About the Albemarle, Virginia Area 
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Albemarle County, Virginia,
home to over 90,400 residents and located approximately 110 miles southwest of
Washington, D.C. and 70 miles west of Richmond. Albemarle County is one of the
most attractive and desirable locations in Virginia, with excellent school
systems, low crime and unemployment rates, and a wide range of cultural,
historic and recreational activities which offer unique advantages for thriving
businesses and for gracious living.
Brief History
Albemarle
County was formed in 1744 by an act of the General Assembly. Its original land
area included today's counties of Amherst, Buckingham, Fluvanna, and Nelson,
much of Appomattox and part of Campbell. Albemarle County assumed its present
boundaries in 1777. It was named in honor of William Ann Keppel, second Earl of
Albemarle, who was then governor of the colony. The first county seat was
located in Scottsville. In 1761, however, county government was moved to
Charlottesville, which was established as a town in 1762 and established as a
city on 1888.
Climate
We enjoy mild
winters and mild but humid summers here in Albemarle. The mean annual average
temperature is 57 degrees. June through August, the average temperature is 75
degrees, and December through February, the average is 37
degrees. |
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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 famous writer's home is Rowan Oak?
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| A |
Rowan Oak in Oxford, Mississippi, was the home of William Faulkner from 1930 until his death in 1962.
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- NUMBER1EXPERT™ 
