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How to Gain and Use Home Equity

August 23, 2022/in Education, Housing, Loans & Mortgage /by Cara Chatellier

The North Shore real estate market is still incredibly hot! The high values of homes in this current seller’s market mean that those who already own them have probably seen a large increase in equity due to high appraisal values. Working with an experienced Realtor who is knowledgeable about the market is critical- here is how to gain and get the most out of your home equity. 

How to Build Home Equity

The first way to build home equity is through a down payment on a house. The larger a down payment you spend on a house, the more equity you will immediately possess. Your equity continues to grow as you make mortgage payments, so be sure to pay them on time. If you have the means to pay more than the minimum monthly mortgage payment, you will build equity faster.

Home equity grows with the value of your home, so staying in the same place for multiple years will likely increase the chances of your home’s value going up. Though it isn’t possible to predict the housing market with complete certainty, home values always trend upwards over time. Another way to increase the value of a house you own is with home improvements. Obviously, improvements that increase square footage will bring more value to your home, but so do smaller projects like finishing a basement or adding a walkway. Be sure to research what home improvements will add value to your home, and consider using money borrowed against your home equity to fund such projects. If money borrowed on home equity is used for capital improvements, the interest is tax-deductible. 

 

How to Borrow Against your Home Equity

Home equity is considered an asset and a part of your net worth, but it is not a liquid asset. To use your home equity to leverage more funds, you will have to look into the different ways to borrow against it. 

Home Equity Loan

A home equity loan, also referred to as a second mortgage, is a lump sum borrowed against your home equity, separate from your original mortgage. Unlike business or student loans, you can use a home equity loan for a large variety of purposes. They also have lower interest rates than credit cards due to the fact that your home is being used as collateral in the transaction. Taking a lump sum is a good option for those who are prone to overspending, as you cannot impulsively take out more than the agreed-upon amount. 

Home-Equity Lines of Credit 

Home-equity lines of credit, or HELOCs, are a common way of borrowing against your home equity. HELOCs are growing increasingly popular with homeowners who are not interested in refinancing their homes due to current high interest rates. They work similarly to credit cards in the sense that the homeowner can borrow up to a certain amount of money and pay off the balance. This method of borrowing is considered better than lines of credit or personal loans, as they are far cheaper. HELOCs offer a revolving line of credit that allows you to borrow as much or as little as you like, making them different from the lump sum received in a home equity loan. 

 

How to Use Funds Borrowed Against Home Equity

Borrowing against your home equity can help you pay off debts at lower rates. Many people choose to use home-equity lines of credit for large debts, higher education, or another property! Perhaps the most common use of a HELOC is for funding home improvements or additions. Using money borrowed against your home equity to improve or add to the home is a great idea, both for your own personal use of the space and for increased home value if you are looking to sell in the future. If you are looking to use your current home equity to help you invest in another property, contact me today to get started!

https://mauraallardandcompany.com/wp-content/uploads/2020/05/bigstock-View-Of-Coin-Stack-With-House-243344587.jpg 422 800 Cara Chatellier https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Cara Chatellier2022-08-23 19:30:232022-08-24 19:31:49How to Gain and Use Home Equity

Understanding the Fees Associated with Buying a Home

February 11, 2022/in Loans & Mortgage /by Cara Chatellier

When it comes to buying a home, whether your first or tenth, understanding exactly what goes into buying it, especially when it comes to money, is crucial. Outside of the direct cost of a home, there are various fees associated with purchasing a home. Those fees can sometimes vary based on the offer presented to the seller, the current market conditions, and the type of home loan you decided to go with (and qualify for!).

Although it would be magical if all we had to worry about was the listing price, that’s just not the reality of the housing world. The good news is that my team and I believe in the power of transparency and getting you as ready as possible for the new big adventure in your life: a home purchase.

After you land on a favorable mortgage offer and solid preapproval, it’s important to remember that, although exciting, having a comfortable amount of money saved ahead of time will help you tackle all the fees associated with buying a home without the added worrying of scrambling to get your ducks in a row as you’re on the hunt for your dream home.

Let’s break down the costs associated with buying a home so that when you’re ready to step into the world of homeownership, you are ready and able to afford the home you adore.

1. Down Payment

A down payment is the amount of money you put down, upfront, on your total home purchase. It is deducted from the total purchase price at the time of sale and not part of your standard mortgage payment. Most home loans require a down payment of some kind. If you are opting for a conventional or FHA loan, a down payment is required. FHA loans require a down payment of at least 3.5%, while conventional loans vary based on property type, location, and loan terms. Conventional loan down payment amount is typically anywhere from 3% to 20%.

The only loans that do not require a down payment are VA loans (available only to military members) and USDA loans (used to purchase homes in rural areas as designated by the USDA).

It is a good rule of thumb to have about 10% of the total home cost saved for a down payment. If you spend less, great, as that can be used to cover other fees.

2. Closing Costs

Before you can get keys in hand for your new home, closing cost payout is required. “Closing costs” is an umbrella term used to describe all the fees associated with pulling a mortgage. Typically, they range from 2% to 5% of your loan’s principal.

Although different for every situation, they often include:

  • Credit check fee
  • Application cost
  • Appraisal
  • Home inspection
  • Underwriting fees
  • Title search
  • Title insurance
  • Transfer tax

In some cases, the sellers will cover closing costs (in partial or full) based on the terms of the final offer. Therefore, it is important to speak with your loan officer to determine exactly what fees you’ll need to pay out under your specific closing costs.

3. Homeowners Insurance

This type of insurance helps to protect you financially from unexpected events that could significantly damage your home. Think natural disaster, theft, or in-home accidents, like fire.

Homeowners’ insurance isn’t required by law, but most mortgage lenders require it. The cost varies by loan details and location and the options seem quite endless for coverage. We always encourage you to compare different options and rates to choose one that best suits your needs and budget.

4. HOA fees

If you’ve purchased a home within a designated community, there may be HOA or homeowner’s association fees you have to pay on a monthly, quarterly, or yearly basis. Although different for everyone, the specifics of your HOA requirements will be outlined in your homeowner’s purchasing agreement. Fees are extremely variable and are set into place by the homeowner’s association of your community.

Your dues cover specific services that the association provides, which may include security, a pool, a gym, or landscaping and maintenance.

5. Property Taxes

Like any big purchase, tax is something that comes with the territory. In most cases, property tax is included in your monthly mortgage payment but is separate from the interest and principal portions. Property taxes are paid for the entirety of homeownership and are based on the assessed value of your property.

There are various fees outside of the standard purchase price when purchasing a home to keep in mind. Although these are the most common and general fees, other fees could include home upkeep, renovations, or other non-standard items or requirements based on your unique home, location, or needs.

If you’re in search of your dream home and hoping to secure the funds needed to purchase, we’d love to help you through the process. Contact us today to start your journey to homeownership in New England.

https://mauraallardandcompany.com/wp-content/uploads/2022/02/Understanding-the-Fees-Associated-with-Buying-a-Home-Maura-Allard-Realtor-North-Shore-MA.png 788 940 Cara Chatellier https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Cara Chatellier2022-02-11 21:24:292022-02-11 21:24:29Understanding the Fees Associated with Buying a Home

Understanding the Closing Process on Your New Home

June 9, 2021/2 Comments/in Loans & Mortgage, Resources, Uncategorized /by Cara Chatellier

If you are looking into details on what exactly the closing process entails on your new home, you’re likely in the final stages of the process to homeownership, so, congratulations! Although the journey may feel like a long one, each step in the process is imperative to protect you, the sellers, and your new property. Your offer was just accepted and now closing is upon you. Typically closings take anywhere between 30 and 60 days, but in some instances, they can be longer or shorter depending on the terms set forth in your original offer as discussed with your agent. 

When it comes to closing on a home, whether your first or tenth, there are various steps that you will need to take to ensure full confidence and satisfaction in your purchase. These 10 steps are the exact route you need to take to reach your final destination as a homeowner.

1. Choose your escrow agent

The escrow, or closing, agent will be your primary point of contact when it comes to closing on your new property. They verify that all documents are completed and signed by both parties, all terms and conditions of the offer and loan are met and that closing happens in a timely manner. The escrow agent works closely with your realtor to coordinate all required paperwork throughout the process. Typically the escrow agent is a neutral third party in the transaction, acting on behalf of both parties to ensure a smooth transition of ownership for the home. 

2. Purchase homeowners insurance

Homeowner’s insurance is required for the purchase of any home. The insurance must be purchased prior to closing and proof of coverage must be presented during the closing stage. You can usually work with your current insurance company to provide a new quote on your property. Homeowners insurance, just like car insurance, varies greatly based on location, size of property, your insurance history and other factors. The average cost of homeowners insurance in the US is about $1,200 a year. 

3. Invest in title insurance

Title insurance is a one-time expense that you pay prior to closing on your home. Title insurance, although not required in every state, is added protection for you and your home. Title insurance protects you in the event that someone, at any time in the future, stakes a claim on your property claiming it as theirs. If you opt-out of a title insurance policy for you, you could potentially lose your home to a random claim on it in the future. The average cost for title insurance, to the buyer, is about $1,000. 

4. Meet all conditions

Before you can officially close on a home, all conditions of the loan must be met by you, the buyer. All conditions of your loan are clearly stated in your loan document, but typically they include things like income verification, proof of obtained homeowner’s insurance, down payment details, final appraisal that is at or below the amount of the loan and any other specifically negotiated terms. If you have any questions or concerns about meeting all of your loan condition requirements talk to your lender and realtor as soon as possible to avoid any snags in the process. 

5. Get ready for your move

Whether you currently own your home or are living in a rental property, now is the time to get ready for your move. Schedule movers, sort through rooms and storage spaces and plan out exactly how you plan to move your things from one spot to another. If you’re downsizing you may want to consider holding a yard sale to get rid of extra items you no longer need or donating any excess to a local charity. If you’re moving to a bigger place, consider planning out your furniture and appliances purchases now so that they are ready to go on move-in day. Don’t forget to schedule time off from work, if needed, to get your place in order.

6. Obtain the ever-important closing disclosure

This nationally recognized form is the most critical and comprehensive form in your closing process. Within this disclosure, the loan requirements are outlined in their entirety, including an itemized list of closing costs by party. This form should be delivered to you at least three business days before the closing date to ensure you have enough time to review it. If the details within are mismatched from the original loan agreement, talk to your lender as soon as possible to reconcile in an efficient manner.

7. Complete a final walkthrough of your new place

The final walkthrough is an important final step in your closing process. It is typically scheduled about 12-24 hours before your final closing timeline. This in-person review gives you, the buyer, the opportunity to walk throughout the property and ensure that the seller left the home in the condition that you agreed to at the time of offer acceptance. This is also a time to review any repairs that were requested of the seller and to make sure they are fully moved out in time for you to move in. If things don’t look as they should, your realtor will work with the sellers to ensure things are aligned promptly. If major repairs need to be made, the closing can be delayed.

8. Finalize your documents

At closing, the escrow agent will request a list of documents that they require of you and your co-borrower. Organize your documents ahead of time so that you are fully prepared for the meeting. Typically they require documents such as photo identification, income verification, a list of home addresses over the last 5-10 years and a money order or bank certified check to cover the closing costs for “cash at close” requirements. Verify required documents with your realtor and lender prior to meeting with them. 

9. Legally obtain your home and your new set of keys

The last step in the process between you and the seller is to legally transfer the property from their name to yours. At this step final signatures are obtained and cash, if applicable, is exchanged. Once this is completed the home belongs to you and you get the keys to your new home! A best practice is to change out the locks on your home once you have keys in hand to maintain the highest level of security at your new property. 

10. File a declaration of homestead

A declaration of homestead varies by state, but is a good idea to obtain based on protections it can provide at both state and federal levels. In some states throughout the country, a declaration of homestead is automatically added at the time of home purchase, but some states require that you obtain one on your own. In short, a declaration of homestead can protect you in the case of bankruptcy filing, loss of a spouse or exempt you from certain taxes based on residence. A declaration of homestead registers you at state and federal levels, showing exactly where your primary residence is located. Check with your state government, lender or realtor to verify how your state handles this declaration.

Getting an accepted offer on a home you love is a great feeling, but it is only the first step in the home buying process. Once both the seller and buyer agree to all terms and conditions of the offer, the closing stage begins. It is important to stay on top of the steps required to successfully close on a home so that you are as prepared as possible during this new season in your life. If you are in search of a new home or considering putting your home on the market, contact me, we would love to help you through the realty process, no matter what side you find yourself on.

https://mauraallardandcompany.com/wp-content/uploads/2021/06/Understanding-the-Closing-Process-on-Your-New-Home-Maura-Allard-Realty-Gloucester.png 1208 1824 Cara Chatellier https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Cara Chatellier2021-06-09 02:05:072021-06-09 02:05:07Understanding the Closing Process on Your New Home

Understanding a Mortgage Pre-Approval

May 10, 2021/in Loans & Mortgage /by Cara Chatellier

 

When it comes to purchasing a home, a mortgage pre-approval is often the first step in your process. It is nearly impossible to begin your home search without understanding the amount of money you qualify for. No matter the type of loan you decide to use, from VA to conventional or FHA, all mortgage lenders can (and should!) provide you with a pre-approval to use as the basis in your home purchase search. With this in hand, you can confidently work with a realtor to scope out and secure the home of your dreams. 

A mortgage pre-approval dictates your purchasing power. 

In short, a mortgage pre-approval is an official letter that you receive from a lender that advises the max amount of money you can borrow for the purchase of a home. It shows realtors and sellers that you have been vetted and are pre-approved for a home loan. This provides security for all parties involved. Most lenders use the terms, “preapproval” and “prequalification” interchangeably when it comes to a borrower’s purchasing power, but there may be a slight difference that you want to look into. Typically, pre-approvals require a more in-depth review of a borrower’s credit history and financial health. With prequalifications, some lenders don’t require a full credit review prior to providing you with their prequalification letter. It is best practice to stick to one that reviews your financial health to set you up for the best home purchase success once you decide on a home to put an offer in on. 

Mortgage pre-approvals require personal information.

In order for lenders to make a reasonable decision on your pre-approval request, personal information must be provided and reviewed securely by your lending institution.

Some of the most standard and requested information includes:

  • Credit history 
  • Proof of income
  • W2’s for the last two to three years
  • Pay stubs
  • A copy of your identification (license or state ID card)
  • Bank statements
  • Social security card
  • Asset list
  • Debts to determine your debt to income ratio

Pre-approvals are not indefinite in their timeframe.

Although pre-approvals are the best way to secure your stance in the real estate market as a buyer, they don’t last forever. Going into the purchasing process knowing what you want in a home is important to beginning the search, even prior to your pre-approval receipt. Once you decide on purchasing a home sit down and make a checklist of what you need prior to seeking outside assistance from a lender and realtor. Include a pre-approval on your list of must-haves along with your dream home needs. Remember that it’s also important to have all documentation ready to go prior to meeting with your lender. This keeps things moving and keeps everyone involved more organized. As you search for your home, be concise in your decisions while keeping your pre-approval letter in mind. Typically, pre-approval letters are good for 60 to 90 days from issuance, but it varies by state. Check with your lender to ensure the exact timeframe on your pre-approval and request what additional steps need to be taken if you go past that timeframe without securing a home. 

There are many factors to consider when deciding to purchase a home. Whether it’s your first home or your tenth, a mortgage pre-approval is key to your leverage and security in the purchasing process. If you think now is the time for you to buy the home of your dreams, let’s work together and start your pre-approval process and home buying checklist today.

https://mauraallardandcompany.com/wp-content/uploads/2021/05/Maura-Allard-Realtor-NorthShore.png 1048 1992 Cara Chatellier https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Cara Chatellier2021-05-10 23:11:212021-05-10 23:11:21Understanding a Mortgage Pre-Approval

My 10 Best Tips for First Time Home Buyers Revealed

March 19, 2020/in For Sale, Housing, Loans & Mortgage /by Maura Allard

Buying a home for the first time can be exciting… and overwhelming. Especially when you see homes being purchased at a median cost of $426,000 in Massachusetts and flying off the market as soon as you can find them.

With these current real estate trends, it’s understandable that you may find yourself tempted to impulse buy the first home you find – one doesn’t check all your boxes and worse, one that could hurt your financial goals and keep you locked into a mortgage well into retirement.

Nobody wants this. You don’t want this and I don’t want this for you! Trust me when I say it’s worth the patience and doing things the right way. The right way meaning buying a home that you love, of course, and one that doesn’t break the bank.

I know what you’re thinking… “Yeah, that’s all well and wonderful, Maura; but where do I even start?”  

That is possibly the best question you could ask a top-performing Keller Williams Realtor in Massachusetts. I know exactly how to get you through this trying time and I’d be happy to help you. First, let’s start with my top 10-tips that I’ve assembled to help first-time homebuyers tackle the home-buying process. Buying a home should be a blessing, not a burden – so let’s walk through these tips together.

Top Ten Tips for First-Time Home Buyers

  1. Pay off all debts & set aside some emergency cash.

Owning a home is EXPENSIVE. Once you purchase your dream abode, you become responsible for SO many things. Broken faucets, leaky shower drains, frozen pipes… the possibilities are endless when it comes to maintaining a home and the costs can and will add up. So, before even thinking about buying your first home, wipe your slate clean and pay off all of your debts and prepare an emergency fund for up to 6 months of expenses.

2. Determine just How Much House you Can Afford

Budget, Budget, Budget. It’s easy to fall in love with a massive beauty but can you afford the massive mortgage payment attached to it? You need to budget accordingly and leave room for other necessities (including HOA fees, taxes, insurance, etc.)

For example, let’s say you bring home $5,000 a month. Multiply that by 25% to establish your maximum monthly house payment of $1,250. Based on a 15-year mortgage with a 4% fixed interest rate, here are the home options you can afford (not including taxes and insurance)…

Let’s do some math:

  • $187,767 home with a 10% down payment ($18,777)
  • $211,238 home with a 20% down payment ($42,248)
  • $241,415 home with a 30% down payment ($72,424)
  • $281,650 home with a 40% down payment ($112,660)

That’s an easy way to find a number in your ballpark. But don’t forget that property taxes and homeowner’s insurance will affect your monthly payment. You’ll also need to factor those numbers in before settling on a maximum home price.

If you use the above example and enter $211,238 into this handy mortgage calculator, you’ll find that your maximum monthly payment of $1,250 increases to $1,515 when you add in $194 for taxes and $71 for insurance. To drop that number back down to your monthly housing budget of $1,250, you’ll have to lower the price of the house you can afford to $172,600.

Since property tax rates and the cost of homeowner’s insurance vary, check with your real estate agent and insurance company for estimates to calculate how much house you can afford.

3. Continue to Save up for that Down Payment

Rule of thumb? 20% (or more) of the total house price is recommended as a down payment on a home purchase.

4. Save for Closing Costs

Remember when I said maintaining a home was expensive? I meant to say buying one was as well. Along with your down payment, you are going to need to set aside money to pay for closing costs. On average, closing costs are about 3-4% of the purchase price of your new home. Your mortgage lender will give you a total number so you know what to bring with you on closing day. You may be wondering what this fee covers. It covers:

  • Appraisal
  • Home Inspection
  • Credit Report
  • Attorney
  • Homeowner’s Insurance

5. Get Preapproved

Did you go ahead and clear your debts, stay debt-free, and save your money the down payment as well as the closing costs? YES! Then you are ready to go ahead and start your application for a loan. I happen to know the best loan originator around if you are looking.

Stephen J. Lewis

Licensed Mortgage Originator

Branch Manager

c. 781-706-1145

o. 978-750-1080 x.11

e. [email protected]

Preapproval is important because it shows sellers that you’re a serious buyer which is a great way for a buyer to stay ahead in a competitive market.

6. Find a Home for Sale in your Price Range

This is the FUN part. According to recent data reported by the National Association of Realtors (NAR), most buyers either found the home they purchased online (50%) or through a real estate agent (28%). Doing both sets you up for success! You can find your dream home simply by looking through my listings or contacting me to do the search for you.

7. Research Neighborhoods

Finding the perfect home is important but don’t choose a home based on the property alone. The quality and location of the neighborhood need to be a factor in your decision. Ask your real estate agent for information on crime rates and the quality of schools around your prospective neighborhoods. Calculate your new commute times to see if they seem manageable. Visit the neighborhood at different times and days to check for traffic conditions and noise levels and to see if people are comfortable being outdoors. Only choose a neighborhood that you and your family feel good about.

8. Attend Open Houses

Once you’ve narrowed down which neighborhoods you like the most, visit open houses of homes you weren’t even considering. Why? It’s a great way to learn about where you want to live – maybe meet the people you want to eventually live beside and call your neighbors; become acquainted with the area. The house may not be your dream home, but when do eventually find the house you love, you’ll know because you’ll have something to compare it to.

9. Make an Offer

You’ve found your HOME. You’re already preapproved which is GREAT and you want to make an offer. But, how much should you offer? This is where you can rely on an experienced Keller Williams Agent, like myself, to use my expertise and guide you through buying a home for the first time. It’s important to make sure your offer is competitive but well within your budget and the home’s value. Don’t be impulsive and offer a value higher than you can afford in an effort to subdue the competition. Sometimes, the simplest effort can win the prize.

PRO TIP. Writing a personalized letter to the seller of the home helps your offer stand out amongst multiple bids.

10. Prepare for Closing

Your offer has been accepted! It’s time to prepare for the average closing process of 43 days – which gives plenty of time to tackle a few items.

  • Appraisal
  • Home Inspection
  • Homeowner’s Insurance

Your realtor will schedule the few remaining steps, such as the inspection and final walkthrough and keep you updated every step of the way. As you prepare during this very exciting time, be sure to read every document. If you don’t understand something, ASK; especially before you sign an official contract.

Need help finding a home in Massachusetts or New Hampshire? Get in touch with me, Maura Allard, Senior Real Estate Specialist with Keller Williams Beverly.

Stephen J. Lewis

Licensed Mortgage Originator

Branch Manager

c. 781-706-1145

o. 978-750-1080 x.11

e. [email protected]

Preapproval is important because it shows sellers that you’re a serious buyer which is a great way for a buyer to stay ahead in a competitive market.

6. Find a Home for Sale in your Price Range

This is the FUN part. According to recent data reported by the National Association of Realtors (NAR), most buyers either found the home they purchased online (50%) or through a real estate agent (28%). Doing both sets you up for success! You can find your dream home simply by looking through my listings or contacting me to do the search for you.

7. Research Neighborhoods

Finding the perfect home is important but don’t choose a home based on the property alone. The quality and location of the neighborhood need to be a factor in your decision. Ask your real estate agent for information on crime rates and the quality of schools around your prospective neighborhoods. Calculate your new commute times to see if they seem manageable. Visit the neighborhood at different times and days to check for traffic conditions and noise levels and to see if people are comfortable being outdoors. Only choose a neighborhood that you and your family feel good about.

8. Attend Open Houses

Once you’ve narrowed down which neighborhoods you like the most, visit open houses of homes you weren’t even considering. Why? It’s a great way to learn about where you want to live – maybe meet the people you want to eventually live beside and call your neighbors; become acquainted with the area. The house may not be your dream home, but when do eventually find the house you love, you’ll know because you’ll have something to compare it to.

9. Make an Offer

You’ve found your HOME. You’re already preapproved which is GREAT and you want to make an offer. But, how much should you offer? This is where you can rely on an experienced Keller Williams Agent, like myself, to use my expertise and guide you through buying a home for the first time. It’s important to make sure your offer is competitive but well within your budget and the home’s value. Don’t be impulsive and offer a value higher than you can afford in an effort to subdue the competition. Sometimes, the simplest effort can win the prize.

PRO TIP. Writing a personalized letter to the seller of the home helps your offer stand out amongst multiple bids.

10. Prepare for Closing

Your offer has been accepted! It’s time to prepare for the average closing process of 43 days – which gives plenty of time to tackle a few items.

  • Appraisal
  • Home Inspection
  • Homeowner’s Insurance

Your realtor will schedule the few remaining steps, such as the inspection and final walkthrough and keep you updated every step of the way. As you prepare during this very exciting time, be sure to read every document. If you don’t understand something, ASK; especially before you sign an official contract.

Need help finding a home in Massachusetts or New Hampshire? Get in touch with me, Maura Allard, Senior Real Estate Specialist with Keller Williams Beverly.

https://mauraallardandcompany.com/wp-content/uploads/2020/03/Senior-Living-Resources-Beverly-MA-45.jpg 420 800 Maura Allard https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Maura Allard2020-03-19 16:23:452020-06-23 13:26:49My 10 Best Tips for First Time Home Buyers Revealed

How to Leverage Your Home Equity

November 18, 2019/in Housing, Loans & Mortgage /by Maura Allard

Top Tips to get the most from your Investment

The North Shore real estate market is red hot! This year, we are seeing home sales consistently above asking price. This has caused regional pockets of significant appreciation and quick equity for the homes surrounding these sales.

Many potential sellers would love to trade up from their existing homes, but they’re nervous about finding a home and getting an offer accepted in this market. Don’t worry, there are still opportunities in this climate!  Working with an experienced Realtor who is knowledgeable about the market is critical.

I work closely with people like Stephen Lewis, a Licensed Mortgage Originator and Branch Manager at Drew Mortgage Associates. He offers a proprietary solution to access the equity in your home for up to 95% of its value, meaning that he can give you cash-out up to 95% of your home’s value provided that your credit and income profile meet certain guidelines.

This equity can be used for anything, including home improvements, additions, debt consolidation, personal investment, or higher education. If you’re interested in this program, Stephen’s contact information is below.

Stephen J. Lewis

Licensed Mortgage Originator/Branch Manager, NMLS# 25620

C : (781) 706-1145

O: (978) 750-1080 X 105

[email protected]

Check out my other posts about homeownership!

Prepping Your Home for Cold Weather • Easy Renovations • Energy Conservation at Home

0 0 Maura Allard https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Maura Allard2019-11-18 19:56:212020-06-23 13:24:02How to Leverage Your Home Equity

The Truth about Zillow

April 9, 2018/in For Sale, Housing, Loans & Mortgage, Resources /by Maura Allard

“Zillow says my home is worth a million dollars!”

Zillow is a wonderful and powerful tool and has changed the way people buy and sell houses, for many reasons I like Zillow.  One reason I dislike Zillow is when I am contacted to sell a house and at my first meeting I’m greeted with the happy seller’s Zestimate as their listing price.  Zillow can not see inside your house. If you have not updated the avocado green bathroom and still have the 1970’s paneling — Zillow doesn’t know this!  If all of the houses in a mile radius that have recently sold have granite countertops, stainless steel appliances, finished basements, new roofs, and maintenance-free decks while your home is still stuck in the 1970s, it is more likely not worth what Zillow’s Zestimate is stating.  The same case can be made if all the houses in your neighborhood that have recently sold have not been updated and your house has just undergone 50K in renovations. This means your house could be worth more than Zillow’s Zestimate. WIN!

A Realtor’s Perspective

A Realtor takes the time to pull similar home sales within your area and adjust the price up or down based on:

  1. style of home
  2. square footage
  3. lot size
  4. general overall condition

 Your Realtor then can provide you with a solid price range to list your house. The listing price is your decision.

Advice to keep in mind.

Look at your Zestimate but keep an open mind when meeting with your Realtor as to where to price your home. The goal is to sell for the highest price in the shortest amount of time!

0 0 Maura Allard https://mauraallardandcompany.com/wp-content/uploads/2023/01/Untitled-340-×-156-px-3-1-300x147.png Maura Allard2018-04-09 19:56:462020-06-23 13:33:31The Truth about Zillow

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