Dino Rossi
RE/MAX Preferred Properties | 617-312-3910 | [email protected]


Posted by Dino Rossi on 11/29/2020

Image by Credit Commerce from Pixabay

Finding financing for a home could be as simple as applying for a conforming FHA loan or it could be as difficult as having to locate a portfolio loan or even a combo loan. What you need depends on the real estate you are buying. Most people buying a primary residence get a conforming loan, whether it is conventional or government-backed.

Conforming vs. Non-Conforming

The first thing to determine is whether your loan is going to be conforming or not. A conforming loan for a single-family unit must be under $510,400 in most areas and $765,600 in other areas. The Federal Housing Finance Agency sets the rates. If you have to borrow more, you will need a jumbo loan or a piggyback loan. A common piggyback loan is where you pay 15 percent of the price, then take out two mortgages: one for 80 percent of the purchase price, then a second mortgage for 5 percent of the purchase price. You can work the percentages however you need them based on the purchase price. The piggyback loan keeps you from going into jumbo loan territory and possibly paying higher interest rates.

Conforming Loans

Conforming loans are conventional or government-backed loans. A conventional loan usually has a higher interest rate because it’s riskier to the lender. A government-backed loan, such as a VA or FHA loan is guaranteed by the federal government, thus it is less risky to lenders. Because of the lower risk, you get a better interest rate as long as your credit is good.

Adjustable vs. Fixed-Rate Loans

If interest rates are low and are projected to stay low, you can get an adjustable-rate loan to save a bit on the interest rate. As interest rates change, so does your mortgage payment. Adjustable rates are based on a certain index. For example, if your base interest rate is 4 percent, which means your interest rate will never go lower than that, and the Libor London rate is 1 percent, your rate is 5 percent. If the Libor London increases by a half percentage point, so will your loan. However, if it decreases by a point, your interest rate also lowers by a point.

Adjustable-rate loans are risky for the buyer because you don’t know if the rate will significantly increase over the life of the loan. If you plan on refinancing or selling the home after a few years, an adjustable-rate might be beneficial.

A fixed-rate loan means that your interest rate does not change over the life of the loan.

Portfolio Loans

You might have a hard time finding a loan because you are self-employed, your credit isn’t the best, or you are buying a property that doesn’t conform to most lenders’ standards. A lender doesn’t sell the loan on the secondary market, but instead holds it in the bank’s portfolio. These loans are riskier for the lender and will often have a higher interest rate.




Tags: Financing   home loan   loan  
Categories: Uncategorized  


Posted by Dino Rossi on 11/22/2020

After you accept an offer to purchase your house, a buyer and his or her real estate agent likely will want to conduct a property inspection. Although the mere thought of a home inspection may cause a property seller to stress, it is important to understand the importance of an inspection for both sellers and buyers.

Now, let's take a look at three things that every seller needs to know about home inspections.

1. A home inspection offers valuable insights for both a seller and buyer.

During a home inspection, a buyer, his or her real estate agent and a house inspector will examine a residence both inside and out. The inspection allows a buyer to take a close look at a residence and identify any underlying issues with a house before finalizing a home purchase.

Meanwhile, a seller may learn about assorted home problems following an inspection as well. And if a home has various problems, a seller may need to correct these issues to fulfill a buyer's requests.

2. A home inspection won't necessarily slow down or stop a house sale.

Typically, a home inspection is performed after a seller accepts a buyer's offer to purchase. At this point, a buyer wants to ensure a home matches or exceeds his or her expectations. With an inspection, a buyer can learn about all aspects of a residence and proceed accordingly.

If problems are discovered during a home inspection, there is no need for a seller to worry. Oftentimes, a buyer will request a seller fix any problems with a home, or he or she may ask for a price reduction. As a seller, you may be able to negotiate with a buyer to find common ground relative to the costs of myriad home repairs too.

3. A home inspection generally does not take long to complete.

In many instances, a home inspection takes just hours to complete, and a buyer will receive a house inspection report within a few days of the evaluation. After a buyer reviews the home inspection report results, he or she can choose to move forward with a home purchase. Or, a buyer can rescind his or her offer to purchase or request home repairs or a reduced purchase price.

A seller will find out how a buyer wants to proceed within days of a home inspection. If a buyer and seller can come to terms after an inspection, both parties can proceed with a home transaction. On the other hand, if a buyer and seller cannot reach an agreement following an inspection, both parties can reenter the housing market.

Lastly, when it comes to selling a home, it often helps to hire an expert real estate agent. This housing market professional can teach a seller about home inspections, as well as what to expect at each stage of the property selling journey. That way, a seller can prepare for any potential home selling hurdles and take the necessary steps to overcome such problems before they get out of hand.




Categories: Uncategorized  


Posted by Dino Rossi on 11/15/2020

Getting a mortgage is one of those things that everyone seems to have quite a bit of advice about. While people surely have good intentions, itís not always best to take the buying advice of everyone you meet. Below, youíll find the wrong kind of mortgage advice and why you should think twice about it. 


Pre-Approvals Are Pointless


Getting pre-approved for a mortgage can give you an upper hand when it comes to putting in offers on a home. Even though a pre-approval isnít a guarantee, itís a good step. It shows that youíre a serious buyer and locks you in with a lender so they can process your paperwork a bit more quickly when you do want to put an offer in on a home. 


Use Your Own Bank


While your own bank may be a good place to start when it comes to buying a home, you donít need to get your mortgage from the place where you already have an account. You need to compare rates at different banks to make sure youíre getting the best possible deal on a mortgage. Youíll also want to check on the mortgage requirements for each bank. Different banks have different standards based on down payment, credit scores and more. Youíll want to get your mortgage from the bank thatís right for you and your own situation. 


The Lowest Interest Rate Is Best


While this could be true, itís not set in stone. A bank with a slightly higher interest rate could offer you some benefits that you otherwise might not have. If you have a lower credit score, or less downpayment money, a bank offering a higher interest rate could be a better option for you. Low interest rates can have some fine print that might end up costing you a lot more in the long term. Do your research before you sign on with any kind of bank for your mortgage. 


Borrow The Maximum


Just because youíre approved for a certain amount of mortgage doesnít mean that you need to max out your budget. Itís always best to have a bit of a financial cushion for yourself to keep your budget from being extremely tight. When life throws you a curveball like unexpected medical bills or a job loss, youíll be glad that you didnít strain your budget to the end of your means. Even though the bigger, nicer house always looks more attractive, youíre better off financially if youíre sensible about the amount of money you borrow to buy a home.




Tags: mortgage   mortgage rates   bank  
Categories: Uncategorized  


Posted by Dino Rossi on 11/13/2020

This Multi-Family in Newton, MA recently sold for $650,000. This style home was sold by Dino Rossi - RE/MAX Preferred Properties.


13-19 WINTER, Newton, MA 02464

Multi-Family

$650,000
Price
$650,000
Sale Price

2
Units
2,808
Approx. GLA
HOME WAS DENIED DEMOLITION FROM NEWTON UPPERS FALLS HISTORIC-HISTORICAL WOULD LIKE TO SEE HOME RESTORED-15,130 SQ. FT +- LOT according to deed. OFFERS WILL BE PRESENTED AS THEY COME IN-Located in Newton's Upper Falls Village Historical District, in close proximity to public transportation (express bus & green line @ Elliot T- station), restaurants, shopping, major highway access, and more! Current home is in poor condition and unlivable.






Tags: Real estate   Newton   Multi-Family   02464  
Categories: Sold Homes  


Posted by Dino Rossi on 11/8/2020

?

Image by StudioDin from Shutterstock

Homeowners wishing to sell their home for top dollar might consider a kitchen remodel to increase its value and efficiency. Aside from the kitchen being the heart of the home, it also has several surfaces you can quickly upgrade that affect the entire space. The tips below give you a guide to which areas in your kitchen give you the best return for your investment.

Cabinets and Hardware

Cabinetry is often the primary component that determines the style of your kitchen. Replacing or refreshing your cabinets is one way to improve the look and feel of your kitchen. If the current cabinetry is in decent shape, refinishing or repainting the faces might achieve the look of new without the expense of a complete replacement. If you choose to tackle this project yourself, take the time to remove the doors, and hardware before you begin. For best results, closely follow notes for sanding and drying time for the paint or stain youíve selected. Top off your cabinetry with updated hardware.

Paint or Wall Finish

A fresh coat of paint gives the house a clean, updated look. If you decide to paint your kitchen walls, create a neutral but inviting kitchen space. Colors trends are often regional, so let your realtor in on your plans and follow their lead for the best options. 

Another trend for kitchen walls is adding a backsplash. While its purpose is to protect the kitchen wall from water damage, the backsplash has become a modern kitchen focal point. Choose neutral materials that complement the counter and cabinet surfaces and show the kitchen in the best light.

Countertops and Fixtures

Of all the surfaces that add value to your kitchen space, countertops are most desirable. Materials like natural granite and marble give you a good return on your investment. For people who want a countertop that can resist scratches and stains and requires little or no maintenance, quartz serves perfectly.

Replacing tired or scratched faucets with new, updated versions not only enhances the look of your kitchen, but it also improves functionality. Consider a high-profile faucet with a pull-out sprayer and single-handle operation in a style that matches your kitchenís aesthetic.

Light Fixtures

Lighting has a powerful effect on a room. It brightens your kitchen up, making it appear more inviting. Use lighting to create a vintage style kitchen with chandeliers and or give a modern twist with recessed lighting or pendants. Under-cabinet or task lighting gives a soft glow and makes meal prep easier.

Flooring

An overwhelming variety of flooring options exist for your kitchen; from vinyl and tile to laminate and hardwood. For stylish kitchen flooring design, choose a product that enhances the other elements in the room. A cohesive look is more important than spending all your money in one place.

There are many areas in your kitchen where you can make simple changes to add value to your home. Determine your budget and consult with your realtor on the best options for the greatest return on your investment.




Categories: Uncategorized