Archive for Financing Options
Wellesley, MA Mortgage Rates Drop Once Again
Wellesley, MA Mortgage Rates Drop Once Again
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites.
Mortgage rates have once again hit record lows in an effort to spur real estate sales nationwide. Poor reports on job creation and high unemployment figures are spurring the lowering of rates, meant to improve the housing sector of our economy.
The current average rate for a 30 year fixed rate mortgage is 4.44%, a year ago it was 5.29%. A 15 year fixed rate mortgage is averaging 3.92%, down from 4.68% a year ago. A five year adjustable rate mortgage is averaging 3.56%, down from 4.56% a year ago.
Low mortgage rates appear to be doing the job of increasing home sales. While real estate sales are in no way booming, they are improving. The National Association of Realtors (NAR) tracks 155 metro areas across the country and has seen improvements in real estate sales in more than 60% of these areas.
The historically low rates are creating an ideal borrowing climate for those who have a steady source of income, the money for a down payment and good credit. It is a prime buyers market when it comes to real estate. The low home values and low mortgage rates combine to make it more affordable to buy a new home than it has been in years.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Wellesley Real Estate market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Tax Credit May Be Gone But There is Still Assistance in Wellesley, MA
Tax Credit May Be Gone But There is Still Assistance in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
The home buyer tax credit may be gone but assistance is still out there. Potential first time home buyers have options to explore when considering jumping into real estate. One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that can be necessary for a down payment. Luckily there are options for help.
The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.
The Federal Housing Agency (FHA) is another agency offering information and assistance. The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down. Standard loan fees can be wrapped into the loan through FHA as well.
If home ownership seems like a pipe dream, it doesn’t have to. If you have a steady source of income then you have mastered one of your biggest hurdles. Contact a real estate professional today to learn more about purchasing real estate in your area.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to visit the HUD website.
Click here to learn more about FHA.
Buying a New Home in Wellesley, MA? How Much Money Should Be Put Down?
Buying a New Home in Wellesley, MA? How Much Money Should Be Put Down?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
Buying a new home is a big step, and an expensive one at that. After qualifying for a loan, locating a home and going under contract there are many questions to be answered regarding financing your new home. One such question is how much money should be put down. If you can afford to put down more than 20% should you?
When purchasing a new home it can be beneficial to put down as little money as possible. Having cash left over in your bank account can mean extra money for home improvements. Less money down enables homeowners to maximize the tax benefits that come along with home ownership. Mortgage interest and property taxes are deductible from a person’s state and federal income taxes.
On the flip side, paying more up front can save quite a lot of money over time by reducing the initial debt and therefore saving on interest payments. Evaluating what makes more sense in a particular situation is a smart way to go. Either way you will save, money on taxes or money on interest. Having the extra money to ponder this dilemma is a good position to be in.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
5 Good Reasons to Buy that Home in Wellesley NOW!
5 Good Reasons to Buy that Home in Wellesley NOW!
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
If you are considering whether or not to purchase a home in the near future, let us discuss why this might be the optimal time to do so. There are five excellent reasons to buy a home now instead of waiting until later. Let’s go over them quickly in this post.
1.) The Homebuyer’s Tax Credit
The federal government, in hopes of stimulating the economy, has made available to eligible first-time homebuyers a tax credit of eight thousand dollars ($8,000). The tax credit also makes six thousand five hundred dollars ($6,500) available to eligible move-up buyers. This tax credit is scheduled to end this spring. The home in question must be in contract by April 30, 2010 and you must close the transaction by June 30, 2010. To see if you are eligible, you can go to http://www.federalhousingtaxcredit.com/home.html
2.) Low Interest Rates Currently Available
The Fed has announced that they will be definitely exiting their plan to purchase mortgage-backed-securities. That plan has lowered interest rates on a 30 year fixed rate mortgage by two full percentage points since its inception in October, 2008. Almost every expert believes interest rates will increase immediately once the Fed backs away. Some, like Morgan Stanley, believe rates can return to the seven percent level that existed before the Fed involvement. What can that mean to you? In the adjourning graph, we can see that even if prices continue to soften, the change in interest rates could dramatically increase your monthly costs.
3.) Location, Location, Location
There is a tremendous selection of properties currently available. More and more buyers are seeing the opportunities that exist in today’s real estate market. As more purchasers enter the market, many of the best values (determined by price, location, or both) will be gobbled up first. This is an opportunity for you to purchase that dream house your family has always relished.
As the Washington Post reported last week, waterfront properties are at bargain prices:
For investors, second-home buyers or retirees who have been sitting on the sidelines for years, 2010 may be the time to dive into the beach market. Prices are now almost back to 2001 levels, and buyers previously priced out of this market may now be able to afford their dream home. In addition, the sheer inventory of available homes is quite favorable to a beach buyer.
4.) Real Estate Has Always Been a Good Long Term Investment
Though prices in many markets will continue to feel downward pressure in 2010, in the long term real estate will eventually return to historic returns. Even in the past decade, real estate was a better investment than the stock market as shown by the table below:
5.) The House Is a Home First and an Investment Second
In our culture today we are moving away from extrinsic values (power, money and prestige) and moving back toward more intrinsic values (wanting meaning in our lives). The home has always been a place where friends and family gather to share our live experiences whether at a party or over a simple dinner. We may be too focused on the cost of a house without taking into account the cost of delaying a return to the more fulfilling experiences a home brings with it.
What does this mean to you?
Only you truly know. But if you have a desire to settle down in your own home and enjoy everything that comes with the homeowner experience, this is probably the time to act.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needha, Wellesley, Wayland, Weston and more.
by Steve Harney
Pending Home Sales Increase – Wellesley, MA Real Estate
Pending Home Sales Increase for the Boston Metro West Market – Wellesley, Natick, Newton Needham, Brookline, Weston and more!
This month the National Association of REALTORS released it’s December Pending Home Sales Index showing an increase of 1.0 percent in the index from November (seasonally adjusted) and a 10.9 percent increase from last year.
Here are highlights from the report:
- December’s pending home sales index (seasonally adjusted) was 96.6 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which was a 1.0% increase in the index from November and an increase of 10.9 percent from the year before.
- December’s not-seasonally adjusted index index was at 64.0, a 18.1 percent decrease from November and a 10.5 percent increase from a year ago.
Lawrence Yun, the chief economist for NAR, gives this video statement: Pending Home Sales are Up! – Video
This is great news for the Boston Metro West Market!
Call me if you want help with your home purchase. Our team, Christine Norcross & Partners, at William Raveis can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
You can reach us at 781-694-3595.
By Dennis Norman
Want to buy a home, Natick, MA? Supply is down
Want to buy a home, Natick, MA ? Supply is down
For more information call my cell 781-929-4994 or visit my website www.HomesbyNorcross.com
So far in 2010 we are experiencing something new. Supply is down and there are more buyers than sellers. Buyers have been waiting for the market to come down before they can purchase a home. I
Natick Real Estate
recently read of a home for sale in Natick, MA that came on the market and had 60 people at the open house and 5 offers. In the Boston globe recently it talked about Demand is up, Supply is down.
Last year we had a ton of inventory. This year so far we have more demand than supply. If houses come on and they are priced right they are experiencing multiple offers. So to the sellers I work with I advise them to be very careful on their pricing. If they price it right they will get their asking price.
This is a great article in the Boston Globe about a home for sale in Natick that sold prior to the home’s open house.
If you are a buyer – now is the time to get moving. Interest rates are down, prices are still down and the 1st time and home owner trade up program expires April 30. I have been to several closings in 2010. My experience with rates are still under 5 for a 30-year fixed conforming loan. Last week I was at a closing with an interest rate in the 3′s for a 10 year ARM.
William Raveis Mortgage has some great rates. Contact Susan Kelly at William Raveis Mortgage. She is very creative and is a mortgage banker with Raveis Mortgage. Raveis has access to several banks and is very competitive in the market!.
See you at the next open house!
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needha, Wellesley, Wayland, Weston and more.
You can reach Chris Norcross at 781-694-3595. Visit our website www.HomesByNorcross.com
Get a Mortgage Before Searching for Real Estate
Finding a mortgage before looking for real estate is a smart idea
The first step in purchasing real estate should be getting a mortgage. Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property. It is important for a potential buyer to know how to secure a mortgage.
There are many places to look for a mortgage these days. There are banks, mortgage brokers, finance companies, credit unions and private lenders. Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet. William Raveis Real Estate also offers William Raveis Mortgage with competive rates.
When looking for a mortgage have a good idea how much you can afford to pay each month. Look into the past, present and future to determine this. It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.
When applying for a loan a person must provide documentation of income, expenses, and assets. Have your financial statements and tax returns ready and the process will be much easier.
Having a mortgage ready to go before finding a property will make the entire process smoother. Financing is harder to get these days and being prepared is a wise step in the home buying process.
For more information on mortgages click here.
Call Christine Norcross & Partners for more information about mortgage and getting prepared to purchase your home in the surrounding Boston Metro West Area.
Last Call for the Tax Credit for First Time Home Buyers??
Most of the information coming from Washington DC indicates that the First Time Home Buyer Credit will be extended, as noted from our lobbyist in DC.
Tax Credit Extension & Expansion
There will be an important vote in the Senate this week on the housing tax credit provision. The “Dodd-Lieberman-Isakson” amendment would extend the tax credit to June 30, 2010. It would expand the credit to any homebuyer and raise the income limits to $150,000 ($300,000 for joint returns). The amount of the tax credit would remain at $8,000.
Prospects: We still believe the prospects are good for extension of the tax credit. There is real concern in the Administration about the strength of the economic recovery. Treasury Secretary Geithner was quoted in the November 2nd Business Week magazine stating: “we’re not going to make the mistake many countries made in the past of putting the brakes on too early and creating the risk of a weaker recovery with even higher levels of unemployment.” On the negative side, the stories about fraud in tax credit program (e.g. children and current homeowners receiving the tax credit) and concerns about the program cost obviously do not help.
NAR is making a major push for the expansion of the tax credit to all homebuyers. While it appears unlikely that it will be expanded beyond first-time homebuyers, NAR efforts could have a positive impact on the outcome. We will keep you apprised.
Check out the latest Wellesley Homes Real Estate Mortgages at our website www.HomesByNorcross.com