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Local News                                                                           Tuesday, November 21, 2006                                                                                                        Page 31




   Your Money Matters: Interest Rate Opportunities for Homeowners
  (ARA) - One of the primary               your new home for some time, and           three-bedroom home. Like most                      increase to over 7 percent, the                     "Making a change in your mortgage
questions most homeowners face is          desire the certainty of a monthly          families, the Hernandez’s dreamed of               Hernandez’s recently opted to                    could mean saving thousands of
whether a long-term, fixed-rate or an      mortgage payment that does not             being homeowners and with interest                 refinance their mortgage and locked              dollars and keeping your monthly
adjustable-rate mortgage is the best       fluctuate or adjust (except if property    rates at an all-time low, they took                into a 30-year fixed rate of 6.75                mortgage payment low," says Ennio
choice for refinancing their home loan.    taxes, which can fluctuate from year to    advantage of a low money down                      percent. Though they pay a slightly              Garcia-Miera, a vice president at
  While there is no way to predict         year, are escrowed as part of the          program and secured an adjustable                  higher interest rate for the remainder           GMAC Mortgage. "Your decision to
exactly when and how much interest         monthly payment), start by looking at      rate mortgage with a five-year                     of their five-year term, they can rest           refinance should include how long you
rates will increase or decrease over       a fixed-rate loan when you go              introductory interest rate of 4.875                assured that they have locked in at a            plan to stay in your house, the rate on
time, a fixed-rate loan is a generally a   mortgage shopping.                         percent.                                           historically low rate and will have              your current mortgage, when that rate
smart option for many qualified               Consider the Hernandez family.            Knowing that at the end of their five-           predictable monthly payments for the             will begin to adjust, how high the rate
homebuyers. If you anticipate living in    Three years ago, they purchased a          year term their interest rate could                life of their mortgage.                          can go and whether your loan carries a
                                                                                                                                                                                          prepayment penalty (for paying it off
                                                                                                                                                                                          early). Before changing any terms on

       T. Karram Design &                                                                                                                         R te . 2 8 • O ld F o rg e
                                                                                                                                                     3 1 5 -3 6 9 -2 1 3 6
                                                                                                                                                                                          your mortgage, be sure to consult with
                                                                                                                                                                                          your financial advisor because
                                                                                                                                                                                          although the amount you pay on a
     Construction Consultants                                                                                                                     R te . 2 8 • E a g le B a y
                                                                                                                                                      3 1 5 -3 5 7 -5 3 0 2               monthly basis may decrease, you may
                                                                                                                                                                                          increase the overall number of
                            Commercial & Residential                                                          3 OFFICES                          R te. 28 • R aquette Lake
                                                                                                                                                      3 1 5 -3 5 4 -4 4 4 1               monthly payments you have to make
                   Additions/Renovations & Custom Homes                                                                                                                                   over the term of the loan."
                                    Toby J. Karram                                               adklands@ telenet.net • w w w.birdsadkrealestate.com                                        GMAC Mortgage offers an ARM
                     P.O. Box 3, 135 W. Main Street • Waterville, NY 13480                RENTALS: www.adkvacation.com or www.adkmtnpro.com                                               versus fixed-rate mortgage calculator
                           Phone: 315-841-3442 • Fax: 315-841-3443
                                                                                             • Commercial • Vacation Homes • Sport Lodges                                                 on       its       Web         site      at
                                   tkarram@usadatanet.net                                                                                                                                 www.gmacmortgage.com to help
                                                                                                         • Residential • Lots
                                                                                                                                                                                          homeowners compare monthly
                                                                                                                                                                                          payments, loan amounts and more. In
                                                                                                                                                                                          addition, Latino homeowners can be


                             Sherlock Homes
                                                                                                                                                                                          referred to a bilingual GMAC Mortgage
                                                                                                                                                                                          loan officer in their community by
                                                                                                                                                                                          calling (888) 330-4622, or they can



                                Real Estate
                                                                                                                                                                                          speak directly to a bilingual loan officer
                                                                                                                                                                                          by telephone from the convenience of
                                                                                                                                                                                          their home.
                                                                                                                                                                                             Many homebuyers, such as the
                                                                                                                                                                                          Hernandez’s, took advantage of
                                                                                                                                                                                          securing a home with a low adjustable
                                                                                                                                                                                          interest rate. Now that homebuyers are
                                                                                                                                                                                          facing higher interest rates in the near
                                                                                          Raquette Lake: New log sided lakefront                                                          future, they are deciding whether to
                                                                                          home on 135’ of lakefront.  Magnificent                                                         refinance. Review your options and
                                                                                          view of Blue Mt. & Marion River. Includes 2                                                     find out if a fixed-rate is right for you.
                                                                                          story guest cottage with workshop &
                                                                                          garage. Also includes 2 story, 3 slip                                                           Courtesy of ARA Content
                                                                                          boathouse & dock......................$795,000
                                                                                                      From White Lake to Long Lake




  Affordable Snowmobilers’ Dream. Located
  near trail #7, this 2/3 bedroom camp has many
                                                                                                            New Homes                                 Modular Co.
                                                                                          Compare New Homes Modular 30 standard features & specifications with the competition
  updates and is ready for the season.. . . . .$34,900                                                    Highest Quality and Lowest Price!
                                                                                                                                                                                             Consumer Tips
                                                                                                                                                                                             When having real estate
                                                                                                                                                                                             appraised, just like
                                                                                                                                                                                             having other property
                                                                                                                                                                                             appraised, it is important
                                                                                                                                                                                             to         retain          a
                                                                                                                                                                                             knowledgeable,
                                                                                                                                                                                             educated individual with
  This Beautiful Camp has just been completed in                                                                                                                                             experience in the all
  time for the winter season! Everything is new,                                                                                                                                             aspects of the field. The
                                                                                         • 16’ on center construction entire house       • Washer and dryer hookups
                                                                                                                                                                                             following is a list of basic
  from the appliances in the Oak kitchen with                                            • 7/12 pitch roof                               • Exterior vented kitchen/range hood
                                                                                                                                                                                             requirements             for
  porcelain tile to the windows in the pine tung                                         • 3’ ice & water barrier                        • Tile back splash and tile edging all
                                                                                         • Oak Ridge Pro 30 yr. Architectural shingles     kitchen counter tops                              professional real estate
  and groove loft. Next to trail #7 for you                                              • Upgraded R-38 insulation                      • Upgraded 52 gallon hot water heater               appraisers:
  snowmobilers........................................$112,900                           • #1 Rated Certainteed vinyl siding             • Elongated water saver water closets
                                                                                         • Cedar and log sided homes                     • Upgraded G.E. Potscrubber dishwasher                * Formal education in
                                                                                         • 7-D All vinyl double hung fold out            • Upgraded cathedral maple or raised                    real estate.
  Land-Boonville/Forestport Area. This is the
                                                                                           Low-e thermal pane windows/double locks         panel oak, dovetail kitchen cabinets,               * Training in principles
  Adirondacks at it’s best. Quiet, scenic and                                            • Full 8’ ceilings (9’ optional)                  includes soffits or crown molding                     of valuation.
  private. 3 adjoining wooded parcels available                                          • 200 amp panel box                             • Deluxe interior trim pkg. stain and poly
                                                                                                                                                                                               * Experience in buying
                                                                                         • Upgraded 12/2 wiring throughout               • Upgraded interior and exterior doors
  totaling 37.18 acres. Owner will divide.. $92,500                                                                                                                                              and selling real
                                                                                         • Deluxe exterior brass lighting pkg.           • Deluxe brass lever door handles & locks sets
                                                                                         • Deluxe interior brass lighting pkg.           • Deluxe brass entry package front door                 estate.
     Call Jason Barry/Lic. Slsp 315-730-3038                                             • Ceiling lights all bedrooms                   • Upgraded 38 oz. carpets with 8 lb. pad              * Knowledge of levels
      123 Genesee St., Auburn, NY 13021                                                  • Recessed lights above all islands             • Upgraded Armstrong vinyl floor coverings              of value and how the
                                                                                         • Soft touch switches throughout                • New web truss floor system                            market is affected
               Phone: 315-253-8419                                                       • 8 phone and TV jacks
                                                                                                                                         Financing by Adirondack Bank
                                                                                                                                                                                                 from source to
                                                                                                                                                                                                 consumer.
                Fax 315-255-4663                                                        This is how we put the quality in our homes!                                                           * Knowledge of
           www.sherlockhomesrealestate.net                                                                                                                                                       property values.
                                                                                            Give Us A Call (315) 891-3254

				
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