Elena Langlois - Compass Massachusetts, LLC



Posted by Elena Langlois on 6/4/2020

Photo by Vlada Karpovich from Pexels

While your credit score will play a role what your mortgage interest rate will be, there are also various types of loans that can increase or lower your monthly mortgage payment. In general, there are two specific loan types, adjustable rate loans, known as an ARM and fixed rate. However, within these two categories, there are various options you should be aware of before shopping for a mortgage.

Fixed Rate Loans

The fixed rate loan is exactly what it sounds like. This means your interest rate will remain stable throughout the life of your loan. Keep in mind, this does not mean your payment will remain the same — if your property taxes or insurance premiums increase and are part of your mortgage payment, the monthly payment will increase.

There are four categories of fixed rate loans that are available to borrowers. The shorter the term of the loan, the lower the interest rate. However, the shorter the term of the loan, the higher your monthly payment will be. The four categories are 10 years, 15 years, 20 years, and the most popular, the 30-year fixed rate mortgage.

Fixed rate mortgages can be as short as 10 years and as long as 30 years. Assuming you were able to secure a $100,000 30-year mortgage at a fixed rate of 3.92 percent, your total mortgage payments would be $172,000 over the life of the loan. If you were to secure a 20 year at a fixed rate of 3.5 percent, you would pay approximately $139,190 over the life of the loan. As you can see, a small decrease in rate, and decrease in time can make a significant difference.

Adjustable Rate Mortgages

If you are considering an adjustable rate mortgage, your lender may offer you different options. The most common types of ARMs are 3/1 ARMs, 7/1 ARMs and 10/1 ARMs. What this means is the first number (3, 7 and 10) means your rate will be fixed over that number of years. The second number (1) means your rate will change every year after the fixed rate period ends.

ARMs typically have what is known as a “cap” which means the amount your loan can increase cannot increase more than a specific amount. The caps may be defined as how much the monthly payment can increase over the life of your loan, over how much the rate can rise over the life of your loan, or how much the rate can increase from year to year. Before agreeing to accept an ARM, make sure you have a full understanding of the terms. It is also worth noting that many ARMs also have prepayment penalties associated with them. This means you may pay a fee to the lender if you sell your home, or you decide to refinance your mortgage.

Deciding whether a fixed rate or an adjustable rate mortgage is the right choice for you can be challenging. Some borrowers may opt for an adjustable rate, so they can meet other criteria such as debt to income ratios. Your real estate agent, and your mortgage lender can help you determine which loan is right for your needs based on the value of your home, how long you plan to own the home, and your current financial status.




Categories: Uncategorized  


Posted by Elena Langlois on 6/1/2020

This Single-Family in Bedford, MA recently sold for $805,000. This Colonial,Garrison style home was sold by Elena Langlois - Compass Massachusetts, LLC.


5 Garrison Dr, Bedford, MA 01730

Single-Family

$775,000
Price
$805,000
Sale Price

8
Rooms
3
Beds
2/1
Full/Half Baths
Elegantly updated & meticulously maintained, this classic one owner colonial w/ attached 2-car garage is sited on a level 1/3-acre lot. New maple floors create clean sight lines accenting the circular flow between formal & informal rooms, w/a fireplaced family room & stunning kitchen as the centerpiece w/custom cabinetry, SS appliances, & granite counters. Get away to the year-round sunroom w/floor to ceiling windows for tranquil views of the backyard, & lg deck for summer fun. Upstairs a front to back master suite w/2 large closets has updated bath w/stylish tile & glass shower. 2 add'l bedrooms & updated full bath complete the 2d floor. The walk-out lower level has full-sized windows, perfect for home office & playroom. Other amenities include central a/c, newer windows & roof, garden shed, landscaped grounds, sprinkler system; Lovely neighborhood setting & perfect location minutes to Rt 95 & Bedford Town Center. Complete list of updates available.

Similar Properties





Categories: Sold Homes  


Posted by Elena Langlois on 5/28/2020

If you plan to attend an open house, it usually pays to be prepared. That way, you'll know exactly which questions to ask during an open house and can ensure that you can gain the insights that you need to determine whether a residence is right for you.

Now, let's take a look at three key questions to ask a listing agent during an open house.

1. Why is this home for sale?

Although a home listing provides plenty of information about a residence, it is unlikely to explain why a homeowner is selling his or her house. Thus, you should use an open house to find out exactly why a home is for sale.

In many instances, a listing agent will be honest and forthright about why a homeowner has decided to add his or her residence to the real estate market. Once you receive an answer to your query, you can better understand whether a house matches your expectations.

On the other hand, if a listing agent hesitates or shies away from your question, you should be skeptical. At this point, you should continue to dig for more information about a residence to learn about any potential flaws.

2. Are there any home problems that I need to know about?

An open house enables you to get an up-close look at a residence. Furthermore, the event allows you to find out about a residence's pros and cons from a listing agent.

Ask a listing agent about any home problems you'll be glad you did. The listing agent should be able to provide you with plenty of insights into a home's condition, ensuring you can make an informed decision about whether to submit an offer.

A listing agent is likely to be honest with you about any problems with a house. By doing so, this agent will reduce the risk of a homebuyer later rescinding an offer after a home inspection.

3. Have there been any offers on the house?

It is important to find out if there is any competition for a house, especially if you discover your dream residence. Thus, during an open house, you should ask a listing agent if any offers have been submitted on a residence.

If a listing agent responds "Yes" to your query, you may want to act fast to submit a competitive offer on a house. Because if you wait too long to make an offer on your dream residence, you risk losing this house to a rival homebuyer.

Lastly, if you need help getting ready for an open house, you should collaborate with a real estate agent. This housing market professional can provide deep insights into a residence before you attend an open house. Therefore, a real estate agent will help you take the guesswork out of getting the most out of any open house, at any time.

Want to optimize the value of an open house? Ask the aforementioned questions, and you can get the information that you need to fully evaluate a residence.




Categories: Uncategorized  


Posted by Elena Langlois on 5/22/2020


388 Cambridge St, Winchester, MA 01890

Single-Family

$749,000
Price

8
Rooms
3
Beds
2
Baths
Designed by architect John G. Danielson, this custom built Mid-Century Modern style home is sited on .4 acres and set far above the road amidst a bucolic wooded setting ideal for birdwatchers & hikers. The most stunning feature upon entry is the vast open living room and dining room with soaring ceilings boasting exposed solid mahogany beams and rafters, & a floor to ceiling fireplace surrounded by rare pecan wood paneling, & walls of windows flooding the rooms with natural light. Simply breathtaking! Other amenities include solid oak hardwood floors in formal rooms, hallway & bedrooms. Lower level has a fireplaced family room with pecan paneling, office, laundry, & heated 1 car garage. Building's exterior has redwood siding. Updated electrical. Heating cables under the driveway. This home is being sold AS-IS, but has had critical recent updates: e.g., in 2019, new roof, hot water heater, chimney cap & fireplace dampers. Vinson Owen Elementary. Make this your dream home in Winchester!
Open House
No scheduled Open Houses

Similar Properties





Categories: New Homes  


Posted by Elena Langlois on 5/21/2020

Photo by Tumisu via Pixabay

Maybe you’ve thought about buying rental property. Wouldn’t it be great, you think, to own something that someone else pays for? It can work out that way, with your property increasing in value while you pocket money every month. But with the wrong home, the wrong tenants or the wrong management, it can go horrendously sour. Here are eight ways to make your first venture as a landlord a successful one.

  1. Start small. Buy a single house, townhouse or condo rather than an entire apartment building.

  2. Decide how much work you’ll take on. Are you a DIYer? Can you make minor repairs yourself? Are you willing and able to recruit tenants and deal with them on an ongoing basis? If this isn’t you, you’ll be wise to hire a property management company to handle these items.

  3. Really, really, understand your income and expenses. Project them forward 5 to 10 years and make sure you have a margin. There’s more than mortgage, taxes, insurance and utilities. There also can be landscaping, pest control, landlord insurance and minor repairs. Be especially aware of big ticket items. If you’ll need a new roof eight years from now, set aside for it. Be aware of property tax trends so you won’t be caught be surprise. Consider what will happen if a tenant leaves and your property is vacant for several months.

  4. Arrange financing in advance. Most mortgage lenders will pre-qualify your loan. It helps close the deal if you can show this to a buyer.

  5. Know the neighborhood. If you’re not familiar with it, drive around. Talk to people. Research it online.

  6. Learn how to be a landlord. Talk to other landlords. Join a landlord’s association. Familiarize yourself with tenant rights and local regulations.

  7. Know your tenants. The right tenants can make your experience a joy and the wrong ones can make you rue the day you got into this business. Use a screening service. Have a written lease ready to go and specify exactly what is expected: when the rent is due, what the grace period is, what’s the penalty for being late, who pays utilities, what - if any - maintenance the renters are required to do. Insist on prompt rent payment right from the get-go. No matter how much you like your tenants, it's imperative to keep the relationship professional. Visit your property from time to time. You’re not permitted to barge in, but a drive-by can tell you a lot.

  8. Keep business and personal finances separated. Maintain separate bank accounts and credit cards. Be clear on which is which for record keeping and tax accounting.

People have put children through college and financed their retirement through rental property while also working at paycheck jobs. But being a landlord is not for the timid, the inflexible or the careless planners. Think before you make the leap, and if you decide to go for it, all the best!




Categories: Uncategorized