Steve Casey
RE/MAX Real Estate Center | 508-341-4464 | stcreal@aol.com


Posted by Steve Casey on 5/20/2019

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: down payment   Mortgage  
Categories: Uncategorized  


Posted by Steve Casey on 5/17/2019


1334 North St, Walpole, MA 02081

Single-Family

$549,900
Price

9
Rooms
3
Beds
1/1
Full/Half Baths
Premier North Walpole Location! Classic 1945 (when they knew how to deliver QUALITY) Home nestled between nature and local Equestrian Farms near the Westwood line. Charming Brick Front & Vinly center entrance colonial. Hardwood throughout, updated Kitchen Cabs with granite countertops. Younger boiler, all new replacement windows and more. Terrific floor plan with leisure rooms open on both sides of house. Walk to Walpole's publicly owned 300 Acre Adams Farm offering extensive riding and walking trails. Just in time for the Summer Months is the fenced In-Ground Gunite Pool Maybe not the best feature but definitely up there....Renowned Bubbling Brook Ice Cream, Fried Clams and other desirables at the bottom of the street!
Open House
Saturday
May 18 at 12:00 PM to 1:30 PM
Join me for a visit to this terrific North Walpole home.
Cannot make the Open Houses?
Location: 1334 North St, Walpole, MA 02081    Get Directions

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Categories: Open House  


Posted by Steve Casey on 5/16/2019

Wonderful townhouse with great appeal. Fabulous East location across from Bird Park. Finished lower level and dorm type 3rd bedroom on top level. This is a beauty. Over 2000sf with finished lower level. 3 bedrooms and 2 1/2 baths make this a special opportunity at this price.

More Info on this Property | New Listing Alerts




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Posted by Steve Casey on 5/16/2019


2 Washington Green, Walpole, MA 02081

Condo

$349,900
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
Wonderful townhouse with great appeal. Fabulous East location across from Bird Park. Finished lower level and dorm type 3rd bedroom on top level. This is a beauty. Over 2000sf with finished lower level. 3 bedrooms and 2 1/2 baths make this a special opportunity at this price.
Open House
No scheduled Open Houses

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Tags: Walpole   Real Estate   02081   condo  
Categories: New Homes  


Posted by Steve Casey on 5/16/2019


17 BEACON STREET, Walpole, MA 02081

Single-Family

$469,900
Price

8
Rooms
4
Beds
2
Baths
Extremely desirable Cape in terrific dead end location off of lower Common Street. EASY ACCESS TO PLAYGROUND, SHOPPING, TRAIN, LIBRARY, PARKS, HIGH SCHOOL & HIGHWAYS. Recent Updates: New Shed, newly upgraded electric to 200AMP, New Vinyl Siding, All new replacement windows throughout and new front steps installed. Gas heat, 17 flush mounted overhead lights throughout 1st floor. TWO FIREPLACES. Wonderful screened porch through sliders from Family Room.
Open House
Sunday
May 19 at 12:00 PM to 2:00 PM
Wonderful Cape with short distances to many amenities. Playground, town pool, library, High School, Boston Train and shopping. Join Kerry at open house.
Cannot make the Open Houses?
Location: 17 BEACON STREET, Walpole, MA 02081    Get Directions

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Categories: Open House