Bill Hoey - RE/MAX Renaissance Inc.



Posted by Bill Hoey on 6/13/2018

Establishing a homebuying budget can be tough. But for those who want to secure a terrific home at an affordable price, entering the housing market with a budget in hand can make it easy to accelerate the homebuying cycle.

Now, let's take a look at three questions to consider about a homebuying budget.

1. How much money have I saved for a home?

Examine your finances and see how much money is readily available for a home purchase.

Remember, the more money that is at your disposal, the more likely it becomes that you'll be able to secure your dream residence in no time at all.

Although savings are important, it is essential to note that those who have little to no money saved still have plenty of time to get ready for the homebuying journey. And if you start saving a little bit each day, you can move closer to accomplishing your homeownership dreams.

2. Do I need to get a home loan?

In most instances, a homebuyer will need to obtain a home loan so he or she can purchase a residence. Luckily, many lenders are available to help you discover a home loan that matches or surpasses your expectations.

Meet with a variety of lenders in your area – you'll be glad you did. Each lender can provide insights into assorted home loan options, explain how each home loan works and respond to your home loan concerns and questions.

Also, it often helps to get pre-approved for a mortgage. If you have a mortgage available when you enter the real estate market, you'll know exactly how much you can spend on a residence, thereby reducing or eliminating the temptation to overspend on a house.

3. How will my monthly expenses change after I buy a house?

Owning a home is different from renting an apartment. As such, you'll want to account for all potential expenses as you create a homebuying budget.

For example, a homeowner will be responsible for any home cable, internet and phone bills. This property owner also will need to consider any home maintenance costs like those associated with mowing the lawn in summer or removing snow from the driveway in winter.

Crafting a homebuying budget that accounts for your personal finances can be tricky. If you need additional support along the way, lenders may be able to provide expert tips to ensure you can acquire a wonderful house without exceeding your financial limitations.

Lastly, don't forget to reach out to a real estate agent for help along the homebuying journey. A real estate agent is a housing market professional who will go above and beyond the call of duty to assist you in any way possible. From setting up home showings to negotiating with home sellers on your behalf, a real estate agent will make it easy for you to secure a superior home at a budget-friendly price.

Consider the aforementioned homebuying budget questions, and you can speed up the homebuying process.




Tags: budgeting   buyer tips  
Categories: Buying a Home   budgeting  


Posted by Bill Hoey on 6/11/2018

This Single-Family in Lynn, MA recently sold for $375,000. This Colonial,Gambrel style home was sold by Bill Hoey - RE/MAX Renaissance Inc..


83 Eastern Avenue, Lynn, MA 01904

Single-Family

$369,900
Price
$375,000
Sale Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Location, Location, Location! Only minutes from Lynn Shore Drive, North Shore Beaches and the Swampscott/Boston Commuter Train, this Classic New England Colonial has it all for convenience and enjoyment. Stunning hardwood floors, mahogany woodwork and stained glass windows balance an abundance of natural light in this meticulously maintained home. Custom staircase, mantle, and built-ins make this a decorator's dream! Three bedrooms plus bonus second floor open foyer perfect for home office. Open deck overlooking landscaped yard is perfect for entertaining. Vacant and move-in ready. Showings by appointment Friday, April 27th from 11-1:00 p.m.; Open Houses Saturday, April 28th and Sunday, April 29th from 11:00 a.m. - 2:00 p.m.

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Tags: Real estate   Single-Family   Lynn   01904  
Categories: Sold Homes  


Posted by Bill Hoey on 6/6/2018

If you’re hoping to buy a home in the near future, there are a number of financial factors you’ll need to consider.

One of the factors that all lenders will consider when determining whether or not to approve you for a mortgage is credit score.

In this article, we’ll lay out the minimum and ideal credit scores that are needed for getting approved for a home loan.

Determining Your Score

As you may guess, credit reporting is a complicated business. There are three main reporting companies that lenders use to determine your credit: Experian, TransUnion, and Equifax. These companies largely collect the same data about your finances, but can have minor variations. Lenders will take these scores and use the median or middle score to determine your credit rating.

Thanks to the Fair Credit Reporting Act, Americans have the ability to confirm the accuracy of their reports.

If you want to find your credit score, there are a number of online reporting agencies that will show you your report for free on an annual or monthly basis.

Minimum credit scores

Depending on the type of loan you’re applying for and which lender you are pursuing, minimum credit scores vary.

For those seeking first-time homeowner (FHA) loans, you’ll need a credit score of at least 580 to qualify for a 3.5% down payment. A score lower than this amount and you will need to put at least 10% down.

Since FHA loans are insured by the government, you are more likely to be approved if you have a low or “poor” or “bad” credit score (usually anywhere from 300 to 650).

Another type of loan that could help people with low credit is offered by the Department of Veteran’s Affairs. These loans, known as VA loans, are guaranteed, in part, by the government. However, the loans are still approved and distributed by lenders who all have varying minimum credit requirements. A good benchmark is that you’ll need a score of at least 620 to be approved.

Minimum isn’t ideal

While you may get approved for a loan with a low credit, this isn’t always a reason to celebrate.

Lenders use your credit score, among other things, to help determine the interest rate of your loan. A lower score often means a higher interest rate.

While 1 or 2 percent can seem like a small number, it can mean paying tens of thousands of dollars more in interest over the span of a thirty-year loan.

To illustrate the importance of one percent, consider the following. If you owe $200,000 on a home and intend to pay it over 30 years, you will pay $103,000 in interest at 3% and $143,000 at 4% - that’s a difference of $40,000.

Rather than shooting for the minimum credit score, a better approach would be to build credit while saving for a down payment. Someone with a credit score of 740 or higher will be seen by most mortgage lenders as an ideal person to lend to.

Of course, life doesn’t always allow for the ideal situation. So, do your best to save and build credit, and be sure to shop around for the best rates when you’re ready.





Posted by Bill Hoey on 6/4/2018

This Single-Family in Andover, MA recently sold for $515,000. This Raised Ranch style home was sold by Bill Hoey - RE/MAX Renaissance Inc..


16 Samos Lane, Andover, MA 01810

Single-Family

$488,000
Price
$515,000
Sale Price

9
Rooms
3
Beds
2
Baths
BEST VALUE IN ANDOVER!!! AWESOME SCHOOLS, GREAT LOCATION you will LOVE this home. Sited at the end of a cul de sac on a one acre lot waiting for a New Family to make memories. This beautiful home has many recent updates including granite counters in the kitchen, central air for the upcoming WARM SUMMER MONTHS, new vinyl siding, new roof and Anderson windows. You can just move in and enjoy this home. The bright and open living room and dining room open through sliders to a 20 ft. by 14 ft. Deck perfect for your summer cookouts. You will love the kitchen with new granite counters including a granite breakfast counter. A large master bedroom and two additional good size bedrooms and a full bath complete the main living level. The lower level will certainly be a great family area. The bright inviting fireplaced family room is a wonderful place for family get togethers and entertaining friends. Another bath on this level with custom SAUNA and JACUZZI TUB will melt your cares away.

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Categories: Sold Homes  


Posted by Bill Hoey on 5/30/2018

When it’s time to list your home, you probably have two main questions in mind for your real estate agent. The first is how much can I get for my home? The second is how much commission do you take? Obviously, you want to get the most money in return for your investment. 


Many sellers hire the very first agent they meet and this isn’t necessarily the right process. Selling a home is a huge undertaking. As a seller, you’ll want to dig a bit deeper in order to find the agent who is right for you.


What Experience Do You Have?


It sounds like such an obvious question, but many sellers fail to ask their real estate agents what kind of experience they have. Homes are very expensive business transactions. You want someone who has some experience under their belt to help you get the most bang for your buck in the sale of your home. While there’s no amount of experience that’s “required,” your agent should have some experience selling homes. The ability of an agent to handle deals is very important. 


How Will You Market My Home?


You can’t really sell anything without some kind of marketing efforts. There are many different ways to market a home including direct mailing, online advertising and sending the property to the MLS for wide search availability. It’s important that your real estate agent knows how to market a home. 


How Will We Communicate


This is an important question. You don’t want to hire a real estate agent just to find that they are often unavailable and leaving you wondering what’s happening in the sale of your home. In this age, it’s important to remember how many different ways that we can communicate. There’s e-mail, texting and of course old fashioned phone calling. You want to make sure that the agent you choose to help you sell your home will be open to communicating in the ways that are most convenient for you. 


Will You Be Representing Both Sides Of The Transaction?


Agents have the ability to represent both the buyer and the seller if the buyer doesn’t have their own agent to represent them. This is normal and expected especially in special cases. Dual agency is possible and it is legal. However, sometimes you may want someone who is purely “on your side.” If an agent is getting commission from both transactions, you may think it’s hard for them to be working for both the buyer and the seller without trying too hard to make a deal. You don’t want your best interest to be compromised when you’re selling a home.




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