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"Jim and his team did a wonderful job"
"When dealing with Jim and Kathy, they were wonderful - always on top of everything and keeping us informed all the way. You both are very personable and extremely pleasant. You went out of your way to make sure everything went smoothly. Keep up the good work! We will definitely recommend you to others and if need be, will use you again ourselves. Jim and his team did a wonderful job for my wife and I and we would highly recommend them to anybody. We honestly can't think of anything that could have been done better!"
Mr & Mrs. Dan Lauer
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Financing Your Home >Mortgage Terms
New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.
Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.
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What characteristics must a home have to be considered a prestigious property?
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| A |
Unique architectural design; Highly desirable location; celebrity status--owned by a well-known person. |
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