In recent years, Buy Now, Pay Later (BNPL) services have surged in popularity, allowing consumers to split purchases into smaller, interest-free payments. While this may seem like a great way to manage expenses, many home buyers don’t realize how BNPL loans can impact their ability to secure a mortgage. If you’re planning to purchase a home, it’s essential to understand how these short-term financing options can affect your credit profile and mortgage approval.
BNPL and Your Credit Score
Most BNPL providers do not report on-time payments to the major credit bureaus, but missed payments can be reported and negatively impact your credit score. Additionally, some lenders consider BNPL loans as a form of debt, which can increase your debt-to-income (DTI) ratio—a key factor in mortgage qualification.
Increased Debt-to-Income Ratio
Mortgage lenders assess your DTI ratio to determine how much of your income is already committed to debt payments. Even though BNPL payments are often small, multiple BNPL loans can add up, making your financial obligations appear higher than they actually are. This could lead to a reduced mortgage approval amount or even a denial.
Potential Impact on Credit Inquiries
Some BNPL services conduct hard credit inquiries when approving financing, which can temporarily lower your credit score. If you’re actively shopping for a home, multiple inquiries could raise red flags for mortgage lenders, potentially affecting your loan terms.
Managing BNPL Before Applying for a Mortgage
If you’re considering purchasing a home in the near future, here are some steps to minimize the impact of BNPL loans on your mortgage approval:
The Bottom Line
While BNPL services can be a convenient way to finance everyday purchases, they can also create unintended obstacles when applying for a mortgage. Home buyers should be mindful of how these short-term financing options influence their overall creditworthiness and borrowing power.
At E Z Home Search Real Estate, we’re here to guide you through every step of your home-buying journey. Join us at our next FREE Online Home Buyer Webinar where we will review the 5 Most Common (and Costly) Home Buyer Mistakes and How to Avoid Them and if you have questions about how BNPL or other financial decisions may impact your ability to secure a mortgage, reach out to us today!
Community Dock, Narragansett Village
If you’ve ever dreamed of waking up to waterfront views, enjoying a maintenance-free lifestyle, and living just minutes from a charming historic village, Narragansett Village Condominiums might be the perfect place for you. Located at 400 Narragansett Parkway, Unit SC12, this beautiful first-floor condo offers a blend of modern updates and scenic beauty, making it a standout opportunity in Warwick’s real estate market.
A Prime Location Near Pawtuxet Village
One of the biggest perks of living at Narragansett Village is its proximity to Pawtuxet Village. Just a distance away, Pawtuxet Village is known for its historic charm, local boutiques, restaurants, and waterfront parks. Whether you’re grabbing a coffee at a cozy café or taking a stroll along the water, this vibrant community offers something for everyone. Visit this article in Rhode Island Monthly for more about this charming village.
A Condo Designed for Comfort and Style
A Kitchen Designed for Culinary Enthusiasts
Unit SC12 has been beautifully updated to offer both style and functionality. The recently remodeled kitchen features:
Stainless steel appliances for a modern touch Recessed lighting that brightens the space A pantry closet for extra storage
The spacious living area offers a view of the Providence River, creating a peaceful and scenic atmosphere right from your own home. Unit SC12 features 2 bedrooms with the convenience of first floor living. Plus, with in-unit laundry and an updated bathroom, this condo is move-in ready for its next lucky owner.
Unit SC12 Floor Plan
Enjoy Community Amenities at Narragansett Village
Community Pool Overlooking the Water
Living at Narragansett Village means enjoying a host of resort-style amenities that enhance your lifestyle. Residents have access to:
A beautiful inground pool, where you can take in breathtaking views of Narragansett Bay and the Providence River. A charming courtyard with a gazebo, perfect for relaxing outdoors. Seasonal grilling stations, available from spring through fall, ideal for cookouts with friends and family.
Affordable, Maintenance-Free Living
One of the biggest advantages of this condo is the affordable HOA fee, which includes heat, water, and sewer—a great value for homeowners looking to enjoy a hassle-free lifestyle.
Is This Your Next Home?
With its prime location, modern updates, and fantastic amenities, this waterfront condo at Narragansett Village is a rare find. Whether you’re a first-time buyer, downsizing, or looking for a vacation-style retreat, this home checks all the boxes.
Interested in learning more? See More Photos and Details at RI Living. Or contact us today at 508-646-4777 for more information or to schedule a private showing and experience the beauty of waterfront living firsthand!
As we bid farewell to 2024 and look ahead to the promise of a new year, I want to take a moment to reflect on the incredible journey this year has been and extend my deepest gratitude to all of you—our friends, clients, and customers—who have made it so special.
This year, our team at E Z Home Search Real Estate had the privilege of helping families and individuals achieve their real estate dreams. Whether it was finding the perfect first home, navigating the complexities of selling a cherished property, or simply offering guidance in uncertain times, your trust in us has been the foundation of everything we do.
A special shoutout goes to my amazing colleagues, Kyle Aguiar, Angie Pina, and Beverly Mello, Ron Valliere, and John Heroux, whose dedication and hard work have been instrumental in making this year so successful. Together, we’ve worked tirelessly to ensure that every client we serve feels supported and confident in their real estate journey.
To Our Buyers
Thank you for inviting us to be a part of one of the most exciting milestones in your lives. Helping you find a place to call home is a responsibility we take to heart, and we’re so grateful to have been a part of this journey with you.
To Our Sellers
Selling a home is a significant transition, and we’re honored that you trusted us to guide you through the process. Your confidence inspires us to continually strive for excellence and deliver results that exceed expectations.
Looking Ahead to 2025
As we prepare for the opportunities and challenges of a new year, one thing remains constant—our commitment to you. We are dedicated to providing unparalleled service, honest advice, and a real estate experience that is as stress-free as possible.
From all of us at E Z Home Search Real Estate, thank you for making 2024 a year to remember. Your trust, support, and partnership mean the world to us. We look forward to continuing to serve you and your loved ones in the year ahead.
Wishing you a 2025 filled with health, happiness, and success!
Warmly, Christopher Terry E Z Home Search Real Estate "We Make it EZ"
!! Attention Bristol County Home Buyers !!
We're hosting a FREE online class to help you when buying your first home. We invite you to join us on Tuesday @ 7:00 PM
Don't make THESE mistakes that could cost you thousands.
Buying your First Home is likely the BIGGEST financial decision you will have to make in your life. Make sure you're fully prepared.
Discover what the First Time Home Buyer Mistakes are and how you can avoid them by signing up for the FREE class!
If you’re thinking about buying a home but don’t know where to start, this webinar is not to miss!
Click Here for More Details about this free online Home Buyer Masterclass.
Welcome to 25 Highland Ct in beautiful Tiverton, RI! Today, we’re excited to take you on a video tour of this wonderfully maintained ranch-style home, where classic design meets modern amenities, creating an ideal retreat for any homeowner.
Key Features of 25 Highland Ct
This home features 3 bedrooms and 2.5 baths, offering an inviting and thoughtfully designed layout. From the moment you step inside, you’ll notice just how well maintained with residence is. The multiple living areas to relax, central air conditioning, and seamless flow between rooms make this house perfect for both day-to-day living and entertaining.
Primary Suite: A True Retreat
The primary bedroom is a luxurious highlight of this home. Imagine relaxing in your own private bath, which includes a whirlpool tub and walk-in shower, the perfect combination for unwinding after a long day. Step through the sliders to a private, awning-covered deck – a lovely spot for your morning coffee or evening relaxation.
Versatile Living Space
One of the standout features of this home is the finished basement. This versatile space can be tailored to your needs, whether you’re looking for a home office, fitness area, or an entertainment room. It even includes a walk-in cedar-lined closet, adding a touch of elegance and practicality. Then there's the 4 -season room off the garage, serving as the ideal spot to host guests or enjoy quiet moments surrounded by the beauty of every season.
Year-Round Comfort
No matter the weather, 25 Highland Ct ensures peace of mind with its whole-house generator. You’ll always be comfortable and prepared, even during unexpected outages. While the attached two-car garage and shed provide ample storage space and convenience.
Beautifully Manicured Lot
Set on a dead-end street and a well-maintained lot, just minutes to the highway and the Tiverton waterfront, the exterior of this home is just as impressive. The property offers ample parking for multiple vehicles, making it easy to accommodate friends and family. The yard provides a tranquil setting, offering both privacy and space to enjoy the outdoors.
Why This Home Is a Must-See
25 Highland Ct truly has it all – from its modern conveniences to its timeless charm. Whether you’re drawn to the ranch-style layout, the luxurious primary suite, or the peaceful outdoor setting, this home is designed to offer comfort, style, and flexibility for every stage of life.
Don’t miss out on the opportunity to make this meticulously cared-for property your own. Schedule a tour today and see firsthand why 25 Highland Ct is a place you’ll love to call home!
For a schedule of open houses, to request a showing or simply browse our photo gallery visit 25 Highland Ct, Tiverton, RI 02878 | MLS #73294717 | IDX Real Estate For Sale | (idxhome.com)
Choosing the right mortgage is a crucial step in the home-buying process. Two common types of mortgages are fixed-rate and adjustable-rate mortgages (ARMs). Each has its own advantages and disadvantages, making them suitable for different financial situations and long-term goals. In this blog post, we’ll explore the differences between fixed-rate and adjustable-rate mortgages, including the pros and cons of each, to help you determine which option might be best for you.
What is a Fixed-Rate Mortgage?
A fixed-rate mortgage is a home loan where the interest rate remains constant throughout the life of the loan. This means your monthly mortgage payment (principal and interest) will not change over time, providing stability and predictability.
Pros of Fixed-Rate Mortgages:
Cons of Fixed-Rate Mortgages:
What is an Adjustable-Rate Mortgage?
An adjustable-rate mortgage (ARM) is a home loan with an interest rate that can change periodically based on market conditions. ARMs usually start with a lower fixed interest rate for a specified period (e.g., 5, 7, or 10 years) before adjusting annually.
Pros of Adjustable-Rate Mortgages:
Cons of Adjustable-Rate Mortgages:
Deciding between a fixed-rate and an adjustable-rate mortgage depends on your financial situation, goals, and risk tolerance. Here are some factors to consider:
Understanding the differences between fixed-rate and adjustable-rate mortgages is essential for making an informed decision. Consider your long-term plans, financial stability, and risk tolerance when choosing the mortgage that best suits your needs. Consulting with a mortgage advisor can also provide personalized guidance to help you navigate this critical decision.
At E Z Home Search Real Estate, we are committed to helping you navigate the complexities of the housing market. Check our blog post Understanding Assumable Loans – A Guide for Home Buyers for information about options to assuming a loan from a homeowner during the purchase process.
Contact us today for more information and personalized assistance in your home buying journey.
*Disclaimer: This blog post is intended for informational purposes only and should not be considered legal or financial advice. Always consult with a qualified attorney and financial advisor before making any real estate decisions. *
A Deep Dive into the Stamp Tax
When selling property in Massachusetts, one term you're likely to encounter is the real estate transfer tax, commonly known as the Stamp Tax. This tax plays a role in the state's real estate transactions, so understanding its origins, purpose, and current status is important, especially for sellers.
What is the Stamp Tax?
The Stamp Tax is a transfer tax imposed on the sale of real property. In Massachusetts, it is calculated based on the sale price of the property, with the rate currently set at $2.28 per $500 (or fraction thereof) of the property's sale price. This means that for every $500, the seller pays $2.28 to the state.
The History of the Stamp Tax
The Stamp Tax has its roots in colonial America, where it was originally imposed by the British government as a way to raise revenue. The Stamp Act of 1765 required that many printed materials in the colonies be produced on stamped paper produced in London, carrying an embossed revenue stamp. This tax was highly unpopular and contributed to the growing unrest that eventually led to the American Revolution.
In the modern context, the Massachusetts Stamp Tax was established in the 1960s as a means of generating revenue for the state and funding various public services. Initially, the tax rate was lower, but over the years, it has been incrementally increased to meet the state's financial needs.
Purpose of the Stamp Tax
The primary purpose of the Stamp Tax is to generate revenue for the state. These funds are used for various public services, including education, transportation, and infrastructure projects. By taxing property transactions, the state can tap into a significant source of revenue from the active real estate market.
Increases Over Time
Since its inception, the Stamp Tax rate in Massachusetts has seen several increases. The initial rate was much lower, but as the cost of public services and the demand for state revenue grew, the tax rate was adjusted accordingly. The most recent increase brought the rate to its current level of $2.28 per $500 of the sale price.
Current Push for Increase
There has been ongoing discussion about increasing the Stamp Tax rate again. Proponents of the increase argue that additional revenue is needed to fund critical public services, especially in areas like affordable housing, education, and infrastructure improvements. Opponents, however, contend that higher taxes could deter real estate transactions and negatively impact the housing market.
As of now, no final decision has been made, but the debate continues, with various stakeholders weighing the potential benefits and drawbacks of a tax hike.
Massachusetts Association of Realtors' Position
The Massachusetts Association of Realtors (MAR) strongly opposes any increase in transfer taxes. MAR argues that transfer taxes exacerbate the state's housing affordability crisis by increasing the cost of homeownership. They believe that these taxes place an unfair burden on a small segment of the population—home buyers and sellers—who are forced to shoulder community-wide financial responsibilities. Additionally, MAR contends that transfer taxes are an unstable funding source due to the cyclical nature of the real estate market (Legislative Priorities - Massachusetts Association of REALTORS® (marealtor.com)).
What This Means for Buyers and Sellers
For buyers and sellers in Massachusetts, it's important to factor in the Stamp Tax when planning a real estate transaction. Sellers, in particular, should be aware of the tax amount they will need to pay upon closing the sale. Keeping abreast of any potential changes to the tax rate is also important, as this could impact the overall cost of selling or buying property in the future.
The Stamp Tax in Massachusetts is an essential component of real estate transactions, rooted in history and serving a vital purpose in funding public services. While the tax has increased over time, discussions about further increases are ongoing. By staying informed about the Stamp Tax and its implications, buyers and sellers can navigate the real estate market more effectively.
At E Z Home Search Real Estate, we are committed to helping you navigate the complexities of the housing market. Contact us today for more information and personalized assistance in your real estate journey.
*Disclaimer: This blog post is intended for informational purposes only and should not be considered legal, tax or financial advice. Always consult with a qualified attorney, accountant and financial advisor before making any real estate decisions. *
This week President Biden proposed a 5% cap on rent hikes. With this proposal I thought it would be an opportune time to review Massachusetts experiences with rent control.
Rent control has been a contentious issue in Massachusetts for many years, with a complex history and varied perspectives on its impact. This blog post will delve into the history of rent control in Massachusetts, discuss the pros and cons of such measures, and examine the consequences of rent control in communities that have implemented it. Additionally, we'll explore the stance of the Massachusetts Association of Realtors (MAR) on this issue.
History of Rent Control in Massachusetts
Rent control in Massachusetts dates back to the post-World War II era, a time when housing shortages prompted the government to regulate rent prices to ensure affordability for returning veterans and the working class. Boston, Cambridge, and Brookline were notable cities that adopted stringent rent control measures.
In 1994, a statewide referendum resulted in the abolition of rent control, largely due to arguments that it discouraged investment in rental properties and led to a deterioration of housing quality. The end of rent control saw a significant transformation in these communities, with increased rents and a revitalization of the housing market as landlords invested in property improvements.
Pros of Rent Control
Cons of Rent Control
Consequences of Rent Control in Massachusetts Communities
In communities like Boston, Cambridge, and Brookline, the initial implementation of rent control helped maintain affordable housing during times of economic uncertainty. However, over time, the negative impacts became more pronounced. Property owners reduced their investment in maintenance, leading to a deterioration in housing quality. Additionally, new housing construction was stifled, contributing to broader housing shortages.
After the repeal of rent control in 1994, these communities experienced significant changes. Property values and rental prices increased, prompting landlords to renovate and improve properties. While this led to gentrification and displacement of some long-term residents, it also revitalized neighborhoods and improved overall housing conditions.
Massachusetts Association of Realtors' (MAR) View on Rent Control
The Massachusetts Association of Realtors (MAR) has consistently opposed rent control measures. MAR argues that rent control addresses symptoms rather than underlying issues of housing shortages. Instead, MAR advocates for increasing housing supply through new construction as the primary solution to affordability issues. They support legislation that encourages the development of multifamily units and accessory dwelling units (ADUs) and oppose policies that they believe would harm the housing market, such as rent control and transfer taxes (Massachusetts Association of Realtors) (HousingWire).
Where to go from here?
Rent control remains a polarizing issue in Massachusetts. While it offers benefits in terms of affordability and stability for tenants, it also presents significant challenges, including reduced investment in housing and supply constraints. The history of rent control in the state illustrates the complex trade-offs involved in housing policy. As debates continue, it's essential to consider both the short-term benefits and long-term impacts of rent control measures on communities and the housing market.
For more detailed insights and ongoing updates on rent control legislation, stay tuned to resources like the Massachusetts Association of Realtors and local housing policy discussions.
Buying your first home is an exciting milestone, but it can also be a daunting process, especially in a competitive market like Fall River, MA. To help you navigate the journey, we’ve compiled this comprehensive guide with valuable advice, step-by-step guidance, and tips to avoid common pitfalls. Whether you’re looking for a cozy starter home or planning to invest in your dream property, this guide will set you on the right path.
1. Get Your Finances in Order
Check Your Credit Score: Your credit score plays a crucial role in determining your mortgage rate. Obtain a copy of your credit report and check for any errors. Aim to improve your score by paying down debts and avoiding new credit inquiries.
Determine Your Budget: Calculate how much you can afford to spend on a home. Consider your income, expenses, and potential mortgage rates. Online calculators can help you get an estimate of your monthly payments and overall affordability.
Save for a Down Payment: The more you can put down upfront, the better. However, while you are saving, the market continues to appreciate in value! This could eventually cause you to have to shift to a smaller home or away from your desired location, or worse, cause you to be price you out of the market completely! While the traditional 20% down payment is ideal, many first-time buyers qualify for loans with as little as 3-5% down. And lenders will allow for home sellers to pay for some or even all of a buyer’s closing costs! You might not need as much money as you think to become a homeowner!
2. Explore Financing Options
Conventional Loans: These are popular among first-time buyers with good credit. They often require a higher down payment but offer competitive interest rates.
FHA Loans: Backed by the Federal Housing Administration, FHA loans are designed for lower-income and first-time buyers. They require a lower down payment (as low as 3.5%) and have more lenient credit requirements.
VA Loans: If you’re a veteran or active-duty service member, you might qualify for a VA loan, which offers favorable terms and often doesn’t require a down payment.
MassHousing Loans: Massachusetts offers several programs for first-time buyers, including down payment assistance and competitive mortgage rates. Explore these options to see if you qualify.
3. Start House Hunting
Work with a Local Real Estate Agent: A knowledgeable agent who specializes in the Fall River market can be invaluable. They can help you find listings that meet your criteria, schedule viewings, and provide insights into the local market conditions.
Identify Your Must-Haves: Make a list of essential features you want in a home, such as the number of bedrooms, location, and proximity to schools or work. Be prepared to compromise on some aspects, but having clear priorities will help narrow your search.
Attend Open Houses: Visiting open houses is a great way to get a feel for different neighborhoods and home styles. Take notes and photos to help remember the details of each property.
4. Make an Offer and Close the Deal
Get Pre-Approved for a Mortgage: Before making an offer, get pre-approved for a mortgage. This shows sellers you’re a serious buyer and can give you a competitive edge in a bidding war.
Make a Competitive Offer: In a hot market like Fall River, it’s essential to make a strong offer. Your real estate agent can help you determine a fair price based on comparable sales and market conditions.
Conduct a Home Inspection: Once your offer is accepted, schedule a home inspection. This is a crucial step to identify any potential issues with the property before finalizing the purchase.
Close the Deal: Work with your lender, agent, and attorney to complete the necessary paperwork. Once everything is in order, you’ll sign the final documents and receive the keys to your new home!
5. Common Pitfalls to Avoid
Overextending Your Budget: Stick to your budget to avoid financial strain. It’s easy to get carried away, but remember to consider all the associated costs of homeownership.
Skipping the Inspection: Always invest in a thorough home inspection. It can save you from unexpected repairs and expenses down the line.
Ignoring Future Resale Value: Consider the long-term potential of the property. Factors like location, school districts, and neighborhood development can significantly impact resale value.
Buying your first home in Fall River is an exciting journey that requires careful planning and informed decision-making. By following these steps and working with experienced professionals, you can navigate the process with confidence and find a home that meets your needs and budget. To help ensure your home buying experience is as smooth and stress free as possible, get your free copy of our Special Home Buyer’s Guide. With no stone left unturned, this 38+ page home buyer manual will help you every step of the way! Get your copy by visiting: https://www.ezhomesearch.net/buyersguide and Happy house hunting!