Larry Costa REALTOR®'s Blog
10 Oakland Terrace, Mattapoisett, MA 02739
People focus mostly on the interest rate when looking for the best mortgage. Other than the interest rate, there are some other variables to consider when looking for a mortgage that is ideal for you. One of the variables that you should consider is the length of the mortgage agreement. There are various options available, so you need to have a conversation with your financial planner to know the reasons why you might like to choose a short-term or long-term mortgage. Here are some considerations to bear in mind:
Do you need to make a long-term commitment?
Most financial institutions offer a 30-year fixed term. This term comes with a fixed rate most times. You should note that this rate is sometimes 1 to 2% higher than a fifteen-year term. When you choose a more extended period, the rate will not change for decades which helps with long-term planning.
Paying for stability.
When you go through the rates of any bank, you will discover that the shorter terms usually have lower rates. Therefore, if you can accommodate rate fluctuations and renegotiation more frequently, you could realize considerable long-term savings through a lower monthly premium. If you merely want to have a rate and stick to it, then choose a long-term, fixed-rate mortgage.
Breaking up is difficult.
Some people have been advised to break their current mortgage and start up a new one at a reduced rate. However, you should know that refinancing a mortgage is not free; it comes at a cost. Your current lender may charge you a fee, and you will pay fees, points, and closing costs for the new loan.
The interest rate differential, also known as IRD, is the difference between your real rate and currently available rate of the same mortgage. Different lenders calculate this penalty differently so ask your preferred lender for their early liquidation or mortgage transfer conditions.
Is it worth moving to a lower mortgage rate?
You should be aware that your lender will charge you based on the higher figure between the two calculations. What you need to do is to compare the amount of interest you will pay over the remainder of your present mortgage and what you would pay at a lower rate when you switch. When making your comparison, you should consider the penalty figure. You should base your decision on the outcome of your comparison.
You should consider switching to a lower mortgage rate if the interest savings is more than the penalty charges. However, you must be sure that there is no other fee attached that may wipe out your potential savings.
Talk to your financial planner today to know what mortgage is best for you.
10 Oakland Terrace, Mattapoisett, MA 02739
Purchasing a house should be an unforgettable journey for all the right reasons. However, problems sometimes may arise that can make it tough to enjoy a positive homebuying experience.
Whether it's struggling to know where to search for your dream home or getting the financing you need to purchase a house, myriad problems may prevent you from enjoying a positive homebuying experience. Lucky for you, we're here to help you identify potential homebuying hurdles and eliminate such problems before they escalate.
Now, let's take a look at three tips to help you reap the benefits of a positive homebuying experience.
1. Enter the Housing Market with Clear Expectations
If you know you want to purchase a house, it helps to enter the real estate market with clear expectations. That way, you'll be better equipped than ever before to streamline your house search.
Consider what you want to find in your dream house. For example, if you want to own a house near the beach, you should conduct your home search accordingly. Or, if you want to buy a home with a big backyard and outdoor swimming pool, you can hone your home search as needed.
Think about areas where you want to reside too. By doing so, you can focus on available homes in specific cities and towns.
2. Know Your Homebuying Budget
Get pre-approved for a mortgage – you'll be glad you did. Because if you have a mortgage at your disposal, you can pursue houses in a specific price range and speed up your home search.
Obtaining a mortgage can be simple. In fact, if you meet with a variety of banks and credit unions, you may be able to get a mortgage in no time at all.
Remember, banks and credit unions employ knowledgeable mortgage specialists who are happy to assist you in any way possible. If you have any mortgage questions, these specialists can respond to your queries. And as a result, you can gain the insights you need to get a mortgage that matches your finances.
3. Employ a Real Estate Agent
A real estate agent is a difference-maker, particularly for a homebuyer who wants to seamlessly navigate the property buying journey. With a real estate agent at your side, you can achieve the best-possible results, regardless of where and when you're searching for a home.
Typically, a real estate agent will meet with you, learn about your homebuying expectations and help you map out a property buying strategy. This housing market professional can offer expert insights into the local real estate market and ensure you can pursue houses that match your expectations. Plus, a real estate agent will set up home showings, help you submit an offer to purchase your dream house and negotiate with a seller's agent on your behalf. And if you ever have concerns during the homebuying journey, a real estate agent will address them immediately.
Ready to enjoy a positive homebuying experience? Use the aforementioned tips, and you can quickly and effortlessly navigate the homebuying journey.
In recent years, the number of employees who work from home, at least some of the time, has increased to about 25 percent. This trend shows that companies are warming up to the idea of letting their employees work wherever they’re comfortable, and that a growing number of people are working on a freelance or contract basis.
Working from home, despite its many advantages, does pose some obstacles to productivity. Thus, time management and daily task setting are key to being as productive or more productive than you would be at the office.
In today’s article, we’re going to help you learn how to become more productive when you work from home so that you can meet your daily numbers while still enjoying the perks of working remotely.
One of the most difficult aspects of working from home is sticking to a schedule throughout the day. The home poses several distractions--kids, pets, TV, the refrigerator. Aside from the distraction factor, it’s easy to procrastinate when you don’t have a boss lurking around. There are several measures you can take while working at home to counter these factors.
First, make sure you set some ground rules for yourself and your family while working from home. Make sure everyone knows your work hours, including yourself. Stick to those hours by creating a daily routine. Everyone is different when it comes to keeping a planner.
Some people keep a simple task list in a notebook, while others create intricate planners that are color-coded and rife with stickers and reminders. Regardless of your method, make sure you have a physical reminder in front of you during the day that reminds you what you should be doing.
Routine is key to managing your time. While there will always be things that come up that we don’t plan for, having a foundation for your day is vital. Starting each day the same way is a good way to help yourself stick to your schedule. Some people go for a walk each morning, while others dive right into their work. Whichever you choose, make sure you do it consistently.
Creating a productive environment
Try to work in an office or spare room away from kids or pets and let your family know that you need to focus when you’re there.
If possible, set your phone to silent or “do not disturb” mode. Remove any distractions from the room that will tempt you to procrastinate. Things like the TV and snacks can easily steal your attention.
However, in this day of social media, it’s equally important to make sure you avoid procrastinating online as well. If you find yourself subconsciously navigating to Facebook or Reddit, try setting up an extension on your browser that limits your time on those sites to 10 minutes per day to help you stay on track.
A productive environment doesn’t have to be a barren one. Choose decorations and paint colors that work for you. You’ll want to feel comfortable in your work environment, and one of the perks of working from home is being able to customize any way that you like.
Finally, remember to take breaks. Many people who are able to work from home have a tendency to put work off until the last minute and then work feverishly to get everything done.