Blog :: 08-2011

Beautifully restored farmhouse on 11.47 Acres with breathtaking views of Lake Champlain and the Adirondacks. Original woodwork throughout and a

combination of Birch, Maple, Spruce and Pine floors all like new. Large Master bedroom with full bath, sitting/exercise room and huge walk in closet.

$2,450,000 1046 Ethan Allen Highway, Charlotte, VT  05445

 

House now sits on a new foundation after being moved and has been built to accommodate additional finished space in the walkout lower level. Full walk-up attic also allows for further development. The kitchen boasts granite counter tops and custom cabinetry along with the old Hoosier style cabinet and large walk in pantry. 15x25 Mahogany deck overlooks the pond and a backdrop of Lake and mountain views. The 40x120 foot barn has been substantially renovated and sits on a brand new foundation. CLA for details on uses and approvals. Barn siding on east & west sides will be replaced!

Wanted - Self Starters!

If you have an entrepreneurial spirit, a network of friends and family, and a desire to earn what you're worth, we have the training, support, technology and marketing to get you started on a successful career in real estate. We have openings in all 10 of our offices.

Call us today at 658-5555.

Century 21 Jack Associates - Smarter. Bolder. Faster.

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    Choosing the right Mortgage Insurance Option

    With regard to conventional financing, mortgage insurance is required when  purchasing a home with less than a 20% down payment or when refinancing at greater than 80% loan to value.  There are five available options for mortgage insurance. Choosing the right mortgage insurance option is critical to minimizing ones "MI" expense.  Not all lenders offer all five choices so make sure that your lender offers the best option for you.

    Making the "right choice" among the five options depends largely on three factors based on ones individual circumstances.  The three factors are:

    1) One's  income level at the time the property is financed as well as the expected income level during the foreseeable future.

    2) One's expected holding period for the real estate.

    3) One's availability of funds that exceed the down payment and closing costs that are required.

    The five MI options are as follows:

    1) One-Time PMI: Entire premium is paid at closing so, no monthly MI payments.  This option offers lowest overall cost but requires cash up front.   This is not tax deductable for income greater than $109,000

    2) Standard Monthly PMI: Monthly mortgage insurance is paid until loan reaches 78 to 80% loan to value.   This is the most costly on a monthly basis but may be  the best option if one plans to pay down the loan to 80% of value quickly, thereby eliminating the payment.  This payment is not tax deductable for income greater than $109,000

    3) Financed/Single Premium MI: Entire MI premium is added to the base loan amount so no monthly MI payments.  This option is less expensive on a monthly basis than the standard monthly, but may require additional cash up front because the overall loan to value must remain below the required level based on product and pricing eligibility.   Since the upfront cost is added to the mortgage, the interest portion of the additional cost is tax deductable for income greater than $109,000.

    4) Lender Paid Single Premium:  MI premium is paid by the lender:  Borrower is charged additional discount points to cover the upfront expense.   Overall cost is very low like the up front single premium, but  because the upfront cost is considered Discount Points as opposed to Mortgage Insurance, the cost may be tax deductable,  and therefore may be the better option for those with income exceeding $109,000.

    5) Lender Funded Monthly:  The MI premium is paid by the lender;  The borrower pays a higher interest rate in exchange for no monthly mortgage insurance payments.  This results in lower monthly expense than the Standard Monthly MI with the advantage of it being tax deductable for income over $109,ooo.  The disadvantage is that the add on to the interest rate will not go away when the Loan to Value reaches 80%.

    A simplified comparison offers an example of the difference in overall costs between the Single Upfront Premium vs. the  Standard Monthly MI for a loan of $200,000 with a 5% downpayment and a 720 credit score.  The overall cost for the standard monthly until the loan reaches 78% LTV would be roughly $17,000.  The upfront single premium would be  roughly $4,500.  These savings are dramatic,  but not everyone can benefit.  Make sure your loan originator can direct you to the best option based on your individual circumstances outlined above.

    By:  Jonathan Rodd, Mortgage Advisor with Century 21 Mortgage; Jonathan.Rodd@MortgageFamily.com; 802-683-0812

    Century 21 Jack Associates Recognizes Top Agents For July

    We are proud to recognize our top producing agents for the month of July:

    Jessie Cook
    Jessie Cook Lori Pinard Mandi Michetti The Hometown Team
    South Burlington office Montpelier office Burlington office Milton office
    JessieCook@c21jack.com LoriPinard@c21jack.com MandiMicheitti@c21jack.com MiltonRealtor@c21jack.com
    Joanie Keating Warren Palm Bruce Cote The Lynn Jackson Group
    Waterbury office So. Burlington office So. Burlington office Vergennes Office
    JoanieK@c21jack.com WarrenPalm@c21jack.com BruceCote@c21jack.com LynnJackson@c21jack.com

    Central Vermont Board of Realtors Recognizes Lisa Meyer As Realtor Of The Year

    Lisa Meyer Recognized for Professionalism and Performance

    Lisa Meyer

    CENTURY 21 Jack Associates today announced that the Central Vermont Board of Realtors has recognized Lisa Meyer with its annual Realtor of the Year award which recognizes outstanding commitment to professionalism and performance within the local real estate community. The Central Vermont Board of Realtors recently presented the award to Meyer during a special ceremony at The Three Stallion Inn in Randolph.

    "Lisa possesses a tireless dedication to helping home buyers, and sellers make informed real estate decisions and to serving the Realtor community as well as her local community and that is what this honor is all about," said Jack Russell, broker at CENTURY 21 Jack Associates. "She truly understands what it means to be a real estate professional and is an example from which we can all learn something."

    Lisa has been a Realtor since 2001 and is the managing broker of the Waterbury branch of Century 21 Jack Associates. Lisa holds the prestigious ABR, e-Pro, and EcoBroker designations.  Call or text Lisa today at 802-793-2299 or email her at LisaMeyer@c21jack.com

    Located at 98 South Main Street Waterbury, CENTURY 21 Jack Associates is a full service brokerage specializing residential real estate.

    SandP: Shadow Inventory Levels Begin to Improve

    The amount of time it would take for the housing market to move through properties lingering in the foreclosure system is finally improving.

    Standard & Poor's analysts estimate it would take 47 months for the housing market to work through the shadow inventory, according to their second quarter research note. They revised that down from 52 months in the first quarter, the first decline since the middle of 2009.

    To read more about Standard & Poor's analysis click here

    To learn about foreclosure properties for sale in our area contact us at realestate@c21jack.com

    The 5th Annual Vermont Remembers Run

    On September 10th 2011, The Vermont National Guard Charitable Foundation will be hosting a 10k (6.2m) Run/Ruck March/Walk and a Youth 1 Mile Fun Run to benefit the VTNG Fallen Soldier Memorial. The race begins and ends at Camp Johnson (789 Vermont National Guard Road, Colchester, VT 05446). Both events are open to the public. 

    Registration is open until midnight on 07 SEP 2011. Registration forms may also be mailed, or submitted in person on 10 September 2011.  For more information contact:

    CPT Annaliese Baumer at 802-338-3603 or, annaliese.baumer@vt.ngb.army.mil

    CPT Matt Wignall at 802-338-4142 or, matthew.wignall@vt.ngb.army.mi

    Camp Johnson Address: 789 Vermont National Guard Road, Colchester, VT 05446

    Online Registration: www.runvermont.org/vermontremembers

    Mail Registration: P.O. Box 683, Essex Junction, VT 05453, ATTN: CPT Baumer

    Checks Payable To: VT National Guard Charitable Foundation, Inc

    The Vermont National Guard Charitable Foundation, Inc. is a 501 (c) (3) non-profit private organization (Tax ID Number 84-1670925). Contributions are tax deductible under applicable laws.For more information on the Vermont National Guard Charitable foundation go to www.supportvermontguard.org

    CENTURY 21 Wins Prestigious Inman Award!

    The people have spoken, and they have selected the CENTURY 21® brand! We are proud to share with you the news that Century 21 Real Estate LLC is the winner of The Inman News 2011 People's Choice Award for Innovator of the year! This award is a testament to the CENTURY 21 System's commitment to serving the needs of the next generation of home buyers and sellers through the delivery of superior innovations. It speaks to the truly inspiring service that is being delivered by our SMARTER, BOLDER, FASTER Agents.

    Voted on by consumers and real estate professionals, the Inman People's Choice Award recognizes a standout in real estate-related technology. Presented during last week's CENTURY 21-sponsored Inman Real Estate Connect Conference in San Francisco, we are the brand that everyone is talking about!

    CENTURY 21 Agents: Smarter. Bolder. Faster.