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Victoria
Spannaus
Home Mortgage Consultant
Office: 910-692-6225
Fax: 910-695-1094
Toll Free: 800-741-7813
VISIT
WEBSITE
10796
US Hwy 15-501 South
Southern Pines, NC 28387
Daily
Mortgate Rates |
Home
financing that meets your needs. Because your home
is one of your biggest investments,it's important
to ensure that your mortgage fits you. Times like
these call for the diversity of our innovative financing
programs. We'll help you find the mortgage solution
that meets your current situation while complementing
your long-term financial goals. Contact us today and
start the homebuying process with a free consultation.
We'll help you understand how much you may be able
to borrow.
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HOMEBUYERS
CALL FOR GREENER UPGRADES |
Everyone
has their eye on rising energy costs, and homebuyers are no
exception. According to the National Association of Home Builders(www.nahb.com),
smart sellers are responding to this trend with energy-efficient
upgrades.
Which
improvements can catch a buyer's eye?
A recent survey of professional remodelers pinpoints several
value-adding projects:
- Windows
and doors:
- Dual-pane,
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Low-E windows that reflect both infrared and ultraviolet
light
- Insulated
exterior doors.
- Air
sealing:
- Foam
or fiber insulation sprayed into wall and roof cavities.
- HVAC
systems:
- High-efficiency
heating and cooling equipment with the ENERGY STAR rating,
combined with programmable thermostats.
- Kitchen
appliances:
- Dishwashers
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Refrigerators
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Room air conditioners and dehumidifiers that have earned
and ENERGY STAR label.
- Water-saving
fixtures:
- Low-flow
toilets, faucets, and shower heads.
- Newer
technologies:
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Tankless water heaters that heat water on demand
-
Photovoltaic shingles
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Wireless lighting.
You
can also find more information about resource-efficient renovations
from PATH-
Partnership for Advancing Technology in Housing
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WHAT'S
YOUR CREDIT SCORE IQ? |
Although
consumer understanding of credit scores has improved over
the past year, it still remains poor. According to a recent
survey commissioned by the Consumer Federation of America,
this lack of knowledge can hit consumers where it hurts most-in
their wallets. In fact, if all U.S. consumers raiser their
credit scores by just 30 points, they could save $28 billion
each year.
Just as importantly, confusion about credit scoring can jeopardize
your ability to get a mortgage, a cell phone, insurance, or
even a job.
To boost your financial IO, here are a few facts and fallacies
about credit scoring:
- Credit
scoring quantifies your ability to manage debt; Scores are
not influenced by personal characteristics such as age,
income, marital status, level of education or race.
- Making
a monthly payment more than 30 days late will damage your
credit score. Maxing out a credit card or opening several
new accounts can do the same.
- Consumers
with credit scores above 700 usually qualify for lower "prime"
rates, while those with scores of at least 760 pay the lowers
interest rates, Borrowers with a score below 600 are almost
always charged higher "subprime"rates.
You
can receive a free credit report each year from the three
major credit agencies, which you can access at www.annualcreditreport.com
To
obtain your credit score, however, you must pay a modest fee
(starting at $15). To purchase your score, contact the Fair
Isaac Company or one of three credit bureaus:
www.Equifax.com
www.Experian.com
www.transunion.com
For a free consultation to discuss which type of mortgage
loan will work best for you, call Victoria Spannaus at Wachovia
Mortgage, FSB. at (800) 741-7813 or 910-692-6225.
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WHERE
TO FIND YOUR DOWNPAYMENT |
If
you have recently sold a home, calculating its cost basis
may be important for federal income tax purposes. Though the
1997 Taxpayer Relief Act liberalized capital gains rules,
it did not affect how your cost basis is calculated.
Begin
with the purchase price of your home. Add the cost of any
capital improvements that added value to your home, prolonged
its useful life or gave it a new or different use. Add any
special tax assessments you paid. Then add any amounts spent
to restore property damaged by fire, flood, wind, etc., net
of insurance reimbursements and deductions taken against income.
Now
subtract settlement or closing costs (for both your initial
purchase and subsequent home sale) which you have not previously
deducted from taxable income (these do not include prepaid
expenses such as real estate taxes, homeowner's insurance
and prepaid interest). Subtract depreciation previously claimed
for business use of your home. Finally, subtract payments
received or credits for easements/rights-of-way, energy-related
capital improvements, etc. The total is your adjusted cost
basis. For additional information consult IRS publication
523 (Selling Your Home).
For
a free consultation to discuss which type of mortgage loan
will work best for you, call Victoria Spannaus at Wachovia
Mortgage, FSB. at (800) 741-7813 or 910-692-6225.
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