RELOCATING TO CHATTANOOGA
"Last year when my husband was offered a position at TVA- we were living in Naperville, IL. We knew that this was a good move for our family! and becoming dear friends with Paula McDaniel. Paula McDaniel's name was who TVA referred us to. Within days, she contacted us and we spoke about what we were interested in. Bill and I flew to Chattanooga to look for a new home for our family. We were staying at the Read House and when we arrived it was 11PM-needless to say, I was really hungry...we checked in and the front desk clerk said he had something for us- Bill and I looked at each other and assumed it was from TVA and then there was this beautiful cheese and fruit basket from Paula, welcoming us to Chattanooga. That was my first experience of Paula's true southern hospitality. She worked tirelessly for our family to find the perfect place for us to live. ; We laughed and had a great time those first four days - we saw every available home from White Oak Mt to Signal Mt.! Bill and I kept coming back to Hampton On The Lake in Ooltewah- we knew this is where God wanted us to raise our 5 children. Although, there were many bumps in the road, the only constant through the whole process was having Paula as our realtor. She has since become a dear friend and we are truly blessed to have her and her husband and mom in our life. Paula has never waivered on her integrity and her character is truly a testimony to God. Thanks Paula!!"
J. Cronin - 10/9/08
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Financing Your Home >ARMs
Here is a tip for those who are shopping for Adjustable Rate Mortgages (ARMs): the "margin" is almost as important as the initial rate. The margin is the percentage point above the average yields for Treasury notes on which future rate adjustments will be calculated.
Let's compare two hypothetical one-year ARMs. The first may have an initial interest rate of 7% with a 2.5 margin, while the second begins at 6 7/8% with a 2.75 margin. Both loans have rate caps of 2%. Suppose that at the end of the first year of the loan, the average of the one-year Treasury note yield has been 5 1/2%. For each loan, the lenders will add the margin to that 5 1/2% average yield. Thus the interest rate for first loan would increase from 7% to 8%, and the second would go from 6 7/8% to 8 1/4%. While the first ARM had a slightly higher initial rate, it will have lower rates in subsequent years, unless the Treasury note rates increase enough to activate the annual caps on the amount of the increase. There is a wide variance among margins in ARMs offered by competing lenders, and this should be a factor when you decide on your loan.
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| Q |
What 6,500 seat American theater was the location for the scene where the original 1933 King Kong breaks his chains onstage?
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| A |
The famous Shrine Auditorium in Los Angeles, built by the Shriners in 1906 to resemble an exotic Arabian mosque. |
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