Tracey Fiorelli
Janice Mitchell Real Estate, Inc | 508-509-8162 | [email protected]


Posted by Tracey Fiorelli on 12/15/2018

There’s a lot of things to think about before buying a home--some financial, others personal. Most people tend to focus on one or the other. However, both are instrumental in choosing the right house and buying at the right time.

In this article, we’re going to talk about some of the ways you can determine if you’re ready for homeownership. We’ll discuss things like credit scores and down payments, but also important life factors like your career and future plans.

Getting your finances in order

There are a few simple things you can do right now that will help you understand if you’re financially secure enough to start looking at houses. First, you’ll want to look up your credit score.

Lenders strongly consider your credit when determining how much risk is involved in lending to you. A higher credit score can not only get you approved for a mortgage, it can lower your interest rate and make you eligible to borrow without having to pay private mortgage insurance.

The amount of money this saves seems trivial in the short term, but over the lifespan of your loan it can save you tens of thousands of dollars. So, read a free credit report and if your credit is lower than 700 start finding ways to improve your credit.

In the meantime, you’ll want to save for a down payment. While it’s possible to buy a home with a small or no down payment, it can come back to haunt you in the form of interest as you pay off your loan. Furthermore, many lenders won’t pre-approve you unless you make a down payment of a minimum amount (often 20% of the loan).

If you have a high credit score and you’ve saved for a down payment, another thing to check off your list would be proving your stable income. This can be difficult for the self-employed, contract workers, or people who have recently changed jobs.

Lenders want to see that you have a stable income history to ensure that you’ll be able to pay your mortgage each month. If you recently changed jobs or are in between jobs, it could be to your benefit to wait 3-6 months before getting pre-approved. In that time, you can continue to raise your credit and save for a down payment, further increasing your chances of getting a low-interest loan.

Preparing for homeownership

While the financial aspects of homeownership are important, so are the personal aspects. You’ll want to consider several life factors before buying a home.

First, think about your longterm goals. Do you want to live in the same area for the next 10 to 30 years? Will your career bring you to different regions or will you attend school somewhere else? These questions will help you decide if it’s a good time to buy or a better investment to save money while renting.

If you have a family (or plan on having one soon), you’ll also have to find a way to balance all of your living needs.

Finally, ask yourself if you have time for homeownership. Many people who are used to renting aren’t aware of the amount of time and money it takes to maintain a home. You’ll have more bills, you’ll have to mow your own lawn, and you’ll be responsible for maintenance of your home.





Posted by Tracey Fiorelli on 12/12/2018

This Single-Family in Oakham, MA recently sold for $342,000. This Cape style home was sold by Tracey Fiorelli - Janice Mitchell Real Estate, Inc.


140 BULLARD ROAD, Oakham, MA 01068

Single-Family

$345,000
Price
$342,000
Sale Price

9
Rooms
4
Beds
2/1
Full/Half Baths
Beautifully maintained cape style home with flexible floor plan including an in law or au pair suite . Recently update and redesigned kitchen including corian counters,new stainless steel appliances, breakfast bar, refinished hdwd floors ,painted cabinets and circular window accented with a picturesque setting ,2nd floor has front to back master bedroom with ample closet space and new hdwd floors, (2) additional bedroom and full bath . Mud room entrance offers dual entry for main house and welcome to 2nd floor in law or au pair suite with den/office , spacious bedroom and private bath . Lovely 3+acre lot framed by mature trees and rear deck . Other updates inc young roof , freshly painted interior , filteration system and young septic system. Move in ready

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Categories: Sold Homes  


Posted by Tracey Fiorelli on 12/8/2018

Let's face it – the homebuying journey may prove to be an expensive experience. If you're not careful, you risk overspending to acquire your dream house. On the other hand, if you purchase a home without identifying underlying structural problems, you risk costly home repairs down the line.

Ultimately, it helps to establish a budget for the homebuying journey. If you have a budget in place, you can increase the likelihood of having the necessary funds on hand to overcome many potential homebuying hurdles.

You should have no trouble creating a homebuying budget, either. In fact, here are three tips to help you put together a budget for the homebuying journey.

1. Assess Your Financial Situation

If you intend to purchase a house in the foreseeable future, you'll want to take a close look at your finances. By doing so, you may be able to reduce your monthly spending and use your savings to accelerate the homebuying journey.

It often helps to assess your daily, weekly and monthly expenses. Then, you may discover bills that you can cut from your everyday budget.

For example, you may enjoy dining out regularly, but cooking at home may prove to be more cost-effective. And as you reduce your dining expenses, you can save money that you can use toward the down payment on a new house.

2. Obtain Your Credit Score

Believe it or not, your credit score can make a world of difference in your quest to acquire a house. If you check your credit score, you may be able to find ways to improve your credit score prior to kicking off a house search.

You are eligible to receive a free copy of your credit report from each of the three reporting bureaus (Experian, Equifax and TransUnion). Take advantage of this perk, and you can learn your credit score in no time at all.

Remember, your credit score may have a major impact on your ability to land a favorable mortgage. And if you find that you have a below-average credit score, you then can pay off outstanding debt to improve it before you start your search for a new home.

3. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage is ideal. With a mortgage in hand, you can enter the real estate market with a budget for buying a house.

To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can offer insights into a variety of mortgage options and help you make an informed mortgage selection.

Lastly, as you prepare a homebuying budget, you may want to collaborate with a real estate agent. This housing market professional can help you hone your home search to residences that fall within your price range. Perhaps best of all, a real estate agent will make it simple for you to avoid spending too much to acquire your dream house.

Get ready to buy a house – use the aforementioned tips, and you can establish a successful homebuying budget.




Tags: budgeting   buying a home  
Categories: Uncategorized  


Posted by Tracey Fiorelli on 12/6/2018


7 FORT SUMTER DRIVE, Holden, MA 01520

Single-Family

$397,400
Price

9
Rooms
4
Beds
2
Baths
This Newly renovated home with an open flare is a must see ! Gleaming hdwd floors Thru out , new kitchen featuring white cabinet , granite counter tops , tile backsplash, center island and stainless steel appliances , family room with cathedral ceilings and brick fireplace, front living room with picture window overlooking tree framed private yard, spacious bedrooms fully updated bathrooms with tastefully tile showers. Lower level is finished offering 2nd fireplace . Entire home inside and out has been freshly painted . Exterior improvements are equally stunning with large deck leading to in ground pool , patio area and storage shed , great yard ideal for entertaining . Easy highway access in an established neighborhood
Open House
Sunday
December 09 at 11:30 AM to 1:00 PM
Cannot make the Open Houses?
Location: 7 FORT SUMTER DRIVE, Holden, MA 01520    Get Directions

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Categories: Price Change  


Posted by Tracey Fiorelli on 12/6/2018


7 FORT SUMTER DRIVE, Holden, MA 01520

Single-Family

$397,400
Price

9
Rooms
4
Beds
2
Baths
This Newly renovated home with an open flare is a must see ! Gleaming hdwd floors Thru out , new kitchen featuring white cabinet , granite counter tops , tile backsplash, center island and stainless steel appliances , family room with cathedral ceilings and brick fireplace, front living room with picture window overlooking tree framed private yard, spacious bedrooms fully updated bathrooms with tastefully tile showers. Lower level is finished offering 2nd fireplace . Entire home inside and out has been freshly painted . Exterior improvements are equally stunning with large deck leading to in ground pool , patio area and storage shed , great yard ideal for entertaining . Easy highway access in an established neighborhood
Open House
Sunday
December 09 at 11:30 AM to 1:00 PM
Cannot make the Open Houses?
Location: 7 FORT SUMTER DRIVE, Holden, MA 01520    Get Directions

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Categories: Open House