Collins & Demac Real Estate

Posted by Collins & Demac Real Estate on 12/5/2019

If you’re a first time homebuyer and want to start weighing your mortgage options, you’ll have much to learn. With so much at stake, you’ll want to make sure you choose the best mortgage for you now, and one that will still suit your needs years into the future.

Sometimes, first time buyers are hesitant to ask questions they may consider too basic because they don’t want to seem inexperienced to lenders, agents, or anyone else they’ll be in contact with throughout the home buying process.

So, in this article, we’ve compiled a list of commonly asked mortgage questions that first time buyers might want to ask before heading into the process of acquiring a home loan.

What is the first step to getting a mortgage?

This question may seem straightforward, however the first step can vary depending on your financial situation. For those who already have saved up for a down payment and built a solid credit score, the first step is probably contacting lenders and getting preapproved or prequalified.

However, if you aren’t sure about your credit score and haven’t saved up for a down payment (ideally, 20% of what you hope to spend on the house), then you should address those matters first.

To find a lender, you can do a simple Google search for the mortgage lenders in your area, or you can ask around to friends and family to find out their experience with their own mortgage lenders.

What does it mean to be pre-qualified and pre-approved?

If you think of the mortgage process in three steps, the first step would be getting pre-qualified. This means you’ve given the lender enough basic information for them to decide which type of mortgage you’re eligible to receive.

Pre-approval includes collecting and verifying further details. At this step, you’ll complete a mortgage application and the lender will run a credit check. Once you’re pre-approved, your file can be moved to the underwriting phase.

What are closing costs?

“Closing costs” is an umbrella term that covers all of the various fees and expenses related to buying or selling a home. As a buyer, you are responsible for paying numerous closing costs. These can include, but are not limited to, underwriting fees, title searches, title insurance,  origination fees, taxes, appraisal fees, surveys, and more.

That sounds like a lot to keep track of, however your lender will be able to give you an accurate estimate of the total closing costs when you apply for your loan. In fact, lenders are required to give you a list of these costs within three days of your loan application in the form of a “good faith estimate” of the closing costs.

What will my interest rate be?

The answer to this question is dependent upon numerous factors. The value of the home, your credit score, the amount you put down (down payment), the type of mortgage you have, and whether or not you’re paying private mortgage insurance all factor into the interest rate you’ll receive. Interest rates also will vary slightly between lenders.

You can receive a fixed-rate mortgage that does not fluctuate throughout the repayment term. However, you also typically have the option to refinance to acquire a lower interest rate, however refinancing comes with its own costs.

Categories: Uncategorized  

Posted by Collins & Demac Real Estate on 12/4/2019

11 Hutchins Street, Shrewsbury, MA 01545



Full/Half Baths
One of Shrewsbury's venerable properties, this expansive Colonial sits so nicely on the tree lined street- not even a mile from the center of town. Built in 1941, the house has many features that are associated with quality craftsmanship; hardwood floors throughout, built in cabinetry, heavy trim, french doors and wide doorways. The foyer is spacious and welcoming, the living room stretches front to back, and two staircases lead to the second floor. There will be some updating required by the buyer, and the opportunity to customize the home with modern technology and fixtures. The basics are there- generous room sizes, master suite with dressing room, central kitchen, plenty of bedrooms and bathrooms. The impressive landscaped lot, which is studded with mature trees and shrubs, also boasts a second garage and a lighted tennis court. Rarely are properties with acre plus lots available in neighborhoods; imagine the new legacy that could be created with this home!
Open House
December 07 at 12:00 PM to 1:30 PM
Here's your chance to view this fabulous property. Join me from noon until 1:30 and take a walk through the home; bring your boots if you'd like to walk the yard! Agents- send your buyers!
Cannot make the Open Houses?
Location: 11 Hutchins Street, Shrewsbury, MA 01545    Get Directions

Similar Properties

Categories: Open House  

Posted by Collins & Demac Real Estate on 12/3/2019

This Single-Family in Worcester, MA recently sold for $275,000. This Colonial style home was sold by - Collins & Demac Real Estate.

16 Huntington Ave, Worcester, MA 01606


Sale Price

Full/Half Baths
Come see this fantastic classic New England Colonial Style home. Property features 4 large bedrooms, with 1.5 baths. Property is within Indian Lake East neighborhood with ready access to major highways for easy commuting. Home features gleaming hardwood floors, new roof, beautiful molding/trim, with tall ceilings & spacious rooms. The property has been updated with new electrical systems, features a brand new kitchen with modern stainless steel appliances. Open House scheduled for 8/31/19 has been cancelled.

Similar Properties

Categories: Sold Homes  

Posted by Collins & Demac Real Estate on 12/3/2019

3 Rams Gate Pl, Shrewsbury, MA 01545



Land Type
A rare wooded lot available in the desirable Coachman Ridge neighborhood of Shrewsbury. Builder offers various house styles available for a to-be-built. Easy access to major highways.
Open House
No scheduled Open Houses

Tags: Shrewsbury   Real Estate   01545   Land  
Categories: New Homes  

Posted by Collins & Demac Real Estate on 11/28/2019

Photo by Kirk Fisher via Pixabay

Whether you are buying your first home or are upgrading, consider buying a larger home. Even if you are just planning on starting a family, a larger home allows you to grow into it. And, you don’t have to put up with the pesky chore of moving when it’s time to go bigger. If you are upgrading, you should still go bigger than what you think you need because you’ll eventually run out of space. As long as you can afford it, going bigger has more benefits than downfalls.

Save Money When Your Family Grows

Instead of trying to sell a home and buy a larger home when your family starts growing, you’ll already have the larger home. If you plan on two kids but often have relatives or friends visit overnight, you’re better off with the extra bedrooms: one for each child, the master suite and at least one guest bedroom. When you have more than one guest bedroom, you’ll be able to make one into an office or a library if you decide to work for yourself later in life or if you decide you just want a quiet place to escape to once in a while.

Make Money

A home with at least one extra bedroom and bathroom commands more money on the market when you decide to sell it. Instead of a three-bedroom, two-bath house, you might consider a five-bedroom home with at least three bathrooms. You’ll get more for a sale than you would for a three-two. While you might pay more for the house, depending on how the market is when you sell, you could see quite a bit more appreciation than in a smaller house.

More Space

Generally, larger homes also have larger living spaces in addition to the extra rooms. You’ll have a more spacious kitchen and a larger living room that won’t feel as crowded when you entertain. You might find a new hobby later in life and will have the extra space to accommodate that hobby. And, because you have more space, your home will look less cluttered because you won’t have to “find” room to store your stuff.

Finally, you can get the furniture you want, instead of settling for something just because it fits in your living room. If you’ve always wanted that big-screen TV or even a room with movie theater seating, you can have that when you go bigger.

What You Can Afford

Look at your debt-to-income ratio as that determines what you are able to afford. If you can go bigger, the benefits outweigh the larger utility bills and the amount of extra time it takes to clean. And, look for a house that is on some acreage so that you can create a large outdoor living area and won’t be on top of your neighbors.

Categories: Uncategorized