Mary Foley Real Estate Inc.
Mary Foley Real Estate Inc.


Posted by Mary Foley Real Estate Inc. on 4/24/2018

We live in a world of convenience and endless choices. To watch a TV show, you can find it on cable, Netflix, Amazon Video, Hulu, and more. Sometimes, all of these options make it easy to spend more than necessary on monthly services.

If youíre hoping to buy a home in the near future, one way to save a bit more each month is to cut corners wherever possible.

In todayís post, Iím going to cover some tips that will help you start saving toward the down payment on your first home.

Cutting down on monthly services

Theyíre enticing, the myriad of entertainment services that we can now take advantage of. For a seemingly low monthly cost you can have hundreds of channels through cable. However, many cable users have noticed that their cable bill keeps creeping up each year and the service doesnít get any better.

One way to start saving more each month is to ditch cable altogether. For news and the weather, there are many websites available. And, some local news stations stream live on their websites for free.

But, what about watching your favorite TV shows and movies? One of the worldís best kept secrets is that of interlibrary loans. Most public libraries are part of a system that allows you to get books, games, movies, and TV shows shipped to your local library for free. You simply reserve the latest season of Game of Thrones and wait for an email from your library.

Another issue many people have with monthly entertainment services is their tendency to add up. Reassess your monthly bills. If youíre paying for Netflix, Amazon Prime, and Hulu, do you really need all three?

Be smart about your savings

To save effectively, make sure your savings account is seeing a high return on its interest rate. Online banks tend to have higher returns than their brick & mortar counterparts, and most people donít need to make regular visits to a bank anymore anyway.

Similarly, for credit cards, choose one with cashback rewards. Only use your credit card for necessities, like groceries and gas. Then, pay off each statement in full each month. Once you get your rewards, use them for more groceries and gas or put them in your down payment savings account, if possible.

Donít forget about CDs (certificates of deposit)

One of the most effective ways of saving for a down payment is a certificate of deposit. CDs are perfect for down payments because you arenít able to withdraw from them until they have matured--i.e., until youíve reached your savings goal. They can be set for 6 months, a year, or more, and they tend to have higher returns than savings accounts.


Using a combination of these methods will help you start saving more each month so you can achieve your dream of owning a home sooner.





Posted by Mary Foley Real Estate Inc. on 4/18/2018

Immaculate Cape! Pride of ownership shines throughout. Don't miss out on this beautiful home. Hardwood floors of oak and hickory on the first floor. First floor Master with updated master bath and walkin closet. Beautiful French and atrium doors on first floor to lead out to the private back yard. Maple kitchen cabinets with granite counter tops and stainless appliances, and tile back splash. Cozy family room with Hickory floors, fire place, and pellet stove to save on heating costs. 3 additional bedrooms upstairs with another full bath. 5 year old roof and windows! New Furnance in 2015. Additional heated space in basement for a workshop or finish to your liking. Beautifully landscaped with tons of perennials, blueberry bushes and apple trees. Commuters Dream, less than 10 minutes to highway and commuter rail! Nothing to do here but unpack! Call today to schedule your showing!

More Info on this Property | New Listing Alerts





Posted by Mary Foley Real Estate Inc. on 4/18/2018


700 Goodrich Street, Lunenburg, MA 01462

Single-Family

$449,900
Price

9
Rooms
4
Beds
2/1
Full/Half Baths
Immaculate Cape! Pride of ownership shines throughout. Don't miss out on this beautiful home. Hardwood floors of oak and hickory on the first floor. First floor Master with updated master bath and walkin closet. Beautiful French and atrium doors on first floor to lead out to the private back yard. Maple kitchen cabinets with granite counter tops and stainless appliances, and tile back splash. Cozy family room with Hickory floors, fire place, and pellet stove to save on heating costs. 3 additional bedrooms upstairs with another full bath. 5 year old roof and windows! New Furnance in 2015. Additional heated space in basement for a workshop or finish to your liking. Beautifully landscaped with tons of perennials, blueberry bushes and apple trees. Commuters Dream, less than 10 minutes to highway and commuter rail! Nothing to do here but unpack! Call today to schedule your showing!
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by Mary Foley Real Estate Inc. on 4/17/2018

Bad credit happens. Maybe you were late on some loan payments, or maybe you got a bit to swipe-happy with a credit card while you were in college. Or, maybe you were like many other Americans who took a financial hit during the housing crisis. Regardless, it can take a long time to recuperate from a bad credit score.

If youíre hoping to buy a home but have poor credit, it can seem like you donít have many options. However, there are many mortgages designed with such people in mind.

In this post, weíre going to discuss some of the options for people interested in home ownership who have low credit and ways they can achieve this goal without taking on high interest loans.

First thingís first: start prioritizing your credit

Even if you want to buy a home within the coming months, itís always a good idea to start building credit. It does take several months to see a substantial difference on your credit report, but starting now will save you in the long run and will show lenders that youíre making a difference.

To give your credit score a boost in the shortest time possible, set all of your bills on auto-payment, repay and late bills such as medical expenses, and set up payment plans wherever needed. If possible, become an authorized user on someoneís credit card and use that for everyday expenses like groceries. Doing so will help you build credit without opening new cards that have high interest.

Many types of mortgages

Mortgages come in many shapes and forms. Since lenders are in competition with one another, you can often find loans that cater to underserved markets. In this case, that market is people with low credit scores.

Call some local lenders and ask if they have programs for people with low credit. Often they will point you toward first-time homeowner loans and USDA-guaranteed mortgages. Other times they might offer loans with high down payments. But, youíll never know until you ask.

USDA and FHA Loans

Currently, USDA loans have a minimum credit score of 620. For FHA loans, lenders recently reduced the minimum score to 580. With these loans, you can pay a low, or no, down payment and still receive a mortgage loan.

The first step to getting approved for either type of loan is getting in contact with a lender to determine your eligibility. Eligibility is based on other factors such as your income, and in the case of USDA loans, the location of the home.

Other Options

If your score is lower than 580 or you donít qualify for a USDA loan, you can still find other options. One would be to pay a higher down payment on the home. This would help ensure the lender that you are able to provide income to make payments in spite of your credit history.

Another option would be to reason with your lender of choice. Most of the application process comes down to numbers, but if you can show a lender that you have substantial, reliable income, and have been making rent payments for multiple years, these can both help build your case.




Categories: Uncategorized  


Posted by Mary Foley Real Estate Inc. on 4/14/2018

This Single-Family in Lunenburg, MA recently sold for $322,000. This Colonial style home was sold by - Mary Foley Real Estate Inc..


1373 Massachusetts Avenue, Lunenburg, MA 01462

Single-Family

$314,900
Price
$322,000
Sale Price

9
Rooms
4
Beds
2/1
Full/Half Baths
Start the New Year in this Beautiful Home!! Pride of ownership shines here! Home totally remodeled in 2014.Spacious open, light filled floor plan. Great private yard with new patio for entertaining! Deck for additional entertaining! Master Suite with slider and private balcony! 3rd floor walk up waiting to be finished!! Granite Counter Tops, Solid Maple Cabinets,Stainless Appliances, Beautiful Hardwood floors, Spacious First Floor Laundry Room. Also has an awesome Moda Flame fireplace to keep you cozy on those chilly nights! Relaxing Farmers Porch. Heating System and Electric brand new in 2014! Great location and walking distance to school! Large shed for extra storage, extra wide gutters with leaf guard! This is one you don't want to miss! Call to schedule your showing before it's gone!!

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Categories: Sold Homes  




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