The South Coast Real Estate Round-Up

When it comes to achieving your dream of homeownership, understanding the world of mortgages is crucial. Choosing the right mortgage can make all the difference in making your dream home a reality. In this blog post, we'll explore the various types of mortgages available and why it's essential for consumers to know their options before embarking on their home buying journey.

Exploring Mortgage Options

1. Fixed-Rate Mortgages

Fixed-rate mortgages are a popular and straightforward option. With this type of mortgage, your interest rate remains constant throughout the life of the loan. This predictability allows you to budget with confidence, as your monthly payments won't fluctuate.

Why It’s Important: Fixed-rate mortgages are ideal for those who prioritize stability and want to lock in a consistent monthly payment. They offer peace of mind, especially in a rising interest rate environment.

2. Adjustable-Rate Mortgages (ARMs)

Adjustable-rate mortgages have interest rates that fluctuate over time based on market conditions. Typically, ARMs start with a fixed-rate period (e.g., 5, 7, or 10 years) and then adjust periodically.

Why It's Important: ARMs can offer lower initial interest rates, which may be appealing for those planning to stay in their home for a shorter period. However, understanding how the interest rate can change and being prepared for potential fluctuations is essential.

3. FHA Loans

FHA (Federal Housing Administration) loans are government-backed loans designed to make homeownership more accessible. They often have lower down payment requirements and more lenient credit score criteria.

Why It's Important: FHA loans are an excellent option for first-time homebuyers or those with limited savings for a down payment. Knowing about these loans can open doors for those who may not qualify for conventional financing.

4. VA Loans

VA (Department of Veterans Affairs) loans are available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. They offer favorable terms, including no down payment requirement and competitive interest rates.

Why It's Important: For those who have served in the military, VA loans provide a unique opportunity to secure a home loan with exceptional benefits. It's crucial to understand these options and take advantage of the benefits they offer.

5. Jumbo Loans

Jumbo loans are designed for purchasing higher-priced homes that exceed the conforming loan limits set by the government-sponsored entities (GSEs). These loans typically require larger down payments and have stricter credit requirements.

Why It's Important: If you're in the market for a high-end property, knowing about jumbo loans and their requirements is essential for securing financing for your dream home.

Why Knowing Your Options Matters

These may be some of the more common loan types, but certainly not all the types available. Understanding the various types of mortgages available is essential for consumers for several reasons:

1. Tailoring to Your Needs: Knowing your options allows you to choose a mortgage that aligns with your financial goals, whether it's stability, lower initial payments, or unique benefits.

2. Financial Preparedness: Being informed about different mortgage types helps you prepare financially for homeownership. You can plan for down payments, closing costs, and monthly payments more effectively.

3. Avoiding Regret: With a better understanding of your options, you can make informed decisions and avoid potential regrets or surprises down the road.

4. Customized Financing: Different mortgage types can be tailored to your specific circumstances, ensuring that your mortgage aligns with your unique situation.

Your journey to homeownership should be exciting and well-informed. At E Z Home Search Real Estate, we're committed to helping you make the right decisions every step of the way. By exploring the mortgage options available and understanding their implications, you'll be better equipped to make the right choice for your dream home. Whether you're a first-time buyer, a veteran, or looking for a luxury property, knowing your mortgage options is the key to turning your homeownership dreams into reality. If you have any questions or need guidance on your home buying journey, don't hesitate to reach out. We also encourage to you get a free copy of our Home Buyer’s Guide to Real Estate. With no stone left unturned, this guide will help you every step of the way. Simply complete the form below to be instant directed to this must have home buyer resource. 

We're here to help you unlock the doors to your dream home.

Congratulations to Jan Caouette for helping her buyer clients navigate their purchase of 426 Highland Ave in Westport!

Jan is a long-time Westport resident who personally knows what makes the town of Westport a desirable place to live. She’s knowledgeable about the schools in the area, local ordinances, and the current housing market, which is key to getting to the closing table without delay. Her expertise makes her the perfect person to find you your next home!

Westport

Westport is a small town on the southern coast of Massachusetts sandwiched between Little Compton RI and Dartmouth MA, filled with sprawling farmland and gorgeous blue beaches. This quaint town is a gem that you rarely find with friendly neighbors, a local grocery store, and family-owned restaurants; this town feels like it was pulled right out of a story book. 

For more information about the real estate market in Westport MA contact Jan Caouette at 508-965-5891, or on the web at www.RealEstatebyJan.com

 





When Old Man Winter settles in for a long chilly season, follow these simple guidelines to winterize your home and save money on utilities.

Inside Your Home

• Have your furnace system serviced to ensure it's working efficiently and not emitting carbon monoxide.
• Clean permanent furnace filters and replace paper or disposable filters.
• Replace the batteries in smoke and carbon monoxide detectors.
• If you have a wood stove or fireplace, have your chimney swept thoroughly. It should be cleaned before the soot build up reaches one-fourth inch thickness inside the chimney flue.
• Check your hot water heater for leaks and maintain proper temperature setting (120 degrees recommended by Department of Energy). On older water heaters with less insulation, for every 10 degrees Fahrenheit you lower the temperature, you save 6 percent of your water heating energy.
• Check the attic to see if insulation needs to be added or replaced. This is the most significant area of heat loss in many homes, so it is also important to see that it has proper ventilation. Inadequate ventilation could lead to premature deterioration of the insulation materials. You may also need to check insulation in exterior walls, crawl spaces and along foundation walls.
• Check all windows and doors for air leaks. Install storm windows and putty, caulk or add weather stripping as needed.
• Check basement and cellars for seal cracks or leaks in walls and floor.
• Clean and vacuum baseboard heaters, heating ducts and vents.

Outside Your Home

• Store or cover outdoor furniture, toys and grill.
• Purchase rock salt for melting snow and a shovel or snow blower if you don't already have one. Make sure you have the right kind of gas and oil on hand for your snow blower in the case of an unexpected snowstorm.
• Insulate exterior spigots and other pipes that are subject to freezing but can't be drained or shut off.
• Rake and compost leaves and garden debris, or put out for yard-waste pickup.
• Clean storm drains, gutters and other drain pipes.
• Check the foundation for proper drainage. To do this, spray yard with a hose to see if water runs away from the house. A little shoveling to reshape the earth next to the house may make the water run away from the foundation.
• Make sure dirt or piles of wood don't come into contact with or touch siding, inviting termites and carpenter ants into the house.
• Seal driveway and walkway cracks, if needed, before ground freezes regularly.
• Inspect the roof for loose, damaged or missing pieces.
• Check attic vent openings for nests or other blockages.
• Caulk joints and minor cracks on exterior walls and siding.
• Look for deteriorating finishes. Minor problems can be patched to preserve the wood. Put bigger jobs, such as scraping and refinishing painted or stained areas, on the calendar for next spring or early summer.
• Drain and shut off sprinkler systems and other exterior water lines to avoid frozen and broken pipes.

In addition, if you live in Massachusetts visit http://www.masssave.com , they can provide you a free energy audit to help you find additional savings.

Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.