Wohoo! Apple Store to open in Greensboro!

Greensboro, NC Apple Store nearing completion

Let me say it again, Wohoo!

The long-awaited Greensboro Apple Store located at The Shops at Friendly Center is now underway.  No longer will us Mac lovers have to make the pilgrimage to Charlotte or Raleigh to bask in the glory! (I just made the trip last week with my 3 oldest kids to learn tips and trick for creating iMovies from the guys at Raleigh’s Crabtree Valley Mall Apple Store.One of my favorite blogs, TUAW.com (The Unofficial Apple Weblog) broke the story earlier today and had this to say, “[Greensboro's] AppleStore had a midsummer target to open, which seems optimistic bordering on impossible at this point.” It would appear that, “the delay in construction may have been the result of a proximity dispute; Apple is a bit picky about which stores can cohabit with the glass wonderlands, and now that the neighborhood is up to snuff the project is underway,” according to a commenter on the photographer’s blog.

To Pay or Not to Pay

Numerous closing costs come with any mortgage. There’s a fee for an appraisal and a fee for a credit report… and the lender has its fees, too. And don’t forget about the attorney fee, title insurance and escrow charges. Closing costs can vary from state to state and province to province, but you really don’t have much choice of whether you want a survey or if title insurance is right for you. There will be a variety of services performed and records searched by different companies, and none of these come free of charge.

But there is one closing cost that you can control: discount points or, more simply, points.

A discount point reduces the interest rate on your mortgage. One point is equal to 1 percent of your loan amount, so on a $200,000 loan one point equals $2,000.

Why do some lenders charge points? In reality, all lenders pretty much have the same rates; it’s just that sometimes a lender will advertise a rate with a point or a rate without a point. But the decision to pay a point is yours alone.

A point will typically reduce your interest rate by a quarter of a percent on a 30-year mortgage. If your lender offers a 6.5 percent rate with no points, then you may also get 6.25 percent with one point. So how do you decide?

It’s simple. Just take the difference in monthly savings gained with the lower rate and divide that into the point. The result equals how many months it will take to “recover” the amount you paid in points. Let’s look at an example.

A 30-year fixed-rate mortgage of $200,000 at a 6.5 percent interest rate would mean a monthly principal and interest payment of $1,264.14. By paying an additional $2,000 in the form of a point, your rate would drop to 6.25 percent and the resulting payment would drop to $1,231.43; saving you $32.71 each month. When you divide that $32.71 monthly savings into $2,000 you get 61.14, or about 61 months. Your recovery period is slightly over five years. That’s a little long in my opinion and I’ve never been a big fan of paying points. Instead, I’d encourage you to take that same amount and pay down your principal.

Remember: The quarter percent difference in interest rates when paying a point is an imprecise, general mortgage rule of thumb. Whichever rate you get, be sure to divide the savings into the points paid to see how long it will take to recoup the difference.

David Reed(courtesy of David Reed of CD Reed Mortgage Bankers)

 

See what’s new in Winston Salem baseball

The future home of Winston-Salem’s “minor league baseball team” has started to take shape. A few weeks ago crews started erecting the grandstand and concessions structure.

To check on the baseball stadium progress visit the TruLook Stadium Cam located at the site. And here’s a tip: You can move the cam left or right and also zoom in to any part of the site. All you have to do is create a square with your mouse cursor and BOOM! You are there. To view the Baseball Cam – Click Here.

To find out more about the new stadium and reserving your seat for the First Pitch in the Spring of 2009 visit http://www.baseballdowntown.com.

Just Announced! the Best of Winston Salem

Smittys Notes Best of Winston Salem

Just announced are the 2008 Smitty’s Notes Best of Winston-Salem awards, the best of what readers of Smitty’s Notes like and appreciate about Winston-Salem.

While many of these winners may seem like no-brainers, a few of them are new on the scene (or maybe I just need to get out more). There are also a few categories missing (IMHO). Like “Best Doughnuts” or “Best Lunch Bargain” or “Best Kids Dining” or “Best Greasy Spoon.” Then again, maybe it’s just me. What do you think?