Posted by Peggy Farber on 9/13/2017

 

Two thirds of American homeowners are somewhere in the process of paying off a mortgage. It may seem like common sense that everyone should try to pay off their mortgage sooner rather than later. However, there are circumstances when it benefits a homeowner more to hold onto their mortgage longer.


In this article, weíll offer some tips on paying off your mortgage, when you should refinance, and offer some tools that will help you along the long road to debt-free homeownership. If youíre a homeowner and find yourself asking these questions, read on.

I can afford to pay more each month on my mortgage, but should I?

In many cases, paying off your home as quickly as possible saves you money in the long run. A shorter loan term means less interest applied to your loan which could save you thousands of dollars in accrued interest.


What many people donít think about is whether that money could be better spent elsewhere. If your mortgage interest rate isnít too high, you might be better off allocating that extra income toward investments or retirement funds where they could earn you more in the long run.


This technique is typically most beneficial for younger homeowners. In your 20s and 30s you stand the most to gain from long-term investments, especially tax-benefitted retirement funds. Ultimately youíll have to do the math, which is tricky because circumstances change; markets vary, our income goes up and down, etc. However, a good starting place is to determine whether you could earn more in retirement and investments than you could by paying off your mortgage sooner and therefore saving on interest. 

Iíve owned my home for a few years now, should I refinance?

Refinancing is a term that has become ubiquitous for homeowners. There are a few important things to understand about refinancing. First, lowering your monthly payments is not always ideal if it means youíll end up paying more interest in the long run. Ideally, refinancing your mortgage will help you pay the least amount in total.

One way this can be accomplished is by refinancing to a 15-year fixed-rate mortgage which often darry slightly lower interest rates. This option is designed for people who have improved their credit and increased their income since signing their first mortgage.

Math isnít my strong suit. How can I figure out my finances?

If all of the numbers and percentages associated with mortgages and refinancing seems overwhelming--youíre not alone. Fortunately, there are mortgage and refinancing calculators that will give you a good idea of where you stand if you decide to increase your payments or to attempt to refinance your loan. Here are some great tools:
  • Use this mortgage calculator for determining how much you would save by making extra payments.

  • This refinance calculator will help you understand the potential benefits of refinancing your mortgage.

  • To determine how much you could earn through investments (rather than paying more toward your mortgage) use this helpful tool.

  • You might be able to increase your savings by creating a better budget for yourself. This website will help you make a detailed budget and hold yourself accountable each month.






Tags: Mortgage   home   refinancing   finance  
Categories: Uncategorized  


Posted by Peggy Farber on 9/7/2017

This Condo in Brewster, MA recently sold for $790,000. This style home was sold by Peggy Farber - oldCape Sothebyís International Realty.


32 Cockle Way , Brewster, MA 02631

Brewster (village)

Condo

$789,000
Price
$790,000
Sale Price

5
Total Rooms
2
Beds
3
Baths
Good living awaits you in this gorgeously renovated unit. Only offering currently available in coveted Sears Point. Tennis, pool complex, beach house and breathtaking Cape Cod Bay beach are yours! Recently turned out with dramatic contemporary flair, you will love the updates which include fully tricked out basement and bathroom which double the square footage, new Master and Master Bath, new flooring, new HVAC, Ben Moore coordinated colors, cedar closeting, new appliances, new patio.... so much more! Basement features media room, games room and mini kitchen with fridge and wine cooler. Furnishings negotiable






Tags: Brewster   Real Estate   02631   Condo  
Categories: Sold Homes  


Posted by Peggy Farber on 9/6/2017


175 Cemetery Road , Brewster, MA 02631

Brewster (village)

Single-Family

$2,250,000
Price

8
Total Rooms
4
Beds
3/2
Full/Half Baths
Spectacular Seaside Beach House! Brand new and ready for you and your family and friends. This classic beach house has an open floor plan of 3800 sf with 4 bedrooms, 3 full and 2 half baths, 2 car garage with large unfinished bonus room above, Sub-Zero/Wolf 6 burner gas range granite and quartz counter tops. First and second floor master bedrooms, 18x12 screened porch, pantry, laundry room, gas fireplace. Second floor great room with wet bar and fantastic second floor deck looking out to Cape Cod Bay walkout basement and first and second floor decks to enjoy the views.Located in the prestigious Setucket Club of Brewster Park with tennis courts and supervised summer programs, this house is steps from private bay beach. Want a pool? Life is short..Buy the Beach House and enjoy!
Open House
Saturday
September 09 at 10:00 AM to 12:00 PM
The ultimate Cape Dream.....a house by the sea. Not just any house, THE" house: bay views, private sandy bay beach,. room for your family and friends yet cozy enough to settle in to read a book.
Cannot make the Open Houses?
Location: 175 Cemetery Road , Brewster, MA 02631    Get Directions






Categories: Open House  


Posted by Peggy Farber on 9/6/2017

Guest rooms, often unused most of the year, all too often end up as a holding area for clutter you're too attached to toss but not quite in love with enough to put out in a frequently used room. Moving into a new home creates the perfect clean slate for setting up a guest room that is a luxurious home away from home for visiting friends and family. Keep reading to learn how to set up a guest room that wows visitors.

Start with the essentials:

If nothing else, be sure to put out plenty of blankets and pillows for your overnight guests to sleep comfortably in your home. Make sure to have at least one lightweight blanket and one heavy one to suit varying temperatures.

Try spending at least one night in your guest room to get a feel for the room. Is it extra drafty? Is the sun overbearing in the morning or maybe the room is poorly lit for the nighttime. Having first-hand experience with staying in your guest room helps you to thoughtfully furnish the room. 

If your guest bedroom doesnít have its own bathroom hang a mirror up for guests to get ready in the comfort of their own room. 

Put items for guests to use out in plain sight so that they do not need to feel like a snoop going through drawers to find an extra blanket or spare toothbrush. When setting up the room get creative with ways you can tastefully leave these items out instead of just cluttering up available surfaces.

Speaking of a spare toothbrush, earn bonus hospitality points by leaving out spare and travel size personal care items for your guests who may have forgotten their own. Youíll also want to stock the bathroom with extra toilet paper, tissues, and towels.

Little extras that make a big impression:

For guests who are staying for a few days or longer, you should provide plenty of available hooks and hangers as well as at least one empty drawer. You may also want to include a bedside clock with an alarm feature.

Bring in the comforts of home by providing a bedside light, books and magazines as well as a comfortable chair to sit in with a side table. Fresh cut flowers or houseplants always make a room feel more pulled together and lived in.

Leave out some entertainment options for guests who may be night owls or early risers. Whether you add magazines, books or a few movies make sure they are current and interesting. In the age of the mobile phone be sure to also include your homeís wifi password out in the open, perhaps even framed, and spare charging cords.

Add lastly, you can add a touch of luxury by including an electric kettle, mugs, packets of tea, instant coffee and packets of creamer and sugar. Consider also putting out a few snacks and drinking water.

When having friends and family stay overnight the hope is always for them to feel at home. You can avoid a cold, unwelcoming guest room by employing just a few of the above tips. After all, itís the little things that count and your extra efforts surely wonít go unnoticed!




Categories: Uncategorized  


Posted by Peggy Farber on 8/30/2017

Bad credit happens. Maybe you were late on some loan payments, or maybe you got a bit to swipe-happy with a credit card while you were in college. Or, maybe you were like many other Americans who took a financial hit during the housing crisis. Regardless, it can take a long time to recuperate from a bad credit score.

If youíre hoping to buy a home but have poor credit, it can seem like you donít have many options. However, there are many mortgages designed with such people in mind.

In this post, weíre going to discuss some of the options for people interested in home ownership who have low credit and ways they can achieve this goal without taking on high interest loans.

First thingís first: start prioritizing your credit

Even if you want to buy a home within the coming months, itís always a good idea to start building credit. It does take several months to see a substantial difference on your credit report, but starting now will save you in the long run and will show lenders that youíre making a difference.

To give your credit score a boost in the shortest time possible, set all of your bills on auto-payment, repay and late bills such as medical expenses, and set up payment plans wherever needed. If possible, become an authorized user on someoneís credit card and use that for everyday expenses like groceries. Doing so will help you build credit without opening new cards that have high interest.

Many types of mortgages

Mortgages come in many shapes and forms. Since lenders are in competition with one another, you can often find loans that cater to underserved markets. In this case, that market is people with low credit scores.

Call some local lenders and ask if they have programs for people with low credit. Often they will point you toward first-time homeowner loans and USDA-guaranteed mortgages. Other times they might offer loans with high down payments. But, youíll never know until you ask.

USDA and FHA Loans

Currently, USDA loans have a minimum credit score of 620. For FHA loans, lenders recently reduced the minimum score to 580. With these loans, you can pay a low, or no, down payment and still receive a mortgage loan.

The first step to getting approved for either type of loan is getting in contact with a lender to determine your eligibility. Eligibility is based on other factors such as your income, and in the case of USDA loans, the location of the home.

Other Options

If your score is lower than 580 or you donít qualify for a USDA loan, you can still find other options. One would be to pay a higher down payment on the home. This would help ensure the lender that you are able to provide income to make payments in spite of your credit history.

Another option would be to reason with your lender of choice. Most of the application process comes down to numbers, but if you can show a lender that you have substantial, reliable income, and have been making rent payments for multiple years, these can both help build your case.




Categories: Uncategorized