Sunday, May 19 2013 10:19 AM EDT2013-05-19 14:19:32 GMT
A Lowndes County man is behind bars after deputies uncovered nearly half a million dollars of marijuana. Deputies responded to a complaint at Jose Sanchez's house on Highway 129 North Friday. AuthoritiesMore >>
A Lowndes County man is behind bars after deputies uncovered nearly half a million dollars of marijuana.
Saturday, May 18 2013 11:42 PM EDT2013-05-19 03:42:03 GMT
Hundreds of people came out to Lake Blackshear Saturday to support law enforcement and the Crisp County Sheriff. It was the first annual pigs in the park event, put on by the Georgia Narcotics Officer'sMore >>
Hundreds of people came out to Lake Blackshear Saturday to support law enforcement and the Crisp County Sheriff.More >>
Saturday, May 18 2013 9:47 PM EDT2013-05-19 01:47:12 GMT
Thomasville Police are looking for two men who attempted to rob a store, scaring customers and clerks. Police say they responded to the Dollar General on West Jackson Street around 9:15pm Friday. EmployeesMore >>
Thomasville Police are looking for two men who attempted to rob a store, scaring customers and clerks.
Saturday, May 18 2013 6:59 PM EDT2013-05-18 22:59:02 GMT
Dougherty County police are searching for a motorist who hit a pedestrian and then fled the scene. Authorities say it happened around 11pm Friday near the 3900 block of Radium Springs Road. PoliceMore >>
Dougherty County police are searching for a motorist who hit a pedestrian and then fled the scene. More >>
Saturday, May 18 2013 6:58 PM EDT2013-05-18 22:58:50 GMT
It's graduation time for high schools in Dougherty County and students are ready to embark on their next journey. 230 graduates received their high school diplomas from Westover Comprehensive High SchoolMore >>
230 graduates received their high school diplomas from Westover Comprehensive High School this Saturday morning.More >>
June 20, 2005
Valdosta - The signs are posted in yards all over town, and if you're in the market for a new home, you won't have trouble finding one. But buying one in your price range could be a problem. "The prices keep appreciating on the houses," said Jim Powell, Mortgage Broker.
Jim Powell owns Beacon Hill Financial, and helps home buyers find the type of loan that works best for them. For those who want a higher priced home, but can't afford the big payments just yet, he has a solution. "An interest only mortgage is a new tool to South Georgia, its been in the market for quiet a while now," said Powell.
It works just like the name says. For the first three to seven years, a buyer pays interest only and doesn't put any money towards the principle payment. "It enables people to get into a larger priced house for a smaller payment," said Powell.
Powell says interest only loans are great for certain people. "As a short term fix for wanting to get into a bigger house in anticipation of maybe getting a raise later on so you can make the payment, for that its a perfect instrument."
He also recommends it for a lot of military families who know they're only buying the home for a few years. But for people who plan on living there over five years and are on a fixed income, its not a good idea. "I don't like to recommend it because eventually that interest only loan turns into an interest and principle loan so your payment will go up," said Powell.
The rates for interest only loans are a little higher than those on a 30 year fixed loan, and the credit criteria is a little more strict. "That's because instead of the principle being reduced each month, the mortgage company has a little bit higher risk because you're just paying the interest," said Powell.
Before any home buyer commits to an interest only loan, Powell says its important to talk with a broker and make sure it works with your income. It can be the perfect solution for some, or a real estate disaster for others.