I've always been a 'fixed' rate mortgage kinda-guy. I liked the fact that the rate stayed the same and allowed us to plan out our expenses, month after month. We also liked the 30 year mortgage, since it minimized the required monthly payment. We recognized that a 15 year fixed mortgage provided for a lower interest rate (currently a full point lower), but at a substantially higher required payment. At the time the 15 year mortgage payment was prohibitive.
Enter a new alternative. How about a 30 year loan that's fixed for the first 15 years, then 'adjusts' once (only once!) for the remaining 15 years? How about if the starting rate is just a small increment above the 15 year fixed rate, but still well below the 30 year fixed rate? Since the average mortgage is held for only about 7 years, this seems a no-brainer.
Of course this loan has some fine print, but doesn't seem to be too unusual. It has a 'jumbo' upper loan limit of $2M. This mortgage is offered by Prospect Mortgage, which as an office in Orleans. Call them at 508-862-6175 for more details.
A project begun in 2005 is finally going to break
ground and move forward in a BIG way. The Eastham Public Library will be
demolished and rebuilt over the next 18-ish months, starting with a
ground-breaking scheduled for September 13th. The Library will be relocating to
3 trailers that will be installed in the parking lot of Town Hall, staying there
until the opening of the new Library in early 2016.
My Mid-Year 2014 market report (Part 2) is available now! This issue has my Eastham market update through July, my mid-year report for Eastham's neighbors, an update on the new Eastham Public Library, and the 2014 Windmill Weekend. There is also 2 new listings. 
