Page 11 - September 2022 Issue.indd

rate of return, in this case 7% and divide
that into the number 72 and the result
is how many years it will take for your
investment to double. In this case seven
divided into 72 is 10.3 years, or a little
less than twice as long as it took to get Because you deserve qqualified, llocal representation
your point money back.
when managing life’s important issues.
With this being said you could safely
say that in the time it took to break
even on the repayment of the point ? ESTATE PLANNING 300 Market Street
your investment would increase about ? RESIDENTIAL & COMMERCIAL Suite 104
50% to $3,750. If you multiply this 7% REAL ESTATE AND SETTLEMENTS Denton, Maryland
investment over the full 30 year term ? LLC FORMATION & BUSINESS LAW 21629
of the loan a $2,500 investment would ? MUNICIPAL & ENVIRONMENTAL LAW
double in 10 years to $5,000 that would ? GENERAL LEGAL COUNSEL 410.310.1774
double in 20 years to $10,000 which
would double again to $20,000 in 30 Our attorney, Patrick Thomas, and our Settlement shayman@mlg-lawyers.com
years. Because of the previous reasons Agent, Sandy Hayman, are available to travel to your www.mlg-lawyers.com
I do not believe it makes sense to pay preferred location.
points to lower your interest rate.
limited to only a fixed rate mortgage Dave’s David Grinavic,
First time buyers are in many cases
option since most government insured Riverside ASE Master Technician
loans are all fixed. Adjustable-rate 32600 Main St.
Queen Anne, MD 21657
mortgages are an option for lower rates Garage, Inc.
for conventional loans. 410-364-9336
Adjustable-rate mortgage (ARM) rates COMPLETE AUTO REPAIR & MAINTENANCE
are fixed for a period of time at the end

• Computerized Engine Diagnostics Oil & Filter Change
of which the rate adjusts based on an • Performance Tune-Ups up to 5 quarts of oil (most cars)
index, such as the one-year treasury • Front End Alignments
index plus a predetermined margin. • Brakes • Shocks • Electrical Repairs $ 25 95
Usually, the shorter the initial period the • Battery Replacements • Mufflers + tax

rate is fixed the lower the interest rate • Tires (Rotate and Balance)
• A/C Service • Exhaust Systems
will be. Many people are reluctant to use MD State $
• Lock-Out & Jump-Start Service Inspections 70
ARM products today mainly because the
• And more!!!
rate is not very much lower than a fi xed
rate with zero points.
Officers who have been able to make a Find a local realtor whom you are

An ARM works well if you know you will
good living in the business are seeking comfortable with and will be there when
be selling the home prior to or soon aft er
other careers. Business has declined to you need them. Let them know that you
the initial rate adjustment, but only if the
an extent that I have not seen in my 37 will work with them exclusively so they
interest rate on the ARM is signifi cantly

years in the business. This slowdown is know their efforts will be rewarded if

lower to offset the adjustment risk.

different than any I have experienced in and when you find a home. Nothing is

I have said this before and I will say it that inventory is still low and prices are more frustrating for a realtor than to

again. When considering the biggest leveling off. In the past two months the spend time showing property only to

investment you will ever make, work number of homes selling below list price find out you purchased a home using
with someone you know, or someone is increasing in relation to those selling someone else.
who is known by someone you know, over list price. Proof that the prices are Mr. Rowe is Vice President/Lending for
especially if you are a fi rst-time buyer. peaking. Bay Capital Mortgage Corp. with offi ces
The internet is a wonderful place to get If you are serious about buying a home, in Easton and Annapolis. He has lived in

information but can be a terrible place get preapproved by someone you know Caroline for his entire life and supports
to commit a stressful process like getting or is recommended to you and is easily the county by volunteering in a variety of
a loan to.
accessible and knowledgeable of the ways. He currently lives near Greensboro

The numbers of people working in the market and various loan programs. with his wife Jeanne and daughter Kelsey.
mortgage industry is dropping. Loan
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