Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 5/16/2019

If youíre hoping to buy a house in the near future, youíll want to focus on saving for a down payment.

Down payments are a way to let a lender know that you are a low-risk investment, and a way to save money on interest over the term of your loan.

If you have your other finances in order--a good credit score and stable income--thereís a good chance that making a 20% or more down payment will land you a low interest rate that can save you thousands while you pay off your loan.

How large should my down payment be?

The larger the down payment you can afford, the more money youíll likely save in the long run. While there are ways to get a loan with no or very small down payments, these arenít always ideal.

First, if you put less than 20% down on your home loan, youíll be required to pay private mortgage insurance, or PMI. These are monthly payments that you make in addition to the interest that is accrued on your loan.

So, if you donít put any money down on your home, youíll accrue more interest over your term length and youíll pay PMI on top of that.

What affects your minimum down payment amount?

Lenders take a number of factors into consideration when determining your risk. If youíre eligible for a first-time home owners loan, a veteranís loan, or a USDA loan, your loan can be guaranteed by the government. This means you can likely pay a lower down payment while still receiving a reasonable interest rate.

When applying for a mortgage, be sure to reach out to multiple lenders and shop around for the rates that work for you. Many lenders use slightly different criteria to determine your eligibility to pay a lower down payment.

Other things that affect your minimum down payment include:

  • Credit score

  • Location of the home you want to buy

  • Value of the mortgage

Saving for a down payment

Youíll get the most value out of your mortgage if you put more money down. However, if youíre currently living in a high-rent area, it could mean that itís in your best interest to get out of your apartment and start building equity in the form of homeownership.

If you want to buy a home within the next year or two, there are a few ways you can help increase your savings.

First, determine how much you need to save. Depending on your housing needs and the current market, everyone will have different requirements. Do some home shopping in your area online and look for homes that are within your spending limits. Remember that you shouldnít spend more than 30% of your monthly income on housing (mortgage, property taxes, etc.)

Next, find out what a 20% down payment on that home would be, adjusting for inflation.

Once you have the amount you need to save, remember to leave yourself enough of an emergency fund in your savings account to last you a month or two.




Tags: Mortgage   down payment  
Categories: Uncategorized  


Posted by Collins & Demac Real Estate on 5/15/2019

This Single-Family in Rutland, MA recently sold for $334,900. This Colonial style home was sold by - Collins & Demac Real Estate.


133 Pommogussett, Rutland, MA 01543

Single-Family

$334,900
Price
$334,900
Sale Price

6
Rooms
3
Beds
2/1
Full/Half Baths
To be Built. 1728 Sq Ft Colonial 3 Bed 2 1/2 Bath Home, located in a convenient close to town center location. First floor includes tiled Kitchen with granite countertops and slider to PT deck. The Living room features a propane fireplace w/ custom mantle and stone surround as well as Hardwood floors that extend throughout the Foyer, Dining room and stairs!. The main level also includes a tiled 1/2 Bath with Laundry . Second floor offers a Master with ensuite bath and walk in closet. 2 additional beds and full bath complete the living area in this Home! Other features include 2 car garage under (door openers included) and an unfinished Walkout basement for future living area! FREE CENTRAL AIR if under agreement by December 1.

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Categories: Sold Homes  


Posted by Collins & Demac Real Estate on 5/15/2019


71 Crescent St, Shrewsbury, MA 01545

Single-Family

$330,000
Price

7
Rooms
4
Beds
1/1
Full/Half Baths
Charming Shrewsbury Cape situated within walking distance to school, parks & town center. The first floor features an eat-in kitchen with stainless steel appliances & access to the patio and large fenced-in backyard, family room with vaulted ceilings & pellet stove, formal living room with fireplace. A full bathroom and 2 bedrooms (or use one room as a bonus / office space etc.) complete the main floor. Upstairs in this classic cape are 2 additional bedrooms with laundry room and half bath. Fresh interior paint, vaulted ceilings, tons of natural light, and wide pine flooring throughout add to all of this home's charm & character! 6 year old roof, replacement windows, and brand new hot water tank. Showings start Thursday, May 16th. Open House Saturday, May 18th from 12-2pm.
Open House
Saturday
May 18 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 71 Crescent St, Shrewsbury, MA 01545    Get Directions

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Categories: Open House  


Posted by Collins & Demac Real Estate on 5/15/2019


71 Crescent St, Shrewsbury, MA 01545

Single-Family

$330,000
Price

7
Rooms
4
Beds
1/1
Full/Half Baths
Charming Shrewsbury Cape situated within walking distance to school, parks & town center. The first floor features an eat-in kitchen with stainless steel appliances & access to the patio and large fenced-in backyard, family room with vaulted ceilings & pellet stove, formal living room with fireplace. A full bathroom and 2 bedrooms (or use one room as a bonus / office space etc.) complete the main floor. Upstairs in this classic cape are 2 additional bedrooms with laundry room and half bath. Fresh interior paint, vaulted ceilings, tons of natural light, and wide pine flooring throughout add to all of this home's charm & character! 6 year old roof, replacement windows, and brand new hot water tank. Showings start Thursday, May 16th. Open House Saturday, May 18th from 12-2pm.
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by Collins & Demac Real Estate on 5/14/2019

This Single-Family in Shrewsbury, MA recently sold for $325,500. This Cape style home was sold by - Collins & Demac Real Estate.


17 Ireta Road, Shrewsbury, MA 01545

Single-Family

$308,800
Price
$325,500
Sale Price

6
Rooms
3
Beds
1
Baths
Mint house in a great location!!! Hardwood floors recently refinished. Freshly painted. Updated kitchen with oak cabinets and granite counter tops, updated bath with new vanity and toilet. New carpet in the one room with out hardwood floors. Boiler installed 2004, newer windows and roof with architectural shingles. Neighborhood has its own playground with swings basketball court and field. Easy access to Route 290, Shrewsbury Center and the Shops at Lakeview Commons! Open House scheduled for March 30th, but private showings can be scheduled starting the 28th. Per seller offers due April 1st at 9:00 am.

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Categories: Sold Homes  




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