Massachusetts Real Estate- Merrimack Valley
Real Estate in Essex and Northern Middlesex Counties, Massachusetts
Many renters are asking should I buy or rent a home right now. As renters are looking to renew leases or seek another place to live they are starting to realize that it may be cheaper to own. A recent study by Trulia shows that nationwide it is 36% cheaper to own. Realize that statistic can be radically different by region Lets take a look at if you should buy or rent your next home from a financial standpoint. While there are other reasons to buy a home, the financial … Continue reading...
If you are buying a home, eventually somewhere along the way you will hear the term Private Mortgage Insurance or PMI. Most first time home buyers deciding to buy their first home and start the mortgage process do not know they may need to get Private Mortgage Insurance to get a home mortgage. It ends up being one more added expense when purchasing a home. What is Private Mortgage Insurance? As a borrower who puts down less than a 20% down payment for a home loan you will be … Continue reading...
Recently I have been involved in a few real estate transaction where the buyer's were able to secure 100% percent financing on no money down loan programs. While there are some caveats to securing a no money down loan, there are certainly available and it could be a good route to go for you. Available No Money Down Loan Programs The two No Money Down Loan Programs I am familiar with is USDA Loan and the VA Loan program. If you are a home buyer and consider a low or no money down loan, … Continue reading...
Here we are 11 months after the expiration of the Mortgage Debt Relief Act of 2007. All year it has been dangled out there to upside down home owners that it will be extended. Yet, as of date nothing has happened. As congress heads back there is still discussion of the Mortgage Forgiveness Debt Relief Act being renewed. What is halting the renewal of the Mortgage Debt Relief Act? Like usual, the Mortgage Debt Relief Act's renewal is tied in with a bunch of other bills. The big hang up … Continue reading...
Short Sales in Massachusetts are on the Decline The news keeps reporting that foreclosures and short sales in Massachusetts are on the decline. While this may be true, for some home owners foreclosure may be right around the corner. There are still homeowners that have not found work, working at lower pay or have run into some other financial hardship. While there are a few options to foreclosure, a short sale is many times the best option for an upside home owner who is forced to sell their … Continue reading...
Assessing Your Finances Once you think it may be a good idea to purchase a home, it is now time to assess your finances. The first thing to do is go to www.annualcreditreport.com . Do not use any other site but this one. This is the site set up by the three credit bureaus for your one free credit report a year. After pulling your report, check for accuracy. More often then not, there are mistakes that could be affecting your credit score. If you believe something is in error work on … Continue reading...
In the tumultous real estate climate there are many reasons your purchase may fall apart revolving around financing. Here are a few tips to keep you in check and prevent heartache. Don't change your credit profile- Do not open any new lines of credit. It may be obvious not to purchase a new car or a boat, yet buyers still do it. More importantly some people open lines of credit to buy furniture, appliances and other household items. Wait until after the closing to open any new lines of … Continue reading...
