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October 2018 - JANET PORCARO

Taking Fear Out of the Mortgage Process

Taking Fear Out of the Mortgage Process

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.

Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:

  1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to Ellie Mae.
  2. Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
  3. Contact a professional – your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
  4. Consult with your lender – he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
  5. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.

Community Food Drive for the Centre Street Food Pantry

Community Food Drive for the Centre Street Food Pantry

Centre Street Food Pantry

Food is Love. Please give to provide families within our community with consistent access to nutritious food.

5 Star Real Estate Agents love their communities. We are joining forces to help those in need by collecting non-perishable items for

The Centre Street Food Pantry.

It’s easy to change the world, one step at a time!

  1. Next time you are shopping, pick up an extra item or two from the suggested list below.
  2. Contact Janet at 617-797-9497 or Janet@JanetPorcaro.net. Call, text, or email with address pick-up.
  3. Give yourself a pat on the back for paying it forward.

PICK-UP OR DROP OFF the week of November 12, 2018.

Together we can make a difference.

  • Fruit: Canned in 100% juice, dried, fresh, fruit cups, apple sauce. Low sugar
    appreciated
  • Vegetables: Canned (low-sodium), dried legumes
  • Soups: low-sodium preferred
  • Canned meat and fish: Tuna, salmon, sardines, chicken, ham
  • Cereal: Low-sugar breakfast cereal, oatmeal
  • Grains: Pasta, brown and white rice, quinoa, grain mixes
  • Milk: Shelf-stable varieties of milk (dairy, almond, soy, rice)
  • Coffee and black/green tea
  • Beans: Canned beans (low-sodium preferred), dried beans and lentils
  • Peanut Butter and Jelly, other nut spreads
  • Healthy Snacks: Granola bars, crackers, rice cakes, dried fruits, nuts
  • Condiments and Baking items: Oil, salad dressing, ketchup, mustard, mayonnaise,
    pasta sauce, spices, flour, sugar, baking mixes.
  • Hygiene items: Toothbrushes and toothpaste, soap, shaving items, shampoo,
    sunscreen, tampons, pads, adult diapers
  • Household supplies: Toilet paper, paper towels, napkins, foil, plastic wrap, vinegar,
    dish soap, sponges, laundry detergent
  • Baby Products: Diapers, wipes, formula, baby food
  • Pet Supplies: Pet food, kitty litter, etc.

CentreStreetFoodPantry_001

Creaking and Popping in the Night

Creaking and Popping in the Night

The many materials that make up your house — wood framing, plywood, glass, metal ducts, nails, plumbing pipes — all expand and contract at different rates.

When a house cools at night, these materials may move slightly, rubbing against each other and making noises. Occasionally, they’ll contract with an audible pop.

These sounds tend to be more noticeable in fall, when warm days give way to rapidly cooling nights. The bad news? Not much you can do about it. The good news? Those sounds are harmless and normal.

Zombie Odor

It’s either time to throw out the garbage, or you’d better call your gas utility to check on your gas lines and connections.

Natural gas is odorless, but natural gas suppliers add a foul-smelling odorant — butyl mercaptan — to alert occupants to any leaks. The smell is like rotten eggs.

Leaks can occur at your gas-fired water heater, fireplace, clothes dryer, and any gas line. Leaking natural gas is potentially dangerous — leave the house and call your natural gas provider to assess the situation. Most utility companies perform safety checks for free.

RelatedHow to Stop the Smells and Funk That Invade Your Home

Footsteps in the Attic

Amplified by an unfinished attic space, a raccoon or even a good-size squirrel on your roof might sound like an ax murderer is doing the polka overhead.

These rooftop transits are normal for critters — roofs offer a nice long unobstructed highway.

Make sure your soffit, rafter, and gable roof vents are covered with screens and in good shape, or your rooftop buddies might find their way into your attic for real. Trim back branches that provide critters easy access to your roof.

Something’s Burning

You can smell the odor of burnt wood, but the smoke detectors aren’t going off and there’s no smoke in the house. The culprit could be your fireplace — even if you haven’t had a fire for days.

The probable cause is a drafty chimney and negative air pressure in your home, meaning that outside air is infiltrating down your chimney, bringing stale burnt smells with it.

Stop drafts by making sure your damper has a good seal. Regulate air pressure by adding more cold air return ducts to your HVAC system. You’ll get rid of the odor and save on your energy bill, too.

Moaning and Clattering

These classic spooky sounds often show up when the wind blows and there’s a storm brewing.

Vents for clothes dryers, bathrooms, and water heaters exit out the roof or the side of the house. To prevent backdrafts, these vents have dampers — flaps designed to let vented air out and prevent outside air from coming in. These flaps sometimes move and rattle in high winds.

Because dampers often are located in attics or in between floor joists, the sound can be difficult to pinpoint. You may need a new damper ($85).

HouseLogic.com

Are You Spending TOO Much on Rent?

Are You Spending TOO Much on Rent?

Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.

According to new data released from ApartmentList.com49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.

When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.

But there is hope for those who are able to save at least a 3% down payment! The percentage of income needed in the US to buy a home is significantly less than renting at 17.1%!

The chart below compares the historic percentage of income needed to rent and buy from 1985-2000 to the first quarter of 2018. As you can see, the cost of renting has climbed above historic numbers while the cost of buying dropped over the same period of time.

Are You Spending TOO Much on Rent? | MyKCM

Bottom Line

If you are one of the many renters who is spending too much of their monthly income on rent, consider saving money by getting a roommate, moving into a less expensive apartment, or even moving in with family. These are all ways to save for a down payment so that you can put your housing costs to work for you!