Archive for First-time Homebuyer
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.
Save Money At Closing on Real Estate in Wellesley, MA
Save Money At Closing on Real Estate in Wellesley, MA
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.
It is possible to save money at closing. Whether you are buying a new home in Newton or Wellesley, MA or refinancing one you already own, closing costs can often make the process more expensive than expected. When refinancing closing costs can actually get in the way of making a change a poor financial decision. What many borrowers may not realize is that cutting some of the fees out at closing can happen.
When researching a new loan check with your current Greater Boston Metro-West lender first. Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it. Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process.
Find out what a lender’s fees are well ahead of closing so that you know what to expect. By seeing the fees in writing you may also have an opportunity to do a bit of bargaining. The better your credit rating, the more a lender will want to work with you and secure your business.
Finally, look into wrapping your closing costs, or at least a portion of them into your loan. If it make financial sense it can save you money up front. With mortgage rates inWellesley and Newton, MA currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment. Shop around and speak with a number of lenders before making your decision.
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.
Click here to read an article from CNN Money regarding cutting costs at closing.
Buying A Home in Wellesley, MA is An Investment
Buying A Home in Wellesley, MA is An Investment
Call Christine Norcross for more information – cell 781-929-4994 or to research the Wellesley Real Estate Market and neighborhoods, visit my website www.ChristineNorcross.com
Buying a home in Wellesley, MA is always an investment and choosing the best bang for your buck is important. Whether a home is big or small, choosing the home that will have the best return on your investment is key. Schools, low crime rate, amenities and walkability all affect the resale value of a home.
Key elements that attract Wellesley home buyers to a neighborhood or specific home have historically included the quality of available education, the safety of the area, the parks and open space nearby, and the shops and restaurants in the area. Choosing a home in a walkable location can add value to a home as well. The ability to walk to a restaurant or a store is a huge draw for many people. Not everyone wants to hop in a car to pick up a gallon of milk or meet a friend for lunch.
While it is often hard to find a home that has it all, it is important to choose a home that has what you are looking for. In the end if a home has what you are looking for it will most likely have what someone else is looking for when it comes time for you to sell.
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 or Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read a recent article from Realty Times regarding the walkability factor of buying real estate.
Relocating to Wellesley, MA? To Buy or Rent is the Question
Relocating to Wellesley, MA? To Buy or Rent is the Question
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 relocating chances are that one of the biggest questions looming in your mind is whether you should buy or rent a home. Of course only you can make that decision but there are some important factors to weigh. How permanent do you feel this relocation is? Do you have to sell a home before you buy a new home? Are home prices in the area that you are relocating to stable?
There is no doubt about it that buying a home today is more affordable than ever. Low mortgage rates, higher than normal inventory levels and low home values combine to make an ideal buyers market when it comes to real estate. If you already own a home maybe renting it out until the market stabilizes or improves makes sense. If you can hold on to your current home, cover its mortgage, and qualify to buy a new home, you could be in an ideal situation.
Examine the affordability levels of your new location. Is it less expensive to rent, or would a monthly mortgage payment be the same or less than paying rent? Find a Realtor that comes highly recommended and pick his brain. Get to know your new area and weigh the pros and cons of renting vs. buying heavily, after-all, buying real estate is a big investment.
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 read a recent article from Bankrate regarding selling vs. renting a home when relocating.
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.
When it Comes to Wellesley, MA Real Estate, What is Affordable?
When it Comes to Wellesley, MA Real Estate, What is Affordable?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
When a potential home buyer is considering purchasing real estate one of the first questions he will ask is, is this home affordable? There has been a great deal of talk about housing affordability over the past couple of years and for the most part affordability is at an all time high throughout the United States.
Affordability is a simple calculation involving income and expenses. When the expense of owning a home equals 30% or less of a household’s monthly income then it is considered affordable. Affordability levels have been high for over a year now, indicating that it is a great time to buy a home, after-all it is wiser to buy real estate when it makes financial sense.
Buying a home that exceeds a household’s budget is a tough mistake to make. Let’s face it, money matters and anyone would rather buy an affordable home than one that isn’t. Contact a local Realtor to learn more about the affordability of real estate in the area that you want to buy a home.
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 read an article from Realty Times regarding affordability.
Great Time to Buy Luxury Real Estate in Wellesley, MA
Great Time to Buy Luxury Real Estate 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.
It is a great time to buy luxury real estate. Not only are mortgage rates once again at historic lows, but real estate values are low and inventory is high. It is a buyer’s market, which means it is an exceptionally great time to invest in a larger, nicer home, a better time in fact than has been seen in years. A recent article in the Wall Street Journal mentions that a larger home gives more bang for the buck, and these days that is exactly what people are looking for.
It has taken a bit longer for sellers of high end homes to come to grips with reality. That reality is that it is no longer a seller’s market and that sellers are no longer in control. What that means is that sellers now feel the need to not only come down in price but do a better job of haggling when they get an offer, after-all it is an unknown when the next offer may arrive.
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 read a recent article from the Wall Street Journal on why it is a good time to buy a bigger, nicer home.
Looking For An Interest Only Loan in Wellesley, MA? It’s About To Get Tougher
Looking For An Interest Only Loan in Wellesley, MA? It’s About To Get Tougher
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
Trying to acquire an interest only loan is about to get tougher. Fannie Mae is changing the rules to make qualifying for interest only loans a more stringent process. The biggest difference will be the percentage that a home buyer will have to put down on his real estate transaction. Under the new rules a borrower will have to put down 30% of the home’s value to qualify for a Fannie Mae-backed interest-only mortgage.
Fannie Mae does not issue mortgages but buys them from lenders who do. If Fannie Mae doesn’t like what it sees it will not purchase the mortgages. The goal behind the qualification changes is to make sure that borrowers can afford to pay their mortgages. The bursting of the housing bubble has created the need for security, to avoid any repeat performance in the future.
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.
Remodeling Trends Have Changed in Wellesley, MA
Remodeling Trends Have Changed 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
When it comes to home ownership the remodeling trends of the recent past appear to have changed. The recent recession has left a permeating lifestyle change, one that has swapped over-indulgence with down-to-earth necessity. In other words, if it isn’t a necessity many people won’t do it.
It is a buyer’s market out there which means that the buyer is in control. A seller can no longer pass off a roof in poor condition or a faulty wiring system. If a homeowner wants to sell he will either have to make necessary repairs to his home or credit the buyer at closing.
Remodeling is on the upswing and for the first year since the height of the real estate market, the amount of money spent on remodeling is expected to increase. The only difference is what kind of remodeling is occurring, in other words if it needs fixing it is going to be fixed.
The days of bigger and better have passed, being replaced with the motto of living within one’s means and embracing the basics, and real estate is no exception to this rule.
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.
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.