THE NEW RULES OF MORTGAGE BORROWING


by Michael Creasman, CFP


Now that the real estate market has undergone a metamorphosis of sorts, would- be homeowners


are advised to adjust their expectations accordingly. Te fact is that the new rules of mortgage borrowing are actu- ally the old rules that were disregarded for a time. Tat is, a mortgage amount should be limited to up to three times a buyer’s gross annual income. Lend- ers are likely to limit borrowers’ total monthly housing payment (includ- ing principal, interest, insurance, and taxes) to 28% of their gross income (with total debt limited to 36%). With this in mind, a couple with a 20% down payment, a 30-year fixed-rate mortgage of 5%, and a $100,000 in- come can afford a mortgage of up to $300,000. HINT: Mortgage borrowers should


calculate their ability to afford a mort- gage on the basis of a 30-year fixed rate, and then consider other options. Many banks wrote mortgages for


people who couldn’t afford them or for people who lost their jobs and could no longer afford their mort- gages. Now, banks are being more cautious. Regardless of your financial goals, planning well in advance is crit- ical. At CREASMAN 401(k) PLAN ADVISOR, INC., we have served clients in the greater Asheville area since 1978 with professionalism and integrity. We offer financial planning and retirement planning. No one is turned away because we feel strongly that everyone can benefit from sound, thoughtful financial advice. Please call us at 828-253-7231 to schedule a consultation. Our office is located at 1328F Patton Ave. www.creasmanfp.com


Business news of 2010


DR. GREGORY A. GODLEY FAMILY DENTISTRY DMD


Now Accepting New Patients! Hours


8 am - 5 pm Mon., Tues., Thurs., & Fri.


Closed Wed. (Lunch 12 - 1)


165 North Main St. Weaverville, NC 28787 8 THE TRIBUNE/LEADER - December 30, 2010 - January 5, 2011


828.645.5009 New businesses opened up,


others relocated while several cel- ebrated milestones in 2010. North Buncombe got its first


taste of Tai food when Tai Spice opened in Woodfin. Flapjacks were on the menu when IHOP opened its doors in Weaverville. New consignment stores took


hold in the area with businesses such as New Leaf Consignment in Weaverville and Chrysalis Con- signment in Woodfin.


On Main Street in Weaverville,


Mountain Massage and Appa- lachian Animal Hospital both moved in as did Next Step Recov- ery. In Woodfin, My Father’s Light


began selling its handcrafted soaps and Te Arch and Studio B moved from the Beaver Lake area to Weaverville Road. Fermented tea makers Buchi


Kombucha opened a new brew- ing and bottling facility in Reems


Creek. Echoview Farm showed off an


impressive crop of hops in North Buncombe. In milestones, Sundance Power


Systems went carbon neutral and Weaverville Milling Company held a centennial celebration. While it was not a business, the


newly renovated softball field in Barnardsville packed in crowds throughout a summer slate of games.


www.weavervilletribune.com


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