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Terry McDonald Real Estate.com LLC
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-393-0048 Office
704-351-1519 Cell
704-464-3955 Fax
Wilkinson and Associates, Broker
#1 Team, 2006, Top Agent 2008
Winner Client Satisfaction
Charlotte Magaxine 2008,2009

Archive for March, 2009

Tuesday Updates from Charlotte NC- Real Deals in Mortgages

March 31st, 2009 Categories: Buy A Charlotte Home, mortgages

Lennar just announced 3.62% 30 year fixed rate loans on closings by April 30!

Yes conditions apply- only new homes, conforming loans (below $417K) you must have  a credit score of 700 or above, and minimum 10% deposit… still Lennar builds a beautiful home and they have discounted inventory around Charlotte.

Call me-I’ll only show you Inventory homes  because that is where the deals are! Lets look at them today.

Compare Loans

Suppose you are a first time home buyer, compare your payments on a $250 K loan–home price of 277,000 and you put 10% down of $27,000. You will of course get the $8,000 tax credit on your next return, so net out of pocket is 19,000 plus closing costs (we’ll get the builder to includte those!)

Principal and Interest at 3.62% = $1,139 per month  and at 5.25%= $1,380/mo or $241 per month! That means you save $2,892 per year (pays your tax bill!) or $14,460 over 5 years. Gigurin Taxes and insurance at an additonal $300/mo, then the Lennar PITI is 1439/mo and requires a gross  income (at 30% yours may vary) $4,796 per month, or $62,000 per year to qualify.

At 5.25%, a great rate, your PITI would be $1,680, requirin a monthly income of $5600 also at 30%. Or you’d need $72,000 in gross income to qualify

Quite a difference!

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Pulte is offering 3.99% Fixed, OR, they’ll pay your mortgage for 6 months while you sell it at SCCL!

This is good at Sun City Carolina Lakes, and as far as we know- all Pulte communites on homes closed by June 30, 2009

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Bank of America IS still in the Jumbo Mortgage market- those over $417K- and increasing its share in the 4th quarter.

Last weeks average conforming rate, loans below $417K,  edged up to 5.07%, with average loan costs of .28%.  Jumbo rates were consdierably higher at 6.63% and .46% loan fees.

Bank of America was a bit higher at 6.88% loan with 0 pints- they require 20% downpayemt up to $1.5M houme, and above $1.5M they require a 30% DP.

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You all know we are not mortgage loan officers and these do not contistute an offer by CharlotteCommunitiesonline in any way.  Of course, each businees has the right to change it- but we wouldn’t report it if we didn’t believe it true! The informatino is deemed accurate, but not guaranteed, but we are happy to get with you, and look at a property and get their specific details- all of them,  for you to consider.

New to Charlotte? See the #1 Video on You Tube for Charlotte NC

Meet Terry, Terry’s Team and sign up to Search for homes at Charlotte Real Estate

Follow TerryMcDonald on Facebook or on Twitter at @TerryMcDonaldRE

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First Time Home Buyer Guide Online Now!

March 31st, 2009 Categories: Buy A Charlotte Home

Our First time Home Buyer’s Guide

Charlotte Communities First Time Homebuyers Tips, Tools and Strategies, Buying Your First Home Smart!

So, you are thinking about buying your first home! I know its exciting, I remember it well… yet it also means more… more responsibility (a mortgage eeks!!!), more commitment to your job, to the area, perhaps to a life partner… just MORE!

I’m going to assume you’ve made the decision to buy your first home, and now you are trying to figure how to go about it.  Whatever the reason you are considering buying a home, and at whatever age you may be,  know this:

That everyone buying a home for the first time feels much the same way- both excited and nervous, and often over-whelmed by the “buying process.” The buying of your  first home is  confusing- regardless of your age, 25, 35, 55, the first home purchase is unlike any other purchase-

but like many other large “confusing” tasks, if you break the process down into its components, it not only becomes more manageable, it becomes more understandable, and can be fun!

See the strategey and the rest of the First Time Home Buyer Guide

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New to Charlotte? See the #1 Video on You Tube for Charlotte NC

Meet Terry, Terry’s Team and sign up to Search for homes at Charlotte Real Estate

Follow TerryMcDonald on Facebook or on Twitter at @TerryMcDonaldRE

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Providence Plantation South Charlotte-First Quarter Results

March 30th, 2009 Categories: Buy A Charlotte Home, Community Reports, south charlotte

Homes Sold, Homes for Sale in Popular Providence Plantation

Providence Plantation is a large popular subdivision off Providence Road, near the Arboretum. Old trees, rolling hills, and well regarded schools make the Plantation a popular address for those working from Ballantyne to Southpark to Uptown Charlotte. Those of you who follow me, know I like Providence Plantation. It isn’t as structured as some, but flows easily and with the comfort of a good pair of jeans.

Though inventories remain high, they had a strong first quarter. Sales are arranged by date, and there will be a few more for March that aren’t yet posted. Still you can see the wide range of sales prices, in the right hand column–the average is $115, but the range is from 89 to 185/sf.

This is because there are many new or newer homes- and a number of homes built in the 70’s. Most likely, the 84 /sf is a home that needs remodelling. There are also luxury homes that wold account of the homes priced in the 180’s/sf.
Here are the homes for sale, a total of 62.

The key to pricing the homes here is discovering which class and condition of the home- something we are good at.

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Learn more about Charlotte and my team at the #1 video on You Tube for Charlotte NC, our fact-filled Introduction to Charlotte and Charlotte Real Estate. Or you may want to search for Charlotte Real Estate, the link takes you to my personal easy to use Charlotte website.

Search for Providence Plantation homes for Sale in 28270 Now. Nearby homes included.

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Charlotte NC: Absolutely UNBELIEVABLY LOW Interest Rates

March 28th, 2009 Categories: Buy A Charlotte Home, mortgages

The 30 Year average mortgage rate fell to 4.85%- the lowest in the 30 year history…but wait.

Teachers, Firemen, Police, NC National Guard, anyone who can become a member of NCSECU, qualify for their  very low rates.

At the local State Employees Credit Union, owner occupied, 30 year term/2 Year ARM, max 1% per adjustment with 10% DP, is 3.75%. Without a down payment? 0 down? 4.75% , and no PMI.  Maximum increase 1% per year, toatl max is 8%.  Headline here, No money down loans for 4.75%!!!

Investors require 20% DP, but same rates as above apply.

Pulte has extended its 3.99% Buydown for Fixed Rate loans through June.

Refis have gone crazy, up 41% since last month!  How to know whether you should refi?

There are a number of complicating situations, but for most it’s simple math… a rule of thumb is you should refi if you’ll get better than 1% difference in rates- that would mean you have currently more than a 5.85% mortgage, and you’ll live there long enough to recapture the closing costs. For example, your monthly savings are $150/per month, and closing costs are $1500, your break even is at 10 months, $1500/150/mo= 10 months . So after 10 months in the house, you are saving 150 per month each and every month- or $1800 per year, for most that’s a no brainer.

Remember, negotiate the origination- best customers pay .5% or 0 in origination fees.  If you took out a mortgage in the last 24 months, and you are still talking to the mortgage guy or gal, call them and see if they won’t cut your origination fee in half…

First time home buyers? It is time to buy a house.

Prices haven’t been this low since 2005, and rates haven’t been this low since 1955.  Then there is the $8,000 Credit- Cash back- on your next tax return, the FTB$1000- a $1000m Lowe’s Gift Card after closing if you use the McDonald Team and Buy a home by 6/30/09, and job loss protection from the lenders… Don’t want to put too much pressure on but the fate of the eonomy is in your hands! lol.

A You Tube Hit Video (Over 18000 vides, #1 for Charlotte NC) that introduces Charlotte Real Estate and Charlotte NC

Search for Charlotte Homes

Or, just give me a call, 704 -351-1519 Terry

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Charlotte NC Things To Do This Weekend

March 27th, 2009 Categories: About Charlotte

An Introduction to Charlotte NC

Things to Do for  Children

Carowinds Opens Saturday- For Kids And Adults of All Ages, take a ride on the new Cobra roller coaster, it’s over 120′ tall, open weekends from now to summer. Tickets info

Ovens Auditorium hosts the Laurie Berkner Band- the “it” band for the under 7 set.  See her on the popular children’s site,  Noggin music, here. Tickets from $24 at ovensauditorium.com

Sleeping Beauty is at CPCC’s Halton Theater on Saturday and Sunday matinee’s at 2:30. See the Charlotte Youth Ballet perfom. 704.330.6534

The Arts In Charlotte This Weekend

The Mint Museum hosts an exhibition from the New Orleans Museum of Art through June 21- feature artists include Monet, Picasso, Renoir and more. Tickets ar $10, members are free , more info.

Burn the Floor at the Blumenthall Friday and Sunday is a mdeorn look at dance favorites like the cha-cha, foxtrot and swing. tickets from $20, details here.

Nunsense at Queens University, a musical about the interesting life of nuns and clergy. Tickets are $5.00 704.337.2458

Dancing Through Latin America tonight at McGlohon Theater, dances from the Carribean, Spain, Latin America and beyond! Tickets Adults $15.00, children $10.00

Charlotte Sports

The Bobcats play the New York Knicks Saturday night, perhaps a team for the  Bobcats to regain some confidence? The Laker’s are in town Tuesday, a team the Bobcats can get another win- they own the Lakers.   (Sorry Kobe)

The Checkers play tonight at 7 (Friday) and Monday night- great hockey, good seats and comparatively inexpensive fun!

Local public radio station WFAE is in their Spring Fund raising drive,

won’t you contribute today to this important part of the Charlotte community, and so the can end early and get back to their excepetional and uninterrupted  broadcasts? Become a member today, learn more and pledge here.

Did You Know This About Charlotte?

Charlotte was named a top Walking City by Prevention magazine- have you walked in uptown recently? Why not take a train ride in, and start at the Mint Museum of Craft and Design, or the Levine Museum of the New South.

Self Magazined named Charlotte one of 5  Best Outdoor Activities City– my favorites are the White Water Center, Crowders, Freedom Park, and the Greenways… yours? Thank goodness April is almost here. tm

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Charlotte Real Estate Video Attracts Relocating Families and Immigrants

March 25th, 2009 Categories: Buy A Charlotte Home

In the fall of 2007 I became convinced that a quality video about Charlotte NC and Charlotte real estate was needed to help persuade relocating families that a move to Charlotte was a good and positive thing…

Little did I know as I researched, wrote and directed our Introduction To Charlotte video in the fall of 2007 that it would lead English speaking people from foreign lands to not only want to visit, but to make Charlotte their home.

Such is the case with a successful family from Cape Town,  South Africa, who when considering their April elections, thought they’d like to diversify their investments and their living arrangements. When asked by the Custom officials, “What brings you to Charlotte?” his answer surprised them- a video, a video he saw on You Tube.

That shocked the Charlotte Customs official and it  surprised me too, so I decided to feature it on the blog today. Have a look and see for your self.

As you watch, if you are familiar with Charlotte, you’ll see it needs an update, (Wachovia to Wells for one) but if I change it, even just the narration, it will be a “new” video, and lose its rankings… so I have produced two updates and they are available on my CharlotteCommunities Channel, and appear when you search for the video on You Tube in the “Other” column. Also on the channel are Buying A Luxury Home in Charlotte? and Where to Live in Charlotte, two other videos to help people moving to Charlotte advance their thinking a bit…

If you like the video, please leave a comment t You Tube about what you learned about Charlotte and especially Charlotte real estate. Thanks and I hope you enjoy it. Terry

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Moving to the Charlotte Area? South Charlotte, Waxhaw, Lake Norman, Fort Mill Perhaps? Your first Charlotte home?

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Charlotte Real Estate Charlotte Luxury Homes

Helping Charlotte Home Buyers Buy Smart!

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200 NEW Jobs in Charlotte, Other Real Estate News

March 23rd, 2009 Categories: Charlotte Business

GMAC and Governor Perdue announced the expansion of the GMAC facility in Charlotte

taking advantage of the expected availability of high quality finance employees.  Over the next 2 years, GMAC will add about 200 high lever finance job- average pay of $96,000. Good job to Charlotte and our new gov…

Jumbo loans from BofA are priced nicely- If you have 20% DP an excellent FICO of 720 or above and otherwise full documentation,  BoFA is holding these loans in their own portfolio and offering strong competition to other lenders in the over$417K loan market. BofA has issued these loans to $3M.

Cornelius and Fort Mill have been named to Yahoo’s Top Ten Affordable markets in the US, #7 and #10 respectively,

here is that link. This is on top of Forbes calling Charlotte the 3rd best real estate market in the US in late February of 2009.

Pulte announced their 3.99% 30 year fixed financing continuing through June closings! Yea Pulte!

Stock market reacting favorably to the toxic asset relief plan put forward by Treasury Secretary Geithner today…keeping our fingers crossed!

The NAR announced February’s sales up over 5% – a big surprise.

Lets keep the good news rolling along! Terry

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How Low will They GO? Mortgage Rates Fall

March 20th, 2009 Categories: Buy A Charlotte Home

Mortgage Rates Fall to Historic Lows

Yesterday the average fell below 5.0% to  4.99% a .25 drop in one day…. I’ll keep you posted- but yes its time to LOCK that rate!

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Bookhaven: Serious Savings At Wieland's 101 Home Sale

March 18th, 2009 Categories: Buy A Charlotte Home

Wieland- Brookhaven in Weddington- The Sale is On! PLUS, The McDonald Team Offers It’s Own Stimulus Plan

Charlotte NC

John Wieland’s  is having a big blow out sale- notkidding- I’ve never seen prices this low at popular Brookhaven. And now, while the 101 Home Sale is going on, (now Down to 62) The McDonald Team will offer $1500 Lowes card to any buyer using the McDonald Team to buy a home at a Wieland Community.  The ppol and clubhouse to the left-best amenities NOT being in a country club. Lighted tennis courts to the right. HOA fee? About$850per year.

Here are a few from Brookhaven.

A 4600 sf Canterbury- 5 br 4bath, 4600+ sf- all brick , 3car garage with a finished 3rd floor walkup- Was $654,000, Now 554, 900, a $100,000 SAVINGS!   READY NOW to 60 days

The Bellemeade- 3150 sf, 4br 3ba brick and stone turret house, custompaint, blinds, Cherry gfloors, three car garage, was $549,000 now 499,900 Save 50K, Ready NOW!

A 4150+ sft Windsor, one of Wieland’s most popular models ever, 5 bd/4.5 bath Beauty of a home, Grand staircase, unfinished walkout BASEMENT, was 659,00, now 559,999  Ave $100K. READY NOW- to Close within 60 ays.

Thats’  a Windsor below

There are more around town in Skyebrook inHuntersville- we can help you there too!

Well now JW has got us in the mood to stimulate the economy too!

$1500 Lowe’s Gift Card to home buyers who use the McDonald Team and Buy a Wieland home on sale

If you have the McDonald Team represent you at Brookhaven,  Skybrook or any Wieland community before the 101 Home sales end, the McDonald Team will kick  in a$1500 Lowes Gift Card at the Closing! That’s right, use the best buyer agency in town, we’ll look to get you even better pricing, and you get a $1500 Gift Card to Lowes to help stimulate the economy and make the home your own.

You’ll like the Union County Schools of  Antioch Elementary, Weddington Middle, Weddington High School

Don’t want top sound like to much pitch here, but hurry, the 101 Home Sales Are Down to 62 and they just started mid last week.  Once sold, the sale is done.

Plus they have some aggressive financing as well.

On your way there today? Tell them you are represented by the McDonald Team at Wilkinson and Associates, and call us and let us know which Wieland Community you are going to-we’ll take it from there.

Call us at 704-351-1519 or follow me on twitter @terrymcdonaldre

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Charlotte NC- Avoiding Foreclosure Fraud, Tools That Can Help

March 16th, 2009 Categories: mortgages

As most of you know, I like to stay on more positive things here, but I feel this is necessary information for  our community…

New Foreclosure Filings Dropped 50% in Mecklenburg County in February 2009

This is good news for Charlotte area residents, never the less, the scam artists are out in full force. This excellent video from Freddie Mac  outlines the problem nicely

Here is an excellent link from Freddie Mac on calling your lender to look at work out options, what are the things you will need for that conversation… and the President’s  plan of Making Housing Affordable- including a refi propostion  for those who are current on their loans,  but unable to refi becasue of declining values.

If you are living in South Carolina and think you may have been a victim of mortgage fraud, the SC Consumer Affairs Department is aggressively combating it,  and there to help- here is a short video with contact  numbers.

Stay informed, seek help, talk to your lender first. If it sounds too good to be true, IT IS

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In other news, Duke won the ACC Tournament Sunday, and goes into the NCAA as a 4 pick, playing at “home” with UNC in Greensboro.  Maryland took a 10 seed and plays Cal in Kansas City Thursday.

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