Brian O'Neil - RE/MAX Advantage I



Posted by Brian O’Neil on 8/12/2018

You can ask any homeowner-buying and owning a home is expensive. Mortgage payments, property taxes, utilities, and other bills quickly add up.

If you want to buy a home but don’t have a large down payment saved, odds are you’ve discovered something called private mortgage insurance (PMI).

PMI is an extra monthly payment that you make (on top of your mortgage payment) when you don’t have enough to make a large (20%) down payment on your home.

However, if you want to buy a home and don’t want to tack on an extra monthly payment for PMI, you have options. In today’s post, I’m going to talk about some ways to avoid paying PMI on your mortgage so you can save more money in the long run.

PMI Basics

Before we talk about getting rid of PMI, let’s spend a minute on what to expect when you do have to pay it.

PMI typically costs 0.30% to %1.15% of your total loan balance annually. That means that your PMI payments will decrease a moderate amount as you pay off your loan.

Furthermore, once you have paid off 22% of your loan, your PMI will be cancelled and you’ll only be responsible for your regular monthly mortgage payments.

Getting PMI waived early

With conventional loans, you can request to have your PMI cancelled once you’ve paid off 20% of the mortgage. However, many buyers with PMI are using some form of first-time buyer loan, such as an FHA loan.

With an FHA loan, you’ll be stuck with PMI for the lifetime of the loan if you don’t make a down payment of 10% or more. That’s a lot of PMI payments, especially if you take out a 30 year loan, and it can quickly add up.

If you have an FHA loan with FHA insurance, the only way to cancel the insurance is to refinance into a non-FHA insured loan. And remember--refinancing has its own costs and complications.

Making it to the 20% repayment mark

On conventional loans, the best way to get rid of PMI is to reach your 20% repayment mark as soon as possible. That could mean aggressively paying off your mortgage until you reach that point.

This can be achieved by making extra payments, or just paying more each month. However, you don’t want to neglect other debt that could be accruing costly interest in favor of paying off your loans. Make sure you do the math and find out which debt will be more expensive before neglecting other debt.

Once you do reach the 20% repayment mark, you’ll have to remember to apply to have your PMI canceled with your lender. Otherwise, it will be canceled automatically at 22%.





Posted by Brian O’Neil on 8/9/2018


39 Ledgecrest Dr, Worcester, MA 01603

Single-Family

$194,900
Price

5
Rooms
2
Beds
2/1
Full/Half Baths
5 room, 2 bedroom, 2.5 bath townhouse with family room in finished basement. Large master bath with jetted tub. Updated carpeting, central A/C and gas heat.
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by Brian O’Neil on 8/5/2018

As a home seller, you'll want to ensure all areas of your house look great. By doing so, you may be able to generate substantial interest in your house and boost your chances of a quick home sale.

Unfortunately, some home areas are tougher to clean than others. And when it comes to cleaning your attic, it may prove to be a time-consuming process to transform this space from a liability into an asset.

So what does it take to fully clean an attic? Here are three tips to help a home seller revamp an attic in no time at all.

1. Look Out for Dust and Mold.

Dust and mold can be problematic, but these issues may arise if you rarely enter your home's attic. Fortunately, a home seller who spends some time cleaning the attic can minimize dust and mold with ease.

Repair or replace any loose, broken or missing shingles in your attic. Also, check attic windows for missing caulk or cracked panes. Resolving these issues may help you prevent mold from forming.

If you encounter mold, contact a certified indoor air quality professional immediately. This professional can evaluate your attic and offer recommendations to correct the problem.

In addition, dust your attic thoroughly. This will enable you to minimize the risk that dust mites and other irritants could enter other areas of your home.

2. Get Rid of Unwanted Items.

From holiday decorations to family photo albums, your attic may be filled with a broad assortment of items. And if you remove clutter from your attic today, you may be able to save time after you sell your residence.

Go through your attic belongings and separate the essential items from the non-essential ones. That way, as moving day approaches, you won't have to rush to get rid of non-essential items.

Furthermore, wear rubber gloves, eye protection and a dust mask any time you clean or organize your attic. This will enable you to stay safe as you work.

3. Collaborate with Your Real Estate Agent.

Does your attic require a complete overhaul? If so, you may need professional cleaning support, and your real estate agent can put you in touch with the right cleaning company instantly.

Your real estate agent will do what it takes to help your home stand out in the eyes of homebuyers. He or she can offer attic cleaning recommendations and general cleaning tips, guaranteeing you should have no trouble creating a dazzling home interior.

When it comes to selling your home, it is easy to ignore your attic. However, a home seller who performs extensive attic cleaning may be able to differentiate his or her residence from others – something that is exceedingly important in a highly competitive real estate market.

Take advantage of the aforementioned attic cleaning tips – you'll be happy you did! If you revamp your attic, you could improve your chances of maximizing the value of your residence and accelerating the home selling process.




Tags: cleaning tips   attic  
Categories: Uncategorized  


Posted by Brian O’Neil on 7/29/2018

If you plan to list your house in the foreseeable future, you should do everything possible to differentiate your residence from the competition. That way, you can show homebuyers exactly what your house has to offer and increase the likelihood of a fast, profitable home sale.

Now, let's take a look at three tips to help you optimize your home's potential.

1. Boost Your House's Curb Appeal

Your house's curb appeal may dictate how quickly your residence sells. If you allocate time and resources to transform your home's exterior from drab to fab, you may be able to reap the benefits of a speedy home sale.

Mow the lawn, trim the hedges and perform other home exterior upgrades. By doing so, you can take your house's curb appeal to new heights.

Also, if you need assistance with home exterior projects, you can reach out to local home improvement professionals. Contractors are available in cities and towns nationwide, and these professionals can help you enhance your house's curb appeal in no time at all.

2. Remove Clutter

Clutter is an eyesore that home sellers need to eliminate. Because if your home is overloaded with antiques, decorations and other items, it may be tough for homebuyers to envision what life may be like if they purchase your residence.

If you own lots of items but want to keep these belongings, there is no need to worry. You can always rent a storage unit where you can store various items until your house sells. Or, you can contact family members and friends to find out if they can store some of your belongings for the time being.

On the other hand, if you want to get rid of assorted items, you can host a yard sale or sell items online. This will enable you to simultaneously remove clutter from your house and earn extra cash.

3. Conduct a Home Inspection

Identifying home problems sometimes can be difficult. Luckily, home inspectors are available who can analyze your residence and offer valuable property insights.

Typically, a home inspector will review your residence over the course of a few hours. The inspector then will provide you with an inspection report that details his or her findings. If you analyze the inspection report closely, you can gain comprehensive insights into your house's strengths and weaknesses and prioritize home improvements.

If you need help finding a home inspector or completing other home selling tasks, you may want to hire a real estate agent as well. A real estate agent will help you revamp your house both inside and out and ensure your residence stands out to property buyers. Perhaps best of all, a real estate agent is happy to respond to any of your home selling concerns and questions, at any time.

Maximize your house's potential – use the aforementioned tips, and you can update your residence and differentiate your home from the competition.




Categories: Uncategorized  


Posted by Brian O’Neil on 7/22/2018


100 Loxwood St, Worcester, MA 01604

Single-Family

$149,000
Price

4
Rooms
2
Beds
1/1
Full/Half Baths
2 bedroom, 1.5 bath half duplex on quiet street. Fresh paint, new carpeting, and two finished rooms in walkout basement.
Open House
No scheduled Open Houses

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Categories: New Homes