Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 2/15/2018

As the workforce changes and a growing number of companies seek out contractors and freelancers, many Americans find themselves in a gray area when it comes to their income. They may put in full-time hours, but on their taxes they work for themselves.

Mortgage lenders are cautious about who they lend to. They want to make sure you are a low-risk investment who has reliable, predictable income to ensure that they’ll earn money off of your loan.

This can sometimes make it difficult for freelancers, contract workers, or the self-employed. Not only might your taxes be unconventional, but your income could vary depending on the time of the year and the amount of business you receive.

It’s easy to see why many people would be anxious about applying for a mortgage under these circumstances. However, if you’re self-employed, there’s no need to worry. You can still get approved for a mortgage at a fair interest rate--you just need to do a bit of work to provide the right documents to your lender.

In this article, we’ll show you what documents and proof of income you’ll likely need and how to present it to a lender to make the process run as smoothly as possible to get you approved for your mortgage. Here’s what you need to do.

Organize your records

Before applying for a mortgage, it’s a good idea to take a look at your record-keeping process. As a self-employed worker, you’re probably already used to tracking your own income. However, this will help the lender analyze your income easier and move the process along more quickly.

Having a master spreadsheet of your dated invoices, paid amounts, and the names of your clients is a good place to start. You’ll also want detailed, easy to read information for your previous employers, landlords, references, and any other information you think will be pertinent.

Next, gather your tax documents for the last three to five years. As a self-employed worker, you likely file a Schedule C (Form 1040) and a Schedule SE. Make sure you have copies of these forms.

Dealing with deductions

Many self-employed workers write off business expenses in their tax returns. Travel expenses, internet, and other costs associated with doing business are all ways to save by reducing your taxable income. Doing so can save you money, but it can also reduce your net income which is what lenders will see when you provide them with your information.

If you’re hoping to get approved for a bigger loan, one solution is to plan your taxes in the year prior to applying for a mortgage. Make fewer deductions than you normally would to increase your net income.

Be ready to clarify

When a mortgage lender is reviewing your information, make sure you are open and available to provide any information that can be helpful to them in considering your application. Being prompt and accurate with your responses will signal to your lender that you are willing to work with them.





Posted by Collins & Demac Real Estate on 2/13/2018


52 Shore Rd, North Brookfield, MA 01535

Single-Family

$340,000
Price

6
Rooms
3
Beds
2/1
Full/Half Baths
Lake Lashaway across the street! Very desirable floor plan! This home offers an open concept kitchen and living room area with a fireplace and a deck right off the kitchen. Also on the first floor there is a formal dining room and a half bathroom. Upstairs includes three nice sized bedrooms with a shared bathroom at the top of the stairs and an ensuite master bath with a jetted tub and separate stand up shower. Other features include surround sound system in the living room, central vacuum and an extra (approx 1000 sq ft) walk up attic with full staircase that would be great for easy access to storage.This home is move in ready.
Open House
Sunday
February 18 at 12:00 PM to 2:00 PM
Come see this great move in ready home!
Cannot make the Open Houses?
Location: 52 Shore Rd, North Brookfield, MA 01535    Get Directions







Posted by Collins & Demac Real Estate on 2/8/2018

Your home's driveway represents more than just an open space where you park your car day after day. In fact, your driveway could become a major selling point for your residence, one that could put your home over the top in the eyes of prospective homebuyers. So what does it take to enhance the quality of your home's driveway quickly and efficiently? Here are three factors that you should consider before you dedicate time and money to complete driveway renovations: 1. The Quality of Your Home A driveway improvement project should be considered in relation to other home improvement tasks throughout your residence. For example, is revamping your driveway more important than replacing your residence's hot water heater? This rarely, if ever, is the case, which means you may be better off dedicating your resources to other home improvement tasks before you commit time and money to enhance your driveway. Remember, your driveway is important but should not take precedence over various homebuyer must-haves. And for home sellers who are on the fence about driveway repairs, considering a homebuyer's perspective may help these sellers determine which home improvement projects should become top priorities. 2. Return on Investment (ROI) Ideally, you'll want to improve your home's driveway to enhance your residence's curb appeal and value as well as boost your chances of a quick home sale. To accomplish these feats, you'll need to ensure that the time and money you commit to driveway renovations delivers a significant return on investment (ROI); in other words, you'll want to guarantee that you'll get back what you put in to your driveway modifications. Consulting with a real estate agent can help you find the best way to maximize the ROI of driveway improvements, along with any other home repair tasks. This real estate professional is happy to provide tips to empower you with the skills and insights you need to bolster the quality of your home and optimize your residence's value. 3. The Real Estate Market Does your driveway already sparkle? If so, you may be able to use your driveway as a selling point to differentiate your residence from others on the real estate market. On the other hand, a subpar driveway that is loaded with cracks and holes may need to be repaired to the point where it won't detract from your home's curb appeal and value. When it comes to driveway improvements, it is important to note that major overhauls aren't always necessary. Instead, you may be able to fill in various cracks and holes to ensure your home's driveway offers plenty of parking and serves its purpose consistently. Take a look at some of the rival homes in your area to see the quality and condition of their driveways. By doing so, you'll be able to get a better idea about how your residence's driveway appears to homebuyers and act accordingly. Examine your driveway as you prepare to list your home on the real estate market, and you'll be ready to make any necessary improvements to help your residence generate interest from homebuyers.





Posted by Collins & Demac Real Estate on 2/7/2018

This Single-Family in Millbury, MA recently sold for $215,000. This Cape style home was sold by - Collins & Demac Real Estate.


29 Upton Street, Millbury, MA 01527

Single-Family

$225,000
Price
$215,000
Sale Price

12
Rooms
3
Beds
2/1
Full/Half Baths
Welcome to Upton Street! This lovely, well-kept Cape has an In-Law apartment, has NEW roof and NEW siding. Inside you will find hardwood floors throughout the entire home. A little work will bring them to a gleaming shine! The In-Law features a one-bedroom, kitchen area and one bath. Has propane hook-up for a stove. This is a great family home with tons of character and charm. With some vision and cosmetic updates, it will be perfect. Conveniently located to major routes, good schools, shopping, dining and more. Quiet neighborhood and walking distance to Dorothy Pond. Bring your offer!

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Categories: Sold Homes  


Posted by Collins & Demac Real Estate on 2/6/2018

This Condo in Westborough, MA recently sold for $555,000. This style home was sold by - Collins & Demac Real Estate.


21 Deerfield Way, Westborough, MA 01581

Condo

$565,000
Price
$555,000
Sale Price

6
Rooms
2
Beds
3
Baths
You Won't Find Another One Like This! Pristine Upscale Home in Walker Meadow 55+ Community*Updated Thru-out* Prof Painted w/Current Decorator Colors*Redesigned Kitchen w/Granite Counters* 5yr.Old Appliances*Custom Built Hutch*Under Cab Ltg,& Glass Tile Backsplash*Gorgeous HW Floors*Columned Dining Room*Vaulted LR w/Gas FP & Views Bring the Outside In*French Door to Enclosed/Screened 3-Season Porch Overlooking Large, Level, Pvt. Backyard * 1st floor Office* 1st Floor MBR w/7x13 Walk in Closet* All Updated Baths w/Granite* Newly Tiled Floor* Master Bath w/Glass Door to Custom Tiled Shower* Finished Sunny Walk-Out LL Offers Family Room, Full Bath & additional Den/Office* Custom Built Closet for Off-Season Storage* Central A/C* Brand New Water Heater* Public Water & Sewer* *Professionally Landscaped*Underground Sprinkler System* Sought After 2-CAR ATTACHED INSULATED GARAGE* Entire Road Throughout Neighborhood Repaved 2015* Great cul-de-sac location*Move-in Condition*Quick Close Possible!

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Tags: Westborough   Real Estate   Condo   01581  
Categories: Sold Homes  




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