Posted by admin on April 17th, 2008 — Posted in Great Real Estate Tips
Massachusetts is a state overflowing with history and yet oddly
modern. Massachusetts real estate prices are very pricey.
Massachusetts
Massachusetts is an incredible mix of history and bustling
modern influences. Historically, the state took in many of the
initial European immigrants and was the location of crucial
battles in the Revolutionary War. Throw in events such as the
Boston Tea Party and you have a state with a heritage. While
appreciating the past, Massachusetts also pays homage to
changing times and is a hot bed for education, business and
sports.
Boston
Tiny city. Perhaps you’ve heard of it? From colonial
architecture to modern skyscrapers, Boston is an amazing city
that deserves your attention. A favorite big city, Boston is
unique for placing the old with the new. Statutes and old
colonial influences sit below modern amenities such as the
financial district. People watching is a prime hobby at places
such as the Quincy Market and Boston Common. College influences
can be found around Harvard University, Boston College and
Boston University. Loafing, exploring and sailing are rife in
Boston Harbor and the Charles River, not to mention crab caked
galore.
If sports are your thing, Boston will be heaven. The Boston
Marathon needs no introduction. For professional sports, you
have the Bruins, Red Sox, Celtics and, just out of town,
Patriots. Throw in a major college basketball, hockey and
football influence and you have a town with a major sports
passion. Winters are cold, but spring, summer and fall more than
make up it. Boston is an absolutely great place to live.
Nantucket
Nantucket is the home of old colonial architecture, cobblestone
streets and seaboard beauty. An island, the town of Nantucket is
surprisingly bereft of cars, but does get packed with tourists
during the summer. You’ll find the town full of funky little
shops, museums and art galleries galore. Nantucket is a great
place to spend a weekend as prices are outrageous. Make sure to
take in a sunset at Madaket Beach.
New Bedford
A fishing town through and through, New Bedford has a history as
one of the pre-eminent whaling towns in the country. Whaling is
off limits today, but the town still bustles with a major
fishing industry. While the town has lost some of it’s charm
because of development and a coastal highway, there is a
definite feeling of stepping into the past if you move here.
Massachusetts Real Estate
Massachusetts real estate prices are very high. There is simply
no way around this fact. A single-family home in Boston proper
will set you back a million dollars, while prices vary
throughout the state. Unless you’re ready to commit to a
$500,000 price, you’re going to be disappointed with the
options.
Massachusetts real estate has a solid, but unspectacular
appreciation rate. For 2005, property appreciated at rate of a
little below 12 percent, just under the 13 plus national
average.
Comments Off
Posted by admin on March 30th, 2008 — Posted in Great Real Estate Tips
As interest rates rise more homeowners are turning to home equity loans to payoff other high interest debt. Equity in your home is the difference between what you owe and what your home is worth. A home equity loan or 2nd mortgage is a means to borrow against this value.
One thing you must understand is that home equity is a loan. A home equity loan is like having another mortgage to pay every month. Home equity loans are secured by your home so you can get better interest rates than unsecured loans; however, if you fall behind on your payments the lender could foreclose and take your home.
The advantage of taking out a home equity loan or second mortgage is that as long as the loan is secured by the home you live in, the interest is a tax deduction. Consolidate your high interest credit cards and other debt and claim a tax deduction. Home equity loans are flexible, many will provide you with checks or a debit card to access your funds.
There are literally thousands of home equity lenders in the marketplace today. The mortgage industry is extremely competitive and lenders are tripping over each other for your business. These lenders range from traditional banks and credit unions to online lenders that specialize in home equity lending.
You can use the home equity loan for any purpose; keep in mind that it is your money you are borrowing and put it to good use. Many homeowners use home equity loans for repairs or improvements to their homes. Some people use home equity loans to pay for their children’s college tuition. Others use home equity loans to take vacations. It is after all your money; however, you do have to repay the lender for lending it to you.
To learn more sign up for a free guidebook to mortgages and mortgage refinancing.
To get your free mortgage guidebook visit RefiAdvisor.com using the links below.
Albuquerque Mortgage Refinance
Louie Latour has twenty years of experience in the mortgage industry as a mortgage broker. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.”
Sign up for your free guide today at: http://www.refiadvisor.com
Comments Off
Posted by admin on March 29th, 2008 — Posted in Great Real Estate Tips
Income multiples in the mortgage market are coming to an end which is good news for borrowers.
Usually, you will go to a mortgage broker who will search the mortgage market for the best deal for you and your particular circumstances. They will then work out what you can borrow, which is usually something like 3.5 x your income/salary. So for example, a guy earning £30k a year could borrow approx. £105k. However, any regular monthly expenditure would have to come out of this figure.
So, say he pays his minimum payment of £200 a month to a credit card company, the mortgage lender will have to deduct this off his £105k borrowing mentioned earlier. Which equates to:
£200 a month x 12 months = £2,400k. So the lender will take this amount off his £30k a year salary which now equates to £27,600 a year. Now multiply this by 3.5 and you now get a a new borrowing figure of £96,600! Suddenly our friend now has a shortfall of £8,400 compared to his original borrowing figure.
As you can see from this example, income multiples do not work any more and all lenders are now developing borrowing models based on the element of affordability without ever looking at income multiples.
So when you are looking to place your clients mortgage or you are looking for a mortgage yourself, ask your broker this question: Which lender offers the more versatile, affordability calculation?
Anthony Harrison owns http://www.capitalmortgagesolutions.co.ukwhich specialises in providing mortgages and mortgage advice to clients suffering from credit problems.
Comments Off
