Tuesday, December 27, 2011

Deep Creek Lake Welcomes 2012!

Hello from the Deep Creek Lake area! As our year-around residents and holiday vacationers get ready to welcome 2012, we thought we’d pass some New Year’s Eve ideas along! This sampling should help you with any last-minute holiday plans you need to make.
You can nibble your way into the New Year at FireFly Farms Creamery & Market. A hosted cheese sampling and wine pairing event is happening Dec 29 through 31. You’ll learn how to taste flavors you never knew existed and pair them expertly with the right wine. Non-alcoholic beverages are available. Call for reservations!
Wear off your holiday indulgences with a hike guided by All Earth Eco Tours. Guided hikes are available Dec 28 through Jan 1. If enough snow permits the right conditions, snowshoe tours and cross-country ski lessons will also be available. Either way, you can explore the seldom seen areas of Swallow Falls, and invigorate your senses in the brisk outdoors.
How about a shoreline walk around beautiful Deep Creek Lake? The Deep Creek Lake State Park will host a Ranger-guided hike around the lake on Jan 1. You’ll learn fun facts about how winter conditions affect our lake, along with information on surface ice. Depending on weather conditions, you many want to bring snowshoes or ice cleats. Duration of walk depends on the weather. Dress for the day’s conditions and Meet at the Discovery Center, Deep Creek Lake State Park at 2 pm.
If dining out is more your style, you can choose from fine dining to casual family fare among our many fine restaurants!  Many establishments are open New Year’s Eve, but they tend to book up fast. You’ll want to pick your favorite from the Garrett County Chamber of Commerce restaurant list, and make reservations ASAP!
There’s also something to be said for spending an evening at home on Deep Creek Lake! If you have good food, good company, and a cozy home with the fireplace aglow, you have plenty to celebrate. If you would like your very own Deep Creek Lake vacation home in 2012, Contact us! There are beautiful homes on the market and we’d be happy to show them to you. Whether your real estate plans in the New Year involve buying or selling a home, we can help.

All of us at Coldwell Banker Deep Creek Realty wish you a happy and prosperous New Year!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert

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Tuesday, December 20, 2011

5 Financing Tips for Your Deep Creek Lake Vacation Home!

As we close in on the New Year, it’s time to look ahead towards future goals!  If you’re one of the many people who enjoy life on Deep Creek Lake during vacation, you might want to consider having a second home in the area!  Imagine having your own private getaway. No more worries about rising rental costs or availability during the holidays! Your family could enjoy your Deep Creek Lake vacation home for generations to come.

You might be under the impression that second home financing is impossible these days. All mortgage lending has become tougher, but knowing what the lender is looking for will help. Right off the top, that includes a strong credit score and a healthy down payment of 20%.  You’ll also want to know the general underwriting guidelines.  We have the basics for you right here:

1. Your second home must be a must be a reasonable distance from your primary residence. Lenders use a rule-of-thumb distance of one hour away or more. If your primary residence isn’t an hour away, a second home that includes water rights, or other deeded recreational amenities, may satisfy the lender. 

2. Your second home cannot be used as a rental property. Your vacation home must be for your own use. Otherwise the lender will consider it an investment property, which has different lending guidelines.

3. Your second home cannot be left vacant. You must occupy it for at least a portion of the year. Seasonal use is fine, as is weekend occupancy.

4. Time-share properties are not eligible for second home financing.

5. Your second home must be a single family unit. Condos and single-family homes are the norm. No duplexes or multi-family homes would be eligible, even if you occupied one of the units on a seasonal basis. The lender would still view these as rental properties.

We encourage you to use the above tips in discussions with your lender!  All of us at the Coldwell Banker Deep Creek Realty team stand ready to help you find the perfect home.  If you have questions about living on Deep Creek Lake, or buying a second home, we have the experience and resources you can trust. There are wonderful vacation homes on the market right now and we’d be happy to show them to you.  Contact us today to begin your Deep Creek Lake home search!

Wishing you all the best during the holidays and the New Year,

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert


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Tuesday, December 13, 2011

Deep Creek Lake is Your December Destination!

It’s the most wonderful time of the year! Whether you’re a year-around Deep Creek Lake homeowner, or you have a vacation home on Deep Creek Lake, you know that winter brings special activities throughout Garrett County. As winter vacations get in full gear, here’s some favorite destinations in the Deep Creek Lake area!
Go dogsledding! Snow is optional for this year-around experience. Husky Power Dogsledding provides adventure and education for the whole family. Learn how to “mush” and get up close with your friendly, furry, four-legged tour guides.
Wisp Resort offers winter fun for all ages and skill levels. Skiing is set to open Dec 17! If you don’t ski, try snowshoeing or snowmobiling! There’s also the unique Mountain Coaster for thrill-seekers, or ice skating for those who prefer a slower pace. And if you’d rather stay warm and toasty, the Sewickley Spa will keep you pampered indoors.
Sleigh bells ring at Pleasant Valley Dream Rides! This one-horse open sleigh ride through picturesque Garrett County farmland will give you special memories for a lifetime. Reservations required, call ahead!
For young members of the family who have an early case of cabin fever, a trip to Smiley’s could be the remedy! The indoor arcade and bumper cars will throw off any winter chills. Adults can relax at the sports bar or join in the fun and games.
At Coldwell Banker Deep Creek Realty, we enjoy sharing the special activities and places that make Garrett County a premier destination. If you enjoy visiting Deep Creek Lake, you’ll love living here! There are beautiful homes on the market today at affordable prices. Contact us for all the newest listings! Whether you are buying or selling a home in the Deep Creek Lake area, we'll be happy to help you.
Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert


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Tuesday, December 6, 2011

5 Tips to Determine if Refinancing Your Deep Creek Lake Home is Right for You

The holidays are a festive time of year on Deep Creek Lake and throughout Garrett County.  With beautiful Deep Creek Lake views, the snow covered Allegheny Mountains and endless trails for those who love breathing in the crisp air this time of year brings, it’s no wonder that many have chosen to settle in permanently to their home on Deep Creek Lake.
If you’ve lived in your Deep Creek Lake home for some time, you’ve experienced the unique opportunities that each season brings and are looking forward to the winter months.  With the new year just around the corner, you may be thinking about your Deep Creek Lake home and how your home fares on the current Deep Creek Lake Real Estate market.  
You may not want to sell your home, but you’ve heard about the current low mortgage rates and you’re curious about cashing in on this prime time in the market.  As always, our goal as Deep Creek Lake Real Estate agents is to make sure you have everything you need to make an informed decision. If refinancing your Deep Creek Lake home in the new year has crossed your mind, there are a few things you’ll want to consider.  
1. Interest rates- Refinancing right now is great for homeowners whose current rates are above 5.5% and are hoping to save on their monthly mortgage costs. For a Deep Creek Lake home; you could potentially save a percentage point or more on an outstanding mortgage.
2. Credit score and income- Most banks in today’s market will require you to have a minimum credit score of 620 in order to refinance. You will also need to prove that your household finances have been stable. If unemployment or other issues have come up that have decreased your finances significantly; you’ll find it hard to refinance.
3. Costs- Refinancing your home will cost you typically 2% of the new loan amount. This includes application, appraisal and inspection fees. Included within refinancing costs is the new escrow account you’ll need to fund. The lender will set up this account for home-insurance and property-tax payments from which they’ll draw annually. Want to avoid this fee? Use the same lender you used for your initial mortgage. Their only costs are limited to issuing new paperwork, so they’re able to keep costs low and can oftentimes speed up the process. Another option is a good faith estimate. Your Deep Creek Lake Real Estate agent can help you determine which option would work best for your home.
4. Adjustable-rate mortgages- Determining whether you’d like to go with an adjustable-rate mortgage or a fixed-rate mortgage can be tricky. An ARM can be a good choice for today’s market as you’ll cash in on the current lower rates, but can be unstable in the long run. However, a fixed-rate mortgage ensures that your rates will remain stable and won’t rise if the market changes.
5. Greater pricing disparity- Based on your current credit score, the rates offered for refinancing can vary greatly. Lenders will look at Maryland’s average loan-to-value ratio and the percentage of homes with negative equity. The higher the percentage of these homes, the higher the rate a borrower will most likely be offered.
We hope these five factors of refinancing your home are useful as you consider this option.  If you have questions about refinancing your home, or are not a current resident of Deep Creek Lake and would like to be; let us know!  We would love to show you around the area and some of the homes that currently available on Deep Creek Lake!
We’re here to help with any of your Deep Creek Real Estate needs and look forward to working with you!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert