Jamie Dee Frontiero - Coldwell Banker Residential Brokerage



Posted by Jamie Dee Frontiero on 1/13/2019

Itís hard to overstate the importance of credit scores when it comes to buying a home. Along with your down payment, your credit score is a deciding factor of getting approved and securing a low interest rate.

Credit can be complicated. And, if you want to buy a home in the near future, it can seem daunting to try and increase your score while saving for a down payment.

However, it is possible to significantly increase your score in the months leading up to applying for a loan.

In todayís post, weíre going to talk about some ways to give your credit score a quick boost so that you can secure the best rate on your mortgage.

Should I focus on increasing my score or save for a down payment?

If youíre planning on buying a home, you might be faced with a difficult decision: to pay off old debt or to save a larger down payment.

As a general rule, itís better to pay off smaller loans and debt before taking out larger loans. If you have multiple loans that youíre paying off that are around the same balance, focus on whichever one has the highest interest rate.

If you have low-interest loans that you can easily afford to continue paying while you save, then itís often worth saving more for a down payment.

Remember that if you are able to save up 20% of your mortgage, youíll be able to avoid paying PMI (private mortgage insurance). This will save you quite a bit over the span of your loan.

Starting with no credit

If youíve avoided loans and credit cards thus far in your life but want to save for a home, you might run into the issue of not having a credit history.

To confront this issue, itís often a good idea to open a credit card that has good rewards and use it for your everyday expenses like groceries. Then, set up the card to auto-pay the balance in full each month to avoid paying interest.

This method allows you to save money (youíd have to buy groceries and gas anyway) while building credit.

Correct credit report errors

Each of the main credit bureaus will have a slightly different method for calculating your credit score. Their information can also vary.

Each year, youíre entitled to one free report from each of the main bureaus. Take advantage of these free reports. Theyíre different from free credit checks that you can get from websites like Credit Karma because theyíre much more detailed.

Go through the report line by line and make sure there arenít any accounts you donít recognize. It is not uncommon for people to find out that a scammer or even a family member has taken out a line of credit in their name.

Avoid opening several new accounts

Our final tip for boosting your credit score is to avoid opening up multiple accounts in the 6 months leading up to your mortgage application.


Opening multiple accounts is a red flag to lenders. It can show that you might be in a time of financial hardship and can temporarily lower your score.





Posted by Jamie Dee Frontiero on 1/6/2019

Buying a house is never a simple decision. Aside from all of the financial aspects of purchasing a home, there are numerous life-related considerations youíll need to think about. So, it comes as little surprise that diving head on into the house hunting process can be stressful and taxing to the home buyer.

With all of the different numbers to keep track of--a down payment, closing costs, credit scores, interest rates, and so on--itís easy to get lost in the finer details of your budget. This can lead to even more stress as you try to navigate your way through getting approved for a mortgage and shopping for the perfect home.

In this article, weíre going to give you some tips on how to maintain your budget and reduce stress throughout the home buying process. That way, when you do finally find the house youíve been waiting for, youíll be able to move forward confidently.

Trust the process

Many first-time home buyers enter the real estate market with little knowledge or experience of how things work. Any newcomer to such a huge and complex industry is bound to be flustered with all of the different options available to them.

However, much of the home buying process is relatively standardized. Real estate agents all make roughly the same commission, lenders use similar algorithms to decide how much of a loan youíll be approved for, and real estate contracts contain legal safeguards and contingencies to ensure that you and the sellerís interests are protected.

When shopping for a mortgage or getting pre-approved, itís a good idea to ask friends, family, or read reviews online to find someone you know you can trust. From there, rely on the experts to lead you through the process.

Have a long-term plan

Much of the stress and anxiety around buying a home comes from the uncertainty of the future. Sitting down with your family and significant other and deciding your long-term goals for homeownership is a good way to build confidence and know that youíre making the right choice.

Determining things like location, the number of years you want to live in a home, and what priorities are the most important (school districts, neighborhood safety, etc.) will help you make that plan a reality.

Use the tools at your disposal

If youíre reading this article, you already have started to take advantage of one of the most important resources you have, the internet. Look up real estate terminology youíre unfamiliar with, read up on the different types of mortgages, and take advantage of free online calculators to create what-if scenarios to find out what you might end up paying in closing costs and interests.

Itís also a good idea to check your credit score for free online. You can check your official reports once per year, but for simple credit checks you can look it up each month for free.

Knowing that youíre in good hands with a lender and agent, that you have a basic understanding of industry terms, that you have a long-term plan, and that your finances are in order will all help set your mind at ease and give you confidence as you move forward toward homeownership.




Categories: Uncategorized  


Posted by Jamie Dee Frontiero on 1/4/2019

This Single-Family in Gloucester, MA recently sold for $380,000. This Colonial style home was sold by Jamie Dee Frontiero - Coldwell Banker Residential Brokerage.


5 Carlisle St, Gloucester, MA 01930

Single-Family

$394,900
Price
$380,000
Sale Price

6
Rooms
3
Beds
1
Baths
New Price !!! Renovated colonial with 3 bedrooms and 1 bath. Current owner has renovated since purchase in 2005, remodeled kitchen with newer appliances, updated 200 AMP electrical service, vinyl windows throughout, updated plumbing, newer furnace, new water heater in 2013, new roof in 2016 and exterior painting in 2018ÖITS ALL DONE! Interior has great colors and comfortably sized rooms. Manageable fenced in yard with stone patio for cookouts and shed for easy storage. 2 car paved parking. Nothing to do but unpack and enjoy. First showings at open house.

Similar Properties





Categories: Sold Homes  


Posted by Jamie Dee Frontiero on 1/4/2019

This Condo in Newburyport, MA recently sold for $367,500. This Garden,Mid-Rise style home was sold by Jamie Dee Frontiero - Coldwell Banker Residential Brokerage.


43 Middle, Newburyport, MA 01950

Condo

$367,500
Price
$367,500
Sale Price

4
Rooms
2
Beds
1
Baths
Cool In-Town Condo! Nestled down along idyllic Middle Street in Historic Downtown Newburyport, this 2nd floor Garden Style Unit could make for a cozy year round residence or a seasonal get away. This charmer is situated less than a block from the thriving sidewalk-community of Newburyport boasting eclectic shops, fine eateries, galleries & marinas as well as the much admired Waterfront Park & Boardwalk. This great locale allows for side-walk access to the South End, The Tannery and, the Brand New Rail Trail! Once inside, this unit offers 2 good sized bedrooms, a spacious full bath, bright n sunny living room, in-unit laundry & an open concept (renovated) galley-kitchen complete w/ dining area, brick wall accents & access to a back deck. This unit has newer windows & 1 off-street parking space (great for winter snow-ban days)...there's also on-street parking. Fairly easy to show!

Similar Properties





Tags: Newburyport   Real Estate   Condo   01950  
Categories: Sold Homes  


Posted by Jamie Dee Frontiero on 1/3/2019

This Single-Family in Salisbury, MA recently sold for $445,000. This Bungalow,Multi-Level style home was sold by Jamie Dee Frontiero - Coldwell Banker Residential Brokerage.


21 1st, Salisbury, MA 01952

Rings Island

Single-Family

$467,500
Price
$445,000
Sale Price

7
Rooms
3
Beds
2
Baths
WELCOME TO RINGS ISLAND! Nestled along the Merrimack River this quaint seaside village offers a vast array of waterfront amenities. Situated across from Rings Island Marina & close to the town pier, this tidy bungalow offers a VIEWS of the Newburyport Harbor & access to local Rail Trails.This property could make a great year round home, seasonal getaway or perhaps a smart VRBO investment. Once inside you'll find an abundance of natural light in the open concept living/dining area adorned w/ super-cool plank flooring. The renovated kitchen has newer flooring as well as newer cabinets, counters & appliances. The main level continues w/ a First Floor Bath & laundry room as well as a huge family room boasting hardwood floors, gas-fired stove & slider to the patio out back. The 2nd floor provides the master & second bedrooms (both w/ views of the Newburyport Skyline!) as well as a cozy third bedroom & a main full bath. Located just mins.from Downtown Newburyport & several commuter lines.

Similar Properties





Categories: Sold Homes