Basics of Buying in Smith Mountain Lake

For first time home buyers, purchasing a home can be one of the most exciting and scariest things will ever do. But, with a good real estate agent at your side, it should never be confusing! One of the most common questions first time buyers have is, “What is it I am paying for at closing?” Let’s take a look at the basics of buying in Smith Mountain Lake.


One of the first things you will see at closing is the information concerning your mortgage. Some mortgages have something called “points.” Points are simply a fee that you pay upfront so you can receive a lower interest rate for the life of your loan. Basically, you are paying a portion of interest upfront.



How Points Work
Let’s say you are borrowing $100,000 for your new home. Your lender has set your loan up with a low interest rate and one point. Usually each point is 1% of your loan value. That means you will bring $1,000 to closing to cover the point. It may seem like a strange way to save money, but if you are staying in your home for more than five years, the money you save on interest will be greater than what you paid at closing. Not to mention that the monthly payment will be lower!



Fees, What Fees?
Another thing that helps make up your closing costs are fees. Most fees are related to getting your mortgage in place. Often, the title company will do a search to make sure the title to your property is clear. Also included in these fees are such things as appraisals, and the cost of processing and underwriting the loan. Be aware: some lenders may advertise low closing costs but have a much higher interest rate. Do your homework and find what works best for you.



Speaking of Interest
The last thing you want to make sure is correct at closing is the interest rate you secured with your lender. Normally, you will have already “locked in” a specific rate. You can lock a rate for 15, 45 or 60 days. The longer you chose to lock the rate, the higher the interest rate may be.


This is just some basic information on what makes up your closing costs. With interest rates low, it is still a great time to buy that waterfront property in Smith Mountain Lake! If you are ready to make the area your home, call Vicki Millehan! Her team can help you find a home in the beautiful Blue Ridge Mountains!

Jefferson Center in Roanoke

If you haven’t swung by the Jefferson Center in Roanoke for awhile, you have a great excuse to do that on March 12th! Blue Highway will be celebrating their 15th anniversary with a night of music at the Jefferson’s Shaftman Performance Hall. It will be quite a show!


Blue Highway has a big following in bluegrass and other music genres. Beyond bluegrass, they will also be performing some Gospel music favorites and original work as well. But don’t expect just music! There is usually a good bit of humor thrown in to the mix as well. You can even purchase a VIP pass for a meet and greet with the band!

If humor is what you want then laughs is what you’ll get at the Big Lick Conspiracy show on March 13th at 8pm. Roanoke’s only improve group operates without a net! No script, no set and no costumes! Just hilarious skits they put together on the spot from the audience’s suggestions! Where they will end up, no one knows!

You can stop by the Corned Beef & Co. for a bite to eat on your way to the show. You can enjoy their ½ pound corned beef sandwich (yes...half a pound!!) Or try a “What-cha-ma-call-it” sandwiched piled with hot pastrami, coleslaw, melted Swiss cheese and topped with mustard and Russian dressing! And don’t forget their famous spiral fries! Whether it is St. Patrick’s Day or just any day in the week, you will find something great on the menu!

There is a reason we say come for a visit, and if you like it then move here! Great food and great music is just another night in here in Roanoke! When you are ready to make Franklin or Bedford County your home, call Vicki Millehan, your local real estate expert.

Angling at Smith Mountain Lake

With warmer weather approaching us here in Smith Mountain Lake, more anglers are ready to hit the water as more docks and boat ramps are finally shedding their icy coats. The weather next week should start hitting the 50’s - at least during the day. As the water slowly begins to warm, the stripers will finally begin to be more active and start showing the aggression anglers enjoyed in December.


Spring will bring many opportunities for the anglers of Smith Mountain Lake! Adding to the fun of fishing itself, there is currently a raffle being held of two Marshall Positions for the BassMaster Elite Blue Ridge Brawl on Smith Mountain Lake! The Blue Ridge Brawl is April 15-18, 2010. A Marshall rides with an Elite angler during the tournament. This is your chance to be part of one of the biggest fishing tournaments in Virginia! Not to mention seeing how a pro does it!

The deadline for purchasing raffle tickets is the first week of March, so get your tickets now! You can purchase raffle tickets at Virginia Outdoorsman Sporting Goods, Bedford County, Franklin County and Smith Mountain Lake Visitor Centers. You can find out more information about the raffle and the current fishing conditions on the Virginia Outdoorsman fishing report!

There is nothing like living on the lake and being able to fish off your own dock! If you haven’t had a chance to see what life can be like living on Smith Mountain Lake, it is time to find out! Come for a visit if you like it then move here! Where else can you house hunt from the deck of the replica side wheeler? Call Vicki Millehan and start hunting for your perfect waterfront home!