While spring is typically the hottest time for real estate, the fall season has its perks as well! With summer coming to an end, many people and their families are getting back into their routines with school and work. If you are thinking of selling your home this fall, please feel free to give me a ring – I’d be happy to answer any and all questions about real estate. Whether you are thinking of listing this fall, or are planning to list in the spring, I’m here for you! Read more
Paying off your mortgage is one of the biggest financial goals of most homeowners, and retiring debt-free can certainly give your golden years a greater sense of financial freedom and stability. Whether you’re nearing retirement age or are just looking to reduce your largest debt load more quickly, here are some great tips for paying off your mortgage faster!
Principal Versus Interest
Essentially, to pay off your mortgage you have to reduce the principal owing on your property. There are really two ways you can do this without dramatically reducing your monthly budget.
Increase Your Monthly Payments
Even increasing your monthly payments by a small amount can take years off the life of your mortgage. You can also choose an accelerated plan whereby you can make weekly or biweekly payments rather than monthly. This will allow you to make a few extra payments each year. Combining these efforts can really have a surprising effect on the principal of your mortgage over a short period of time. There are a number of free online calculators that can help you figure out the exact numbers for your particular situation.
Reduce Your Interest Rate
If increasing your monthly payments is not an option, you can still pay off your mortgage faster by refinancing your mortgage to negotiate a lower rate. Keep your eye on the financial markets to gauge the best time to make this move, and seek out the advice of a real estate agent or financial advisor to confirm that this is a viable option for your current financial situation. If you have a good history of payment and an excellent credit score, finding a lender shouldn’t be a problem.
Make A Lump Sum Payment On Your Mortgage
Another way you can decrease your mortgage principal and pay off your mortgage faster is by making a large lump sum payment. If you have come into extra money, have received a large income tax return, or just have a considerable amount of savings, this may be a wise financial decision. It will also dramatically decrease the amount of interest you will pay over the life of your mortgage and thus save you money. Just be sure your mortgage does not include a clause that will penalize you, and then determine whether it is still a good choice before going ahead.
The satisfaction a homeowner feels when they make that last mortgage payment is really unmatched by any other financial achievement, and following these simple steps can more quickly make that dream a reality.
Looking to buy or sell a home in the MetroWest area? Real estate agent Robert Brown of RE/MAX Executive Realty services areas such as Hopkinton, Hopedale, Milford, Upton, Mendon, and many more. To learn more about MetroWest real estate agent Robert Brown, please visit the Meet Your Agent page on SellMyMetroWestHome.com
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Some tips on how to schedule the perfect Open House:
- In most communities, Sunday afternoon is typical and expected.
- Two hours is also typical for length.
- Avoid conflicts with holidays, community celebrations, or special events such as the Super Bowl.
- If possible, try to be aware of the weather forecast, although this may be difficult to do.
Home buying is often an incredibly daunting and confusing process. With all of the many options available on the real estate market today, it can be very overwhelming to decide what is truly important to you in buying a home. Besides getting pre-approved for funding and knowing what you can afford, it’s most important to be able to separate what you need in your new home versus what you want in your new home. Your real estate agent or professional will happily help you figure out these needs and these wants through the questions he or she will ask you. However, it’s good to have a list of each of these planned out beforehand so that you go into your meeting with your real estate professional well-prepared.
It’s true that many home buyers often confuse their home-buying needs with their wants. That’s why a wish list is often recommended by many real estate experts, because it’s extremely helpful when narrowing down what you’re in a home. By having a wish list already drawn out, it helps in the process of elimination of homes that will never fit their needs. However, many home buyers can dismiss homes that would perfectly fit their needs because they do not have any of their wants – even if those wants would be able to be added later on. Of course, it’s extremely rare that you will ever get everything on your wish list in the end. What homes you will eventually have access to are often defined more by your budget than your wish list – but it helps you to be more realistic.
Here’s an example of a wish list which is separated into home-buying needs and wants.
Examples of Needs
- Adaptions for disabilities or handicaps
- Adequate number of bathrooms
- An eat-in kitchen
- Enough bedrooms to accommodate your family and/or friends
- Garage or basement for storage needs
- Lots size to accommodate children’s play area
- Proximity to a particular school
- Reasonable square footage for comfortable living space
- Single floor living for health reasons
Examples of Wants
- Bay windows and skylights
- Entertainment centers
- Decks and Patios
- Great views
- Granite Counter tops
- Hardwood floors
- Pool or Jacuzzi (Unless needed for medical reasons)
- Upgraded lighting fixtures
Everyone obviously has considerably different lists of needs and wants. By creating your own wishlist, it helps you evaluate homes more accurately as you go through the research process. Then, sharing this list with your real estate professional helps narrow down your search even further while also opening you up to new options. The goal is to find a house that includes all of your needs and meets as many of your wants as is practical in your budget. Sometimes you may need to get creative and find homes that have many of your needs while also being able to then accommodate your wants at a reasonable price still within your budget. But the wish list goes a long way in making sure that you can limit the possibility of buyers’ remorse and get the most for your money in buying the right home for you.
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Date: 09/07/2014 Time: 12:00 PM to 2:00 PM
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3 Bdr. Custom Cape Built by Shrewsbury Homes set on a private 1.54 Acre lot. This property features York Central Air, gleaming hardwood floors, soaring two story foyer, recessed lights, French Doors leading into the family room with a beautiful fireplace and built in bookcases. 3 generous sized bedrooms all on the 2nd floor, the Master Bedroom has a full bath and a walk in closet. The kitchen features an eat in area, tile floor and high end appliances – Jen Air cook top, Sub Zero refrigerator, and Dacor convection oven. There is a formal dining room just off the kitchen with hardwood floors. The half bath on the main level has tile floors and Washer / Dryer hookups. The lower level is a walk out with high ceilings perfect to finish for future expansion of this wonderful custom cape. The exterior is natural cedar shingles, there is a covered front porch and a private rear patio. Minutes to Major routes, perfect commuter location and just 2 Miles to Mt. Pleasant Country Club.