The devil is in the details, particularly when it comes to some of the exotic mortgages being offered in today’s over-heated real estate market, according to the California Association of Mortgage Brokers.
The association points to ads that lure borrowers with low monthly loans, but that can be very costly over the life of the loan. “In the long run, it could be at a cost the consumer cannot afford,” said President Jon Eberhardt.
Two loans in particular concern the association:
• Interest only, where the borrower pays just the interest on a loan for a specified period of time. When that period ends, the borrower still owes the full amount of the loan and will see a substantial increase in monthly payments;
• Negative amortization, which are often advertised as a 1.25 percent loan. Many borrowers don’t understand that this is actually the “minimum pay rate,” and borrowers choosing this option can see the size of their loans increase if interest rates are rising.
Borrowers are advised to understand all aspects of a loan before signing.
Telestream of Nevada City has licensed Front Porch Digital Inc. of Boulder, Colo., to use its FlipFactory transcoding automation software in Front Porch’s video archive products.
Broadcasters that use Front Porch’s DIVArchive system will be able to exchange content between almost all professional video broadcast standards with the Telestream technology, according to the companies.
Front Porch expects to start shipping products with FlipFactory in the first quarter of 2005. Telestream is a leader is the encoding, organizing and delivery of digital media.
The Northern Mines Business and Professional Women will mark National Business Women’s Week by honoring four local women at an awards dinner Wednesday at Christopher’s Catering in Grass Valley.
Diane Masini, a retired manager at National Starch and Chemical who has been active in the statewide Grand Jury Association; Terena Mendonca, assistant superintendent of finance for the Nevada County Superintendent of Schools; and Debbie Wagner, a manager at Sierra Nevada Memorial Hospital, will be honored as women of the year.
Charlotte Cammon, a senior personal financial representative at Washington Mutual Bank, will be honored as a woman of achievement.
Activities begin at 5:30 p.m. with a no-host wine bar. Dinner reservations can be made by phoning Kim Mello at 268-8204.
Perma-Dwell Homes, which sells home-framing packages, has moved its office from Auburn to 10015 Alta Sierra Drive.
Owners Gary and Denise Dugger report that framing packages are an effective method of home construction because of high quality, less job waste, shorter construction time, and less down time during inclement weather. More information is available by phoning 271-0151.
Mindy Blankenhorn has opened ProsWrite in Nevada City to provide advertising and marketing writing, editorial and consulting services to area businesses. She can be reached at 265-5823.
John Zurflueh of Grass Valley has joined Weaver Auto and Truck Center as a salesman.
Got local business news? Contact George Boardman at email@example.com or 477-4236.
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Nevada County residents in the Penn Valley and Rough and Ready areas lost power Thursday morning, according to PG&E’s outage map.