Erika Sullivan Realty Group



Posted by Erika Sullivan Realty Group on 1/20/2019

Anyone can buy a home Ė all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.

Now, let's take a look at three tips to help you determine how you will afford a house.

1. Take a Look at Your Current Financial Situation

Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.

After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.

2. Get a Copy of Your Credit Report

In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.

The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.

Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.

3. Reach Out to Local Lenders

Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.

Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.

If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.

Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.

If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.

Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.





Posted by Erika Sullivan Realty Group on 1/14/2019

This Single-Family in Auburn, MA recently sold for $337,500. This Ranch style home was sold by - Erika Sullivan Realty Group.


28 Barbara Ave, Auburn, MA 01501

Single-Family

$350,000
Price
$337,500
Sale Price

10
Rooms
4
Beds
2
Baths
Desirable Auburn Center location is a great old fashion type neighborhood! Expanded Ranch with 4 bedrooms and 2 full baths. Plenty of space inside and out to entertain large groups of family and friends. Nicely finished rooms and lots of storage, closets and custom built shelves and cabinets. Open floor plan offers nice flow from the Family room right out to the your 2 tiered deck. Comes with a large covered/screened in room to keep the bugs out. Full finished walk out basement could work nice as an in-law or guest suite. Large level rear yard is fenced in and has mature trees offering nice privacy. In ground pool will be great for the Summer of 2019!

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Categories: Sold Homes  


Posted by Erika Sullivan Realty Group on 1/13/2019

If buying a home is something youíre considering, you might be curious about the different types of mortgages that are available to you. After all, the interest rate on your loan could have a huge impact on your finances over time, saving you thousands of dollars.

In todayís post, Iím going to demystify the home loan by explaining the most common types of mortgages. That way, youíll be able to approach a lender with a bit of context and knowledge to help make the best mortgage decision for you and your family.

Fixed-rate mortgages

The most common types of home loans in the United States today are fixed-rate mortgages. A fixed-rate mortgage has the benefit of stability in terms of its interest rate--year after year, or the lifetime of your loan, you know exactly what percent of interest youíre going to pay.

Fixed-rate mortgages most frequently come with repayment terms of 15 or 30 years. However, some lenders offer different repayment periods.

As with any debt, paying off a mortgage in a shorter term typically amounts to paying less interest over the lifespan of the loan. For this reason, buyers who can afford higher monthly mortgage payments often opt for a 15-year fixed-rate mortgage.

If you canít afford higher monthly payments, a 30-year loan will typically have lower mortgage payments, but at the expense of paying more interest over the life of the loan.

The 30-year option is the most often in the United States, where first-time buyers typically have too many other monthly bills to afford a high mortgage payment.

Adjustable-rate mortgages

Adjustable-rate mortgages (ARMs) were once an ideal option for first-time buyers who could purchase a home at a very low interest rate and then refinancing once that rate was set to rise. However, after the housing crisis of 2007, trust in the housing market drastically declined.

In recent years, ARMs have begun to make a comeback. However, they currently still only account for around 5% of home loans.

Adjustable-rate mortgages come with one important advantage and one huge disadvantage over fixed-rate mortgages. The upside is the ability to borrow money for a home at a lower interest rate than other mortgage types. The down side? Your interest rate isnít locked in for the length of the loan, meaning your rate could, in theory, rise dramatically before you sell or pay off the home. This is exactly what happened to borrowers during the subprime mortgage crisis.

Guaranteed loans

There are a number of special loan programs that have been sponsored by the government over the years. Among them are USDA rural development loans, VA loans for veterans and their spouses, and FHA loans offered by the Federal Housing Authority.

All of these loans make it easier to buy a home with little or no down payment or a credit score thatís less than perfect. That makes these options great for first-time homeowners.




Tags: Buying a home   Mortgage  
Categories: Uncategorized  


Posted by Erika Sullivan Realty Group on 1/8/2019


1 Heywood, Shrewsbury, MA 01545

Single-Family

$559,900
Price

8
Rooms
4
Beds
2/1
Full/Half Baths
Pride of ownership in this pristine Colonial Style home with 4 Bedrooms, 2 1/2 baths, 2 car garage in a sought after neighborhood. Hardwood flooring throughout. Cabinet packed Kitchen with Jenn Air Appliances, granite countertops and center island. Sliding doors lead to a composite deck with vinyl railings. Fireplaced living room and Formal Dining Room with crown moldings. New Elegant staircase lead to bedrooms with brand new carpeting and a Master Bedroom with Master Bath. Walk through the breezeway to an oversized shed that could be transformed into just about anything. Unfinished Basement with 884 square feet for possible expansion for additional living area. Gas heat, town water and sewer and central air. House is situated on almost an acre corner lot with partial fencing and crafted stone wall. Close to all major routes makes this property a commuters dream.
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by Erika Sullivan Realty Group on 1/7/2019


260 County Rd, Southampton, MA 01073

Single-Family

$203,500
Price

6
Rooms
3
Beds
2
Baths
A Must See this fantastic cape on a corner lot has so much to offer! With the right buyer to provide a little updating and repairs it will reach its full potential and make the picture-perfect home for any family. First floor features a spacious layout- Main level bedroom, Full Bathroom, Living room, Family room, Kitchen/Dining room combo with a mudroom separating it from an attached one car garage, and off the mudroom there is a large Laundry room too. Second floor features two additional bedrooms; while downstairs features additional finished space and a full bathroom. Spacious back yard offers some privacy, fencing, storage shed, walkout basement and large deck that is in need of repair before enjoying outdoor entertaining. In addition, there is a large detached garage currently being used for storage and ample off street parking. You will not want to miss seeing how this can be your perfect home!
Open House
No scheduled Open Houses

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Categories: Price Change  




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