first time homebuyer: First Time Homebuyer Here’s What You Need To Know - 07/31/17 05:09 AM
Buying a home can be a very difficult experience! It is most likely the biggest purchase of your life but less daunting when you know the real estate lingo and what to expect during the purchase process.
1. Start saving earlyYou will need to be putting between 3.5% and 20% down of the purchase price. Your current situation will determine when you are ready to purchase. If you are putting less than 20% down, you will be paying private mortgage insurance (PMI) on a monthly basis. For example a 20% downpayment on a 300k home would be 60k while a 3.5% payment … (2 comments)

first time homebuyer: Avoid Common Home Buying Mistakes! - 07/12/17 05:02 AM
Buying a home can be exciting when things go well! Avoid these five major home buying pitfalls.
Pre Purchase:
Pre Qualification: Make sure you go through a prequalification with your lender! They will look at your current credit, debt to income ratio (DTI), savings, retirement accounts, W2 Income, and have a number of how much you can borrow. The higher your credit, the better position you are in. Make sure to only look at properties that fall in your pre approval range. I would highly suggest looking at your own finances to see what price range is best for you … (1 comments)

first time homebuyer: 4 Home Buying Myths Resolved - 07/07/17 04:51 AM
These are a few common myths about buying a property. See how these common myths are debunked!
1.MYTH: I need 20% down buy a property
TRUTH: You don’t need 20% down to purchase! FHA is 3.5% down and MassHousing is 5% down. Consider multiple programs when looking for a loan on your property. Is is best for you to put 20% down or low money down? Keep in mind, with FHA you will be paying PMI (Private Mortgage Insurance) for the life of the loan. You do have the option to refinance later to rid the PMI.
2. MYTH: I need an excellent credit … (2 comments)

first time homebuyer: STOP These 5 Habits to Help Purchase Your First Investment - 07/06/17 04:24 AM
What is preventing you from purchasing your next investment? Small seemingly insignificant purchases add up over time which prevent us from our next investment. Hopefully, you already know what income you have coming in as well as your expenses. Here are five habits to break to assist you in saving for your next investment.
1. Housing
This is most likely the majority of you monthly income, your largest expense. The goal should be spending no more then 30% of your income on housing. Consider where you currently live- can you possibly get a roommate or move to a less expensive area? … (9 comments)

first time homebuyer: 4 Questions To Ask Before Buying Your Home - 07/06/17 03:21 AM
Is a single family home a bad investment? Some buyers luck out and receive great appreciation on their property over time. They also make a few improvements that improved the value and sell it for more then they paid a few years prior.
If not bought strategically, it may be difficult to sell for a profit. The goal should not be to break even when looking to sell, but to profit.
You can’t control the market, but you can follow a few simple steps to avoid a bad purchase.
 
1. Is this a house you can live in for 5 or more years?
Make sure … (1 comments)

first time homebuyer: Do You Know These 10 Financing Terms? - 07/01/17 06:13 AM
Looking to purchase a property? Here are ten terms you want to know and must understand if you want to make the right purchase.
1. Cash Flow
To invest in real estate, you want to have cash flow! This is your income minus expenses. Income includes rental income. Expenses can be mortgage, taxes, insurance, water, repairs etc. For example. You have a property bringing in 3000 a month. Your expenses equal 2700 a month. You have a cash flow of 300 per month. You can increase your cash flow by increasing income and decreasing expenses.
2. Appreciation
Your property has increased value over … (3 comments)

first time homebuyer: Avoid These 2 Costly Mistakes Homebuyer - 07/01/17 04:52 AM
Two Things:
1.Know what space you need.
At the end of the day, make sure you will use the house.. Is it best fit for you? Is it functional? Functional is a must since you most likely plan on living there for years to come. Does the floor plan work for you? Also, know your budget. What works for you? Do not buy something too big (can be a maintenance headache over time).
2. Inspection Report
Before you buy, you want to know the ins and out of the property. Understand what is in need of repair or at the end of useful life.. If … (3 comments)

first time homebuyer: Are You Ready to Buy A Home? - 06/29/17 07:03 AM
Congrats! You have made the decision to buy a home.
Know Your Income/Expenses
First determine how much income you have coming in, and your monthly expenses. Know this first.  Document where you currently are and where your major expenses are. Understand depending on your financial situation, it may take 6-24 months before you are ready to purchase your home.
Next, self access, where you can decrease your expenses?What can you live without? Save where you can. If need be cut some expenses so you can get closer to your savings goal.
If possible, also think about increasing your income. There is no one right way … (2 comments)

 
Steve Bracero, First Time Homebuyer and Investor Specialist  (Heisler and Mattson)

Steve Bracero

First Time Homebuyer and Investor Specialist

Shrewsbury, MA

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Heisler and Mattson

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