Thursday, June 20 2013 12:09 AM EDT2013-06-20 04:09:02 GMT
The Albany Water Gas and light commission is preparing customers for a change that starts soon for those who pay with debit or credit cards. WG&L leaders say the utility is paying $20,000 dollars a monthMore >>
The Albany Water Gas and light commission is preparing customers for a change that starts soon for those who pay with debit or credit cards.More >>
Wednesday, June 19 2013 11:41 PM EDT2013-06-20 03:41:18 GMT
An Albany man who was born when Woodrow Wilson was president celebrated his birthday today. Century Pines Assisted Living Center threw a party for resident Charles Walker who turned 101 today. Walker wasMore >>
An Albany man who was born when Woodrow Wilson was president celebrated his birthday today.More >>
Wednesday, June 19 2013 11:34 PM EDT2013-06-20 03:34:54 GMT
For years, the area right across the street from the RiverQuarium has been rundown, but that's changing. A couple of businesses are thriving there. The new art park is open, and a sidewalk improvementMore >>
For years, the area right across the street from the RiverQuarium has been rundown, but that's changing.More >>
Wednesday, June 19 2013 11:20 PM EDT2013-06-20 03:20:33 GMT
Downtown Albany leaders are looking for ways to make sure the Flint Riverquarium remains an important part of downtown for years to come. Tonight, The Albany Dougherty Inner City Authority board began discussionsMore >>
Downtown Albany leaders are looking for ways to make sure the Flint Riverquarium remains an important part of downtown for years to come.More >>
Wednesday, June 19 2013 6:51 PM EDT2013-06-19 22:51:07 GMT
Ravi Mikel Givens was arrested Tuesday and charged with possession of marijuana with intent to distribute. He is being held in the Dougherty County jail. Givens, who played ball at Westover and StetsonMore >>
Agents say that police responded to the apartment because of a burglar alarm. Officers found the back door broken open and went inside. That's where they detected a strong odor of marijuana, and saw pot in plain view.More >>
Most Home mortgage interest rates are below four percent. Even that isn't enough to kick start home sales.
But a lot of homeowners are looking to refinance. That's keeping bankers busy.
Bankers say many South Georgia homeowners are ready to refinance their mortgages to take advantage of near record low interest rates. Real estate agents warn you to learn all the facts before you refinance.
Flint Community Bank Mortgage loan specialist Patsy Phillips is extremely busy with home refinancements. "I had about 6 in 2 days."
The number of people refinancing their home mortgage is also spurring more business at A.B.& T.
"There's maybe a thought now the rates are pretty near the bottom, so people are getting in the market and refinancing," AB&T Director of Mortgage Banking Wayne Whitfield said.
30 year old fixed rate home loans are at or below four percent. The 15 year fixed rate is approximately 3.25 percent. Lenders say these low rates make it an historic opportunity.
"Best they have been in a long ,long time," Phillips said. But real estate agents remind homeowners to check out the appraisal of your home's value, because it could lead to problems after you refinance.
Realtor Patsy Martin said, "You haven't landed on a gold mine. You really haven't. You have got to pay that money back. And you need to be very, very sure that you are not considering selling here in the immediate future."
With home prices falling, a high appraisal for you loan could leave you owing more than your home can sell for when you try to sell it. But bankers are seeing the low interest rates spurring business, and hope they can lead to better economic growth.
Whitfield said "There is not a lot of positive things being said right now as it relates to employment and other issues. But the interest rate environment is extremely good."
Realtors say if you are refinancing your home loan, make sure you plan to stay in your home at least three more years.
The fees for refinancing are usually about 3% of the amount of your loan. Banks expect lots of customers to refinance in the coming days. And the competition for those loans will be great.
Low interest rates make this a good time to buy real estate but South Georgians don't seem to be taking advantage. There are more than 300 homes for sale in Northwest Albany. They're on the market an average of 222 days before they sell.