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When Can You Get a Mortgage Again After Your Short Sale?

Experiencing a damaging credit event like a foreclosure,short sale or bankruptcy doesn’t mean you will never be eligible for a mortgage again. As you prepare to buy your next home,take a look at this useful chart to see typical waiting periods before you can be approved for a mortgage. If you experience extenuating circumstances, your wait time may be shorter than you think. (Thanks to Fred DaMore of Ross Mortgage for providing this helpful chart) 

When Can I Get a Mortgage[2] (1)

 
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Posted by on March 20, 2014 in Home Buying

 

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Is a Reverse Mortgage Right for You?

Reverse mortgages. It’s an increasingly popular term; you may have seen a commercial touting the benefits of one or seen a brochure at your local bank. But what exactly is it? Are there risks? Is it right for me?

Consider a Reverse Mortgage an opportunity for you to decide how you wish to live out the rest of your life. You may choose to live more comfortably month to month, enjoy some luxury, or even pass some money along to your heirs for their use now while you are still living.

Now, the money lent to you can be in one lump sum or monthly, depending on your situation. If you are struggling to get by, a reverse mortgage will take the equity in your home and give it to you as cash. Equity is the amount of money left after subtracting your mortgage’s current value from the appraisal value of your house. For instance, if your house is appraised for $300,000 and you have $50,000 left on your mortgage, your equity is $250,000. Thus, with a reverse mortgage, you are entitled to a portion of that equity. The bank issues a monthly payment to you or you may receive a one time lump sum. There are no monthly payments from you back to the bank like a typical mortgage.

Reverse mortgages do have their consequences though. What you should know is that this big loan given to you by the back is accruing interest. Obviously, this will increase the amount owed upon maturity of the loan. This fact compounds one of the other stipulations of a reverse mortgage, which is the amount of succession you leave to your heirs. If you have planned on leaving your heirs with some financial security, this may not be the right course of action for you.

So if you are 62 years or older and this sounds like a good fit for you, then why wait? Start the process now! It is mandatory that before you sign anything, you attend a counseling session with a HUD certified counselor. This person is an objective and independent financial advisor that will explain everything to you in detail and answer any of your questions. HUD is the government’s Housing and Urban Development department that protects homeowners. Please see this link if you want more information on HUD.

Take that equity that you’ve put so much time and energy into and put it to use today

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About the author: Patricia Lovett is a Realtor at RE/MAX Legacy and is part of the Alliance Home Team. Contact her directly on her website www.pattylovett.com 

 

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Smoke Detector Laws

Anytime a house is sold in Massachusetts, the owner is required to provide a certificate of compliance from the Fire Department for smoke and carbon monoxide detectors. This ensure that all the smoke and carbon monoxide detectors are not only working but in the right location AND are the right types.

On April 10, 2010, the smoke and carbon monoxide requirements changed in Massachusetts so just because you were in compliance  when you purchased the home doesn’t mean you are in compliance now.

A great place to start is the Consumer Guide to Smoke and Carbon Monoxide Detectors when selling 1 and 2-Family Homes  found on the www.mass.gov.  

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About the author: Anthony Giglio is a Realtor at RE/MAX Legacy. You can contact him on his website www.myhomeMA.com
 

 

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You Don’t Have To Go Home But You Can’t Stay Here…Part 2

Two weeks ago, I wrote about catching the little creatures residing in my basement. (You can read that post here) I am back to report the mission was successful…victory is mine!  However, the creature was not as expected! I had previously indicated that based on my analysis of the poop droppings, I had a band of squirrels vacationing for the winter.  However, my trap revealed a surprise!

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Turns out that squirrel poop is very similar to RAT poop!  There may not be a worse feeling in the world as the one you have when you realize that you have a rat problem!   As I mentioned before, I am a Do it Yourself-er but it was clear to me that this was not one of those occasions.  I decided to outsource the problem and bring in an exterminator. (Thank you Matt from Best Pest) Through our collaborative efforts, we were able to find and remove all 3 of these rodents.  In addition, my brave exterminator was willing to crawl around my basement looking for entry ways and burrows and then sealed them up with spray foam.

It appears the reason why these rats chose my basement was because of the bags of grass seed and fertilizer that was not stored in a secure, rat proof container. Lesson learned and I am now rat free! I leave you with some helpful links:

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About the author: Anthony Giglio is a Realtor and one of the broker/owners at RE/MAX Legacy. You can contact him directly on his website www.myhomeMA.com
 

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Is Solar Energy a Good Option?

installing alternative energy photovoltaic solar panels on roof - stock photoAs you drive around your neighborhood, you may have noticed solar panels popping up all over the place.  It seems that more and more people are switching to solar energy for their home but is solar energy a good option? (What is solar energy?)

Did you know that in Massachusetts you can receive rebates and credits of between $3000 -$5000 for solar energy and federal tax credits of up to $6000!  This can often add up to half the cost of the system. Check out the Massachusetts Clean Energy Center for more info

What are your options for solar energy? 

1. Purchase. With reduced utility cost and solar renewable energy credits, purchasing a system will pay itself back in only 4 to 5 years. After the payback period expect to make over $1,000 a year, by selling excess energy the system produces. www.baystatesolarpower.com

2. Lease with $0 down payment programs .  Home owners can reduce their electric bill by 25%-$40%. Over 5 to 10 years the energy savings will add up to $1500- $3000.

3. Lease Hybrid. This is a great combination of a solar lease and future ownership. This program requires a down payment of $2,000 to $3000, but after five years you will be able to purchase the system for 10% of the original cost.

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About the author: Patty Lovett is a Realtor at RE/MAX Legacy and is on the Alliance Home Team. You can contact her through her website www.pattylovett.com

 

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You Don’t Have to Go Home But You Can’t Stay Here…Part 1

I’m a DIY (Do-It-Yourself) kind of guy so when I noticed that some mystery creature tunneled its way into my basement I was kind of excited to find, trap and remove the unwelcomed visitor. I took my time putting my plan into action until I found out that this critter brought some of his friends with him. (It’s not fun trying to do your laundry when 3 mystery creatures are darting across the back of your basement)

I finally went into attack mode and purchased a small animal trap. (Don’t worry its the kind that traps them alive so you can relocate them to a different area) I then began baiting it with peanut butter thinking I was dealing with chipmunks, however after a week, my trap yielded no chipmunks and even worse my peanut butter was untouched.

2014-02-02 14.59.29I decided to go into CSI mode and do a little investigation to see if I could identify the creature first then find the appropriate enticement for them. After some easy detective work, I found some droppings of the creature, snapped a picture and then went to google for the answer. According to my poop analysis, (yup, the picture on the right is squirrel poop) the mystery creatures are squirrels!  Further evaluation found that they had eaten all the grass seed in the basement so I knew they must be craving more! I purchased some grass seed and reset the trap and now we wait…  Stay tuned for part 2 of this post where we will celebrate my victory and relocate these grass-seed loving buggers to their new earthly home.
 
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Posted by on February 4, 2014 in Uncategorized

 

Pristine 2 Bed Condo in Prime Brookline Locale!

1064 Beacon St, Unit 6
Brookline, MA 02446
Offered at $564,000

Take a Virtual Tour Here!

 

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