Resources ... Let Us Know How Can Help
If you plan to purchase your first or tenth home, start here. Buying property in Massachusetts is not difficult, but it's helpful to understand and be aware of the local customs before you start your search. Our goal is to help guide you toward the best decision for your unique situation. To do this, we believe that a well-informed client will ultimately be the most satisfied, too. We look forward to discussing the current market conditions and trends with you - most important, we can't wait to help you discover your dream home!
Check out our on demand home buyer video seminar here! After registering, you'll have instant access to our on demand buyer consultation and we'll immediately mail (USPS) your home Massachusetts Home Buyer Booklet. It include everything you need to buy a home in Massachusetts - even sample forms. Click here to get access now!
Selling your home is a big decision. It's not just about moving, it's about identifying a proven seamless process that will help maximize the value of current property within a timeline that meets your specific needs.
There's no doubt that this can be a stressful process, but after successfully selling 100s of homes, we've identified the smoothest processes, most effective marketing strategies and negotiation techniques to ensure the highest sale price with the least amount of hassle. Contact us today for a no obligation consultation.
Senior Options
Connect with experts to discuss senior living options. Knowing where to begin is the hardest part, so we've included a few helpful resources below:
Home Hazards
Asbestos - Asbestos.com provides a Guide to Asbestos in The Home ... it outlines common asbestos locations, related heath concerns and how to deal with asbestos when it's found. Tips on how to hire an asbestos remover can also be found at asbestos.com.
Lead Paint - Slowly phased out in the 1960s and 1970s, lead paint was ultimately outlawed in residential use in 1978. Consequently, all homes older than 1978 are suspect; however, there are many ways to mitigate lead paint and costs can vary. In recent years, the government has eased mitigation requirements to encourage lead compliance. The below sites provide additional information about lead paint safety ... you can even search property to see if it's been tested for lead paint.
Mass.gov - Search property testing history
Massachusetts Childhood Lead Poisoning Prevention Program’s Lead Safe Homes 1.0 database
New England Lead Prevention - Information for home buyers, tenants, landlords, etc.
Why You Should Consider the APR, Not Just the Interest Rate, When Comparing Mortgage Offers
When you get mortgage quotes from lenders, they will include information on the interest rate and APR. People sometimes use those terms interchangeably, but they don’t refer to the same thing. It's important to understand each when determining which lender is offering you the best mortgage terms.
What’s the Difference Between a Loan’s Interest Rate and APR?
The interest rate is the percentage of the principal that you will have to pay a lender to borrow money. If you take out a fixed-rate mortgage with a 5% interest rate, you’ll pay 5% of the amount borrowed in interest. Your monthly payments will remain the same over the life of the loan, but the amounts that go toward principal and interest will change.
The annual percentage rate, or APR, includes the interest rate and other fees associated with a loan, such as an origination fee. If you buy discount points to secure a lower interest rate, that fee will be factored into your APR. If you take out a conventional mortgage and put down less than 20%, you’ll have to buy private mortgage insurance. That cost will also be included in your APR. Note that the APR won’t necessarily include all the fees associated with a mortgage.
Why Should You Consider Both the Interest Rate and APR?
A loan’s interest rate is essential, but it doesn’t tell the whole story. Lenders sometimes offer mortgages with low interest rates and high fees, which can drive up the total monthly payment.
That means the quote with the lowest interest rate might not be your best option. A loan with a higher interest rate and a lower APR might have lower monthly payments. If you plan to stay in your house for a long time, that can add up to significant savings.
How Should You Compare Loan Offers?
Comparing the APRs for different loans can help you figure out which is the best deal overall, as long as you make an apples-to-apples comparison. For example, you should only compare the interest rates and APRs for 30-year fixed-rate mortgages.
If you have a quote for an adjustable-rate mortgage, the interest rate will most likely change over time. That means the APR for an adjustable-rate mortgage is an estimate, and that estimate may be inaccurate.
Here's my foolproof "formula - request the following (comparing the same loan term of 15, 30 yrs., etc.): based on a purchase price of $X, $X annual taxes, $X annual insurance expense, $X downpayment (I.e. 5%, 10%, 20%, etc.) how much money will I need at the closing table and what will my total monthly payment be? When you ask this question, you will be able to get the best apples-to-apples comparison without "hidden" fees, etc.
How long you plan to live in your house can influence your decision. If you purchase discount points, you’ll pay an upfront fee in exchange for a lower interest rate. If you sell the house or refinance the mortgage before the term ends, paying that extra fee might not be worth it.
Lenders are required to disclose both the interest rate and APR in a Loan Estimate and a Closing Disclosure. Go over those documents carefully to figure out which company is offering you the best terms.
Other Useful Tools
Financing ... everyone's budget and cash flow is different. Whether you you get paid on a salary, hourly, bonus or commission basis, understanding your monthly obligation is critical when buying a home.
Here is a link to a mortgage calculator to help you start your planning.
Explore A Career in Real Estate!
Real estate can be a very rewarding career ... each day we have the opportunity to meet and help new people! Being able to help someone start a new stage of life is an extremely gratifying experience.
It's relatively easy to get started, but knowing where and how to start is the biggest challenge. Unfortunately, the state licensing exam doesn't cover any marketing or business planning ... so new agents are often left to sink or swim! In 2023, the National Association of Realtors estimates 10,000 agents are being forced to leave the business each month!
After being in business for 20+ years, I've been able to help many buyers, sellers AND agents succeed. Getting started the right way with the right company can make or break an new agent. eXp Realty is now selling more homes than any other brokerage, so we have tools and training to help you succeed. Moreover, it would be my pleasure to introduce you to the company's tools, answer any questions that you have about the business and share my systems and training so that you are able to quickly launch your new business. Let's connect!