Erika Sullivan Realty Group



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.
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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!
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Categories: Price Change  


Posted by Erika Sullivan Realty Group on 1/6/2019

When you stop and think about all the details you have to take care of as a homeowner, it sometimes feels like you're running a business! That's especially true if have to coordinate everything from family doctor appointments to home remodeling projects.

Many people get so caught up in their daily routines and responsibilities that they lose sight of all the things they actually can handle, do overcome, and can accomplish!

No matter how organized and motivated you are, though, problems, oversights, and blunders do occasionally happen. Fortunately, there are steps you can take to minimize the chances of making mistakes or forgetting something important.

Don't depend on your memory. Writing and revising lists of daily priorities, appointments, and reminders can be a valuable strategy for organizing your day. Mobile devices also have scheduling capabilities, note taking apps, and calendar features that can help you stay on track. When you commit a priority to writing or set up a reminder on your cell phone or tablet, you're increasing the probability that you'll remember appointments, fulfill obligations, and keep household projects moving forward.

Start with small steps: One challenge many people struggle with is motivating themselves to tackle an important project around the house. For example, let's say you desperately need to paint a room, straighten out a closet, or organize your filing system. Whether you're "too busy to turn around" or just plain unmotivated, it can be difficult to get started on a home improvement or organization project!

While you may have a few pet theories on why you can't seem to get started on a project, it might boil down to Newton's Laws of Motion. Back in the 17th century, physicist Isaac Newton stated that a stationary object (one that's not moving) tends to stay out of motion -- unless it's acted on by an outside force! Granted, he may not have been talking specifically about human beings, but the same principle seems to apply. Whether you're trying to get out of a warm, comfortable bed in the morning or take advantage of your new gym membership, it's often difficult to nudge yourself into action when you're in a state of rest. It's a problem we all have at one time or another.

The solution is to start small and build momentum as you go. Taking small steps at first, such as buying the supplies you need for a home improvement project, can often provide the extra push you need to get started. Telling a friend or family member that you're going to accomplish something this weekend can also help propel you forward.

If you need help in remembering things, consider buying a couple notebooks for writing daily lists. If you view yourself as a "technophobe," make it your mission to learn how to use the calendar app on your phone or tablet.

In addition to old-fashioned schedule reminders like wall calendars, appointment books, and desk calendars, you can even send yourself reminders via email or enlist the help of friends, family, or colleagues to remember appointments and priorities.

However, regardless of how many memory devices you use to organize your schedule or tackle household projects, keep in mind the motto of U.S. President Harry S. Truman: "The buck stops here!"





Posted by Erika Sullivan Realty Group on 12/30/2018

The yearís end brings a lot of joy, a lot of stress, and hope for the new year. One thing that you may not consider at the end of the year is buying a house.


There are pros and cons to buying a home at the end of the year. The positive being that you can get a home for a better deal. The negative is that there is often a limited selection of homes. Thereís much more to this. 


Sellers Avoid The End Of The Year


Sellers tend to avoid listing at the end of the year. It could be because of wintry conditions, short days, or the notion that buyers wonít bite at this time of year. People who are selling at the end of the year are highly motivated. They need to move their property fast for one reason or another. Life circumstances like a death in the family, a job change, or divorce can lead to the need to sell at this time of year. As a buyer, you can take advantage of the need for these sellers to get a property off their hands. 


Limited Supply


The limited selection of homes is perhaps the most significant downside to searching for a home over the holidays. The limited supply problem is where your real estate agent will come in handy. Your agent can access expired listings. These are homes that were formerly for sale and have faded off the market. The seller may have decided not to sell, were lacking offers, or just didnít pay enough attention to marketing their listing and let it fall by the wayside.


Your real estate agent can also contact other agents who tend to work in a preferred neighborhood or area. Your agent can get the inside scoop on homes that arenít listed for sale yet but are being prepped to go on the market. These properties are known as ďcoming soon.Ē 


Less Competition


Another significant advantage to buying a home during the holiday season is that thereís not a lot of competition. This means you can possibly avoid bidding wars, get a home at a better price, and even find sellers who have their homes on the market for less than you would during a peak season.


Easy Access To Realtors


Another advantage to buying during the holiday season is that of easy access to real estate agents. These professionals are less busy during this time of year, meaning they have more time to spend with each client. You can often get an agentís undivided attention. Open access to an agent means that you can get to see more home showings with the listings that are available and be able to look at the homes in detail.   

              





Tags: Buying a home   Holiday  
Categories: Uncategorized  




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