mortgage rates

The Cribline Charlotte Pick of the Week – Lake Norman Summer Home

June 15, 2013 By thecribline Leave a Comment

Well it’s that time of year when weekend getaways on waterways is the thing to do!!!

And, this week, The Cribline Charlotte took a look around Lake Norman to get an idea of the real estate market on Lake Norman.

And, just this morning hot on the market is this week’s House Pick of the Week. Take a look at 16815 Lake Shore Drive. It’s a 3 bedroom, 4 bath fully renovated craftsman home on a double lot with all amenities and views of the water. It’s listed for $675,000.

The kitchen is gourmet with stainless steel appliances and granite counters, and there’s a large stone fireplace which really captures lake vacation getaway living. And there is water access.

To the Point Analysis: with 20 percent down on $675,000 of $135,000, the mortgage amount would be $540,000. At an estimated 4 percent for a 30-year fixed rate mortgage, the gross payment would be about $3,140/mo. After tax deductions the estimated net monthly payment would be about $2,100.

Note: many vacation homes like this are rented out for about the same amount at a weekly rate as the monthly net mortgage payment.

This is a find!

Filed Under: Charlotte Tagged With: Charlotte, CL Recommends, home sales, house tour, interest rates, mortgage rates, mortgages, real estate

A Cribline Find – Check out this 4 bedroom 3.5 Bath Top of the Line Designer Home In Shaw

June 14, 2013 By thecribline Leave a Comment

Do you work downtown and want to be able to walk or bike to work while living in luxury?

Check out this find by The Cribline:

It’s a 3 story 4 bedroom, 3. 5 bath top of the line custom designed home in Shaw at 1525 8th Street, NW. It’s listed for $1,395,000 (check out what this means per month in the To The Point Analysis below).

This spacious 3,000 plus square foot home features strong attention to detail, has an open flow, and custom hardwood floors throughout. On the main level, there is an open living and dining area that lead to a very gourmet kitchen with a breakfast bar and separate breakfast nook that open to a large private patio.

The 2nd floor features 2 bedrooms and one bath, a wet bar and great room with French doors opening onto a balcony.

The 3rd floor features 2 more bedrooms both with an ensuite bath, and there is a terrace.

This home also has 2 gas fireplaces and is just steps to Logan Circle, Whole Foods, and bustling 14th Street. And, there is parking!!!!

To the Point Analysis: With 20 percent down on $1,395,000 ($279,000), the mortgage would be $1,116,000. At an estimated 4.25 percent interest rate (based on the latest numbers), the gross payment would be about $6,650 per month. After tax deductions, the estimated net payment would be about $4,650/mo.

Happy house hunting!

Check out The Cribline’s House Pick of the Week every Monday.

Filed Under: Blog Tagged With: ask Eric, capitol hill, Charlotte, CL Recommends, house of the week, house tour, interest rates, mortgage broker, mortgage rates, mortgages, Northwest, real estate, renting, savings, Shaw, washington dc

Cribline News Flash – Mortgages Rates on a Six Week Upward Trend, Will They Go Back Down? Maybe!!!

June 13, 2013 By thecribline Leave a Comment

Freddie Mac today released the results of its Primary Mortgage Market Survey® showing fixed mortgage rates climbed higher for the sixth straight week following a solid employment report for May. Since beginning their climb last month, the 30-year fixed-rate mortgage has increased over half a percentage point, according to Freddie Mac.

30-year fixed-rate mortgage was 3.98 percent for the week ending June 13, 2013, up from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM was 3.71 percent.

15-year rate this week was 3.10 percent, up from last week when it was 3.03 percent. A year ago at this time, the 15-year FRM was 2.98 percent.

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.98 percent means that the monthly principle and interest payment would be about $398.00/mo.
For every Million dollars borrowed that would be $3,980/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $280/mo. net for $100,000 borrowed, and about $2,780/mo. net for every million dollars borrowed.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

Check out The Cribline House Pick of the Week every Monday!

Happy house hunting.

Filed Under: Blog, Charlotte, Uncategorized Tagged With: ask Eric, capitol hill, Charlotte, CL Recommends, home sales, house of the week, house tour, interest rates, mortgage broker, mortgage rates, mortgages, real estate, renting, savings, washington dc

The Cribline House Pick of the Week – Back on the Ground in Washington

June 10, 2013 By thecribline Leave a Comment

Greetings Cribline readers after the last two weekends reporting from Paris and London on real estate and other travel notes.

This week, the Cribline tour bagan with an inspection of Frager’s Hardware after a 4 alarm fire destroyed the nearly 100 year old institution on Capitol Hill last week.

It was sad to see the destruction, although we are optimistic about the future and look forward to seeing Frager’s back and stronger than ever. You can help upport rebuilding the store and its employees through two not-for-profit organizations, Capitol Hill Community Foundation and Celebrate Capitol Hill.

While this was a somber moment in the tour, viewing hot properties in this booming town of ours was uplifting. And, today, we stopped off at Union Market for coffee – This market is very cool and another example of resurgence in our city. We then hit the road starting on Capitol Hill, cutting clear across the city to the Hawthorne neighborhood, over to Petworth, then concluding in Bloombingdale and LeDroit Park.

Compared to London and Paris where the last 2 House Picks of the Week were featured, for our Capital city, prices seem very reasonable. And there are some great homes fresh on the market. One such home is this week’s pick: 7025 31st Street, NW in the Hawthorne Neighborhood close to the boundary of DC and Maryland.

It is a beautifully restored 5 bedroom 4.5 bath 5,800 plus square foot home listed for $1,598,800. There is a grand entrance, open space gourmet kitchen, formal living and dining areas, spacious deck and 3 bedrooms on the main level. And, there are 2 in-law or nanny suites in the lower level which could make for great rentals on Airbnb. Off the top, these suites could each rent for anywhere between $1,600 and $1,800/month. See how this could impact the bottom line mortgage payment below in the To The Point Analysis.

The house was originally built in 1960 and was expanded and renovated about 7 years ago with an eye for maintaining the home’s historic integrity while adapting it with modern amenities. It is a one of a kind home with over 11,000 square feet of gardens and 2 car garage.

To The Point Analysis: With 20 percent down on $1,598,800 of about $319,760, the mortgage would be $1,279,040. And, at an estimated 4.25 percent rate (rates ticked up again last week), the gross payment would be about $7,600/mo. If both of the lower level suites were rented on Airbnb for example, that could absorb about $3,200/mo, lowering the gross payment to about $4,400/mo. Tax deductions would shave another roughly 30 percent 0r about $1,300/mo. leaving a final net mortgage of $3,100/mo.

Happy house hunting!

Filed Under: House of the Week Tagged With: Airbnb, Bloomingdale, capitol hill, CL Recommends, Frager's Hardware, home sales, house of the week, house tour, interest rates, LeDroit Park, mortgage rates, mortgages, Petworth, real estate, washington dc

Cribline News Flash – Interest Rates Climb Higher for 5th Straight Week

June 6, 2013 By thecribline Leave a Comment

Freddie Mac today released the results of its Primary Mortgage Market Survey® showing fixed mortgage rates went up for the fifth week in a row based on concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy. This marks the first time the average 15-year fixed-rate mortgage has gone above 3 percent since the week of May 24th of last year, according to Freddie Mac.

30-year fixed-rate mortgage was 3.91 percent for the week ending June 6, 2013, up from last week when it averaged 3.81 percent. Last year at this time, the 30-year FRM was 3.67 percent.

15-year FRM this week was 3.03 percent, up from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM was 2.94 percent.

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.91 percent means that the monthly principle and interest payment would be about $391.00/mo.
For every Million dollars borrowed that would be $3,910/mo.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

Check out The Cribline House Pick of the Week every Monday!

Happy house hunting.

Filed Under: Blog Tagged With: ask Eric, Charlotte, CL Recommends, home sales, house of the week, house tour, interest rates, mortgage broker, mortgage rates, mortgages, washington dc

A Cribline Find – Cheap Dent Repair for Your Auto

June 4, 2013 By thecribline Leave a Comment

Dear Cribline readers:

Two weeks ago we posted a Cribline Find: Richard Routson fromDent Masters. Even though, The Cribline focuses on helping people navigate real estate in Washington and Charlotte, we are also building a community of trusted advisers. And, just about everyone who owns a home owns a car.

Richard Routson is a master auto repair technician who removed a small dent on my car about a month ago. I thought is would cost thousands and I would need to take out an insurance claim. Nope!

For $150, the passenger side of my door is brand new… It’s amazing. And, there was no paint matching or sanding involved. It’s like magic and it’s cheap.

Check out these before and after pictures of this Mini Cooper – one of his latest projects:

Before

after

It really is amazing! Check out how it works here!

If you have a dent or a ding, do yourself a favor and check out DentMasters:

Richard Routson

Certified Master Technician

richard@dentmasters.com

Dent Masters

Direct: 301-758-6088

www.dentmasters.com/arlington.html

Also, check out The Cribline’s House Pick of the Week every Monday, “like” us on Facebook and follow us on Twitter.

Filed Under: Blog Tagged With: ask Eric, Automobile dents, Charlotte, CL Recommends, Dent Masters, house of the week, house tour, Mini Cooper, mortgage rates, mortgages, washington dc

The Cribline House Pick of the Week – From Sunny London (How Much Would a Nice Flat Cost Ya Edition)

June 1, 2013 By thecribline Leave a Comment

Greetings from London!!!

It is the final day of a 2 country European tour before heading back to Washington. Last weekend it was Paris. This weekend London! Like Washington, both are Capital cities and very charming. I came for a week holiday to tour, to eat well, soak in some culture, and to visit friends. And, my time on the ground has been an adventure and full of wonderful serendipities.

I arrived in London on Wednesday and hit the ground running. I have been staying at the St. Martins Lane Hotel, a chic boutique accommodation near Covent Garden and Leicester Square in the center of London, with some of the nicest staff of any hotel I have ever stayed. Understated, but elegant! The neighborhood is filled with coffee shops, boutiques, the Covent Garden market, street musicians and entertainers, etc…

Covent Garden

I have been able to walk just about everywhere including hot spots like the Houses of Parliament, Big Ben, Buckingham Palace, and the London Eye. I was told that the best view of these landmarks is at the Me hotel from it’s famous rooftop terrace (it opened about a year ago). So, last night a friend and I went for a nightcap after dinner. Try the espresso Martini. Everyone was drinking one (or two), and I overheard someone say that it is as good in London as in Mykonos where the drink is apparently quite famous. It really was an incredible view overlooking the Themes and central London.

A top the Me hotel overlooking the Themes espresso martini in hand

I’ve also been fortunate to find sun in this town known for grey and drizzly weather, and I’ve had several wonderful evenings with friends at some of the poshest restaurants including: Balthazar, The Terrace on Holland Street, Hakkasan (modern Cantonese fare), and MoMo, a fabulous Moroccan restaurant on Heddon Street just off of the famous Regent Street in the West End. An interior designer friend of mine introduced me to it and I recommend the Chicken Tangine as an entree, although everything was delicious. There is also a great selection of wines from around the world, a warm atmosphere, and plenty of people watching.

Tonight I am off to see the final performance of Peter and Alice with Judi Dench – a story about Alice in Wonderland meeting Peter Pan. It’s playing just across the street from my hotel.

Noel Coward Theater – Last performance of Peter and Alice

There are loads of theater and pubs on just about every corner. Tonight, as a last hurrah, I’ve been invited to go out to a club after the show. It is Saturday night here after all!

And, for the Cribline tour? When has there been time to explore real estate in London? Well fortunately, just today at lunch my friend Ronnie (thank you) pointed me in the right direction to the neighborhoods of Farringdon and Clerkenwell which became the focal point of my search for the House Pick of the Week.

These are 2 new up and coming areas due in part to a new cross rail system currently under construction, and these spots are also known for having the hottest music and media scenes in town. You can also find the award-wining and very trendy Hoxton Hotel close by known for drawing cutting edge and creative travelers, weekenders, and locals.

Here’s what I found for sale following my search: It’s a 2 bedroom flat for £959,000 (about $1,464,000) on Garret Street. It’s just on the market and is this week’s House Pick of the Week! London is one of the most expensive cities in the world, and this should provide some perspective on prices compared with Washington.

This apartment is a split level loft set on the ground floor of a converted former bed factory. It features exposed brick, 1,356 square feet of space, an open layout, a super cool bathroom, and underground parking. It also has storage, and it is centrally located in Clerkenwell, and also known for many converted warehouse lofts.

Check out the floor plan (click on image for a larger view):

To the Point Analysis: There are no tax deductions on mortgages in the UK, but rates are about the same as the U.S. but they don’t usually have a 30-year fixed term. They are more typically amoratized over 25 years and fixed rates can vary over 2, 3, 4, 5, and sometimes 6+ years. The longer they are fixed the higher the rate.

So with about 20 percent down, the estimated monthly payment based on a 5 year fixed rate at about 3.4 percent (estimated rate as of today), the monthly payment would be about £3,700 or about $5,650/mo.

Happy international house hunting!

Filed Under: Charlotte, House of the Week Tagged With: ask Eric, CL Recommends, home sales, house of the week, house tour, interest rates, London, mortgage rates, mortgages, Paris, real estate, renting, savings, washington dc

Cribline News Flash – Mortgage rates highest level in a year!

May 30, 2013 By thecribline Leave a Comment

Freddie Mac today released the results of its Primary Mortgage Market Survey® that showed fixed mortgage rates moving higher again. The 30-year fixed rate increased about half a percentage point since early May when it was 3.35 percent.

Mortgage rates still remain low historically helping to keep home-buyer affordability high, according to Freddie Mac.

News Facts

30-year fixed-rate mortgage was 3.81 percent for the week ending May 30, 2013, up from last week when it averaged 3.59 percent. Last year at this time, the 30-year FRM was 3.75 percent.
15-year FRM this week was 2.98 percent, up from last week when it was 2.77 percent. A year ago at this time, the 15-year FRM was 2.97 percent.

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.81 percent means that the monthly principle and interest payment would be about $381.00/mo.
For every Million dollars borrowed that would be $3,810/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $270/mo. net for $100,000 borrowed, and about $2,700/mo. net for every million dollars borrowed.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

Check out The Cribline House Pick of the Week every Monday!

Happy house hunting.

Filed Under: Blog Tagged With: ask Eric, Charlotte, CL Recommends, home sales, house of the week, house tour, interest rates, mortgage broker, mortgage rates, mortgages, real estate, renting, savings, washington dc

Cribline News Flash – Mortgage rates trend higher

May 23, 2013 By thecribline Leave a Comment

Freddie Mac today released the results of itsPrimary Mortgage Market Survey(R) showing that fixed mortgage rates went up again for the third consecutive week. The rates still remain low compared with last year.

News Facts

30-year fixed-rate mortgage (FRM) were 3.59 percent for the week ending May 23, 2013, up from last week when it was 3.51 percent. Last year at this time, the 30-year FRM was 3.78 percent.
15-year FRM this week was 2.77 percent, up from last week when it was 2.69 percent. A year ago at this time, the 15-year FRM was 3.04 percent.

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.59 percent means that the monthly principle and interest payment would be about $359.00/mo.
For every Million dollars borrowed that would be $3,590/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $240/mo. net for $100,000 borrowed, and about $2,400/mo. net for every million dollars borrowed.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

Happy house hunting!

Filed Under: Blog Tagged With: ask Eric, CL Recommends, home sales, house of the week, house tour, interest rates, mortgage broker, mortgage rates, mortgages, real estate, renting, savings, washington dc

The Cribline House Pick of the Week – San Francisco Food and Real Estate Porn

May 20, 2013 By thecribline 1 Comment

Greetings Cribline readers from San Francisco!

It’s a stunning day today. And knowing about the tragic storms going through the South and Midwest, I wanted to send my condolences to those who died and their families as well as those who lost their homes and who were injured.

As I was told during my visit, San Francisco is also a city known for unpredictable weather given its location on the Pacific Ocean, but today was one of the ideal days for this city. People were out in droves, especially given the Bay to Breakers event taking place–an annual footrace that takes place on the third Sunday of May drawing tens of thousands of people from the Bay area. The name reflects the fact that the race starts at the northeast end of the downtown area a few blocks from The Embarcadero (adjacent to San Francisco Bay) and runs west through the city to finish at the Great Highway (adjacent to the Pacific coast, where breakers crash onto Ocean Beach), according to Wikipedia. The event is well known for many participants wearing costumes, and a few engaging in varying degrees of public nudity. It is San Francisco after all!

I was out in this very European and lively city for a work event, which started last Wednesday, and I extended my visit through the weekend as I have a cousin and several friends who live in the city.

My cousin and his girlfriend introduced me to a great spot called Beretta in the Mission district. This place has a great mixologist who served up a refreshing cocktail called the Kentucky Mule (bourbon, lime, ginger, martinique). For our meal we improvised with a self-styled tasting menu of specialty brick oven pizza, mushroom truffle (funghi and truffled panna) risotto and artichoke risotto with lemon and pecorino romano. And to top it off, we had a generous scoop of panna gelato with extra virgin olive oil & sea salt (to die for) and bonet-chocolate gelato with amaretti & caramel (also amazing)…. Whew! The only thing to make this evening more decadent was to swing by Buena Vista on my way back to the hotel where it was recommended that I try the Irish Coffee. I wound up sitting next to a delightful couple both PhD’s from Stanford. This truly is a city for foodies… and smart people!

On evening three, I went with a friend to Garcon, also in the Mission. My cousin’s girlfriend knows I love French cuisine and recommended it. It too was great. We started off with raw oysters, shared a bottle of Sancerre, and I had to work hard not to inhale the pork molasses brined pork tenderloin with white cheddar grits, bacon, artichoke and mitake (like I did the oysters). This venue was warm, sophisticated, yet friendly. We even spent some time talking with the chef Arthur Wall who recommended the pork entree.

While you might start to think that this is a food blog, between the wonderful meals and exploring the city, I did make a point to explore the world of real estate in what is probably one of the most expensive markets in the country. Like Washington, San Francisco’s real estate scene is hot.

Take a look at 540 DELANCEY St #301, which is this week’s House Pick of the Week. It is one of sixteen fabulous live and work condominium lofts originally built in 1892 and completely renovated in 1997. It’s a little over 1,200 square feet, and is a one bedroom, one bathroom end unit featuring high ceilings, exposed brick, metal siding and exposed wooden and metal beams that dramatically accentuate the interior and exterior space. The unit also has an open and contemporary kitchen and an updated bath, both with Silestone countertops and Hansgrohe fixtures. It’s just on the market for $899,000. How can you not want to live here. Take a look:

To the Point Analysis: With 20 percent down on $899,000 of $179,800, the mortgage would be $719,200. At an estimated 3.5 percent 30-year fixed rate, the gross payment would be about $3,978/mo. After tax deductions the monthly payment would be about $2,800/mo. Add $463/mo. for the HOA and you have a final payment of $3,263/mo. It would be a challenge to find something this nice and this size to rent for this price.

Honorable mention: Check out 4531 20th St located in highly desirable Eureka Valley neighborhood. It’s a 3 bedroom, 3 bath with stunning panoramic 2-level views. It’s listed for $1,195,000.

This home is perfect for entertaining and has floor-to-ceiling windows in the living room. There’s also an eat-in gourmet kitchen with Sub-zero & Bosch appliances and opens onto a private south-facing patio.

The Master en-suite has double sinks in the bathroom and ample closet space. The unit also comes with a 1-car parking space, storage, and laundry.

Happy house hunting!

Here are some other pictures of SF to leave you something to hang onto…

Local Kitchen and Wine restaurant