I’ON
October 6, 2008
Ever since Charleston was founded by European settlers in 1670, it has been an extraordinary, storied place. Water defines the peninsular city, just a few minutes from I’On by boat or by car. I’On is proud to be a neighborhood of the beautiful and historic Town of Mount Pleasant, on the eastern side the Cooper River from Charleston.
Three island beaches are within five to 15 miles from I’On - Sullivan’s Island is the most genteel with it’s old beach houses, lighthouse, historic fort and a handful of popular restaurants; Isle of Palms boasts a championship golf course, county park, and beachfront commercial district; and then there’s funky Folly Beach, with its pier, eateries and great surfing spots. Read more
Don’t Panic…5 Essential Real Estate Tips for Todays Market
October 6, 2008
Don’t panic! 5 essential real estate tips
Barbara Corcoran gives advice on mortgages, house payments and more
With the economy in misery, most of us don’t know what to do when it comes to real estate. Is this the time to buy, or sell, or do nothing at all? Real estate expert Barbara Corcoran addresses the top five issues that have people panicking.
Q: I just can’t meet my monthly payment anymore but I want to stay in my home. What can I do?
A: First, try to renegotiate with your lender to lower your monthly payment. Pick up the phone and call your lender’s workout department and speak with a vice president because only an officer has the authority to make a decision about your loan. Have a list of your income and expenses at the ready and explain why you can’t meet your monthly payments. You won’t get an immediate answer, so you should follow up with a certified letter explaining the same. Today, roughly half of the lenders will restructure your mortgage if you can plead a good case of hardship. Remember the last thing a bank wants is to own your home, so don’t even think about leaving until you’ve talked to your bank.
Also, there’s now new FHA financing available that can extend a mortgage to as long as 40 years. If you could extend the term of your loan, you could bring down your monthly payment substantially. Read more
Fannie Mae Halves One Of its Mandatory Loan Fees
October 6, 2008
Fannie Mae Halves One Of Its Mandatory Loan Fees
Posted: 03 Oct 2008 11:08 AM CDT
In an effort to provide “the most market support possible”, Fannie Mae is cutting one of its mandatory loan fees by 0.250 percent, effective immediately. Fannie Mae introduced the Adverse Market Delivery Charge in December 2007 to offset foreclosure and delinquency losses. The initial fee was a quarter-percent of the amount borrowed. Then, as market conditions worsened, Fannie Mae doubled its across-the-board loan fee to 0.500 percent in August of this year.
As of today, the fee is back to its starting point. Since the start of the 2008, Fannie Mae has made 21 separate changes to its mortgage guidelines. Most have been detrimental to borrowers, increasing the difficulty, or the cost, of qualifying for a conforming home loan.Today’s change is among the few that are beneficial.
This morning, mortgage pricing is edging higher because of the looming Congressional vote and Wall Street’s reaction to the weak jobs report. The good news is that price changes could have been worse. Fannie Mae’s Adverse Market Delivery Charge flip-flip is keeping rates from rising as high as they might have otherwise risen today.
Old Village
October 6, 2008
Mount Pleasant is separated from Charleston by the Cooper River. For many years it was primarily 
populated seasonally by Charleston residents wealthy enough to afford summer homes across the river from the Charleston peninsula. The population of Mount Pleasant was centered in an area of the town now known as “The Old Village.” Read more
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