtown area lights up with neighborhood bars, pubs and restaurants. Not to mention the many restaurants and the like that have opened at Mayfaire Town center near Wrightsville Beach.

23. Events

The Cape Fear region is rich in happenings around the area. You can choose from annual fishing tournaments, crafts shows, festivals like the Azalea Festival, Jazz Festival or Riverfest and at Christmas, the Holiday flotilla.

24. Film Industry

Wilmington or “Hollywood East” has hosted the production of more than 400 movies, miniseries and TV movies. In fact, more revenue has been generated from Wilmington NC productions than any other US city except Los Angeles and New York. Just to name a few One Tree Hill is filmed here, Sleeping With the Enemy, Divine Secrets of Ya Ya Sisterhood and Forest Gump.

25. Airlie Gardens

Gardens by the sea best describes the lush formal gardens, lakes and magnificent oaks draped with Spanish moss. Airlie Gardens is home to the Azalea Festival garden party with its collection of over 100,000 azaleas. Airlie is also a popular setting for weddings, Airlie concerts, Oyster roasts, and enchanted Airlie during Christmas starting in November.

There was significant improvement in New Hanover County Schools’ student’s performance on the State’s ABC of Public Education for the 2007/2008 academic school year. There were only four elementary schools that did not meet their ABC goals and all of the middle schools met the ABC goals. The public elementary schools that did not were Alderman, Freeman, Gregory, and Murrayville. The only high school that met its ABC goal was Isaac Bear Early College High School.

The Adequate Yearly Progress (AYP) results for the same calendar school year for all the high schools and mathematics for grades 3-8 reported 11 schools out of 38 achieved the AYP and they were: Bradley Creek, Bellamy, Holly Tree, Eaton, Ogden, Pine Valley, Roland Grise, Codington, Parsley and Wrightsville Beach & Isaac Bear Early College HS. The AYP measure the level of progress required under the No Child Left Behind federal law.

ABC’s (state) measure growth while AYP (Federal) measures proficiency. Schools can show growth (ABC’s) and be considered effective, yet not meet their AYP (proficiency). Proficiency means those students who pass math (or Language arts) with a Level 3 or higher.

These goals were determined by math scores only this year. The Language Arts scores will received in early November.

Wilmington NC in New Hanover County has 25 elementary schools, 7 middle schools and 5 high schools. The schools are organized in grades as k-5, 6-8 and 9-12. Recent enrollment was a little more than 24,000 students.

Detailed search information on homes for sale in Wilmington NC for your desired school district is available now. Please feel free to check my website at www.cbbaker.com for additional school information for Wilmington NC and New Hanover County. You may contact me direct at kaybaker@seacoastrealty.com for details on housing information in specific school districts.