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Archive for the ‘Home Buying’ Category

Ultimate Buyer’s Checklist: Don’t Get Burned When Buying Your Next Home

June 4th, 2019 by Michael Mahoney

Ultimate Home Buyer Checklist

Home Buying Checklist by Realtor Mike Mahoney

When you are out exploring your next home with your agent, this is a handy list to use you become seriously interested in a house.

My Ultimate Home Buyer Checklist will help you make a better and more informed decision. By using the checklist you will be able to step away from the emotional pull you feel when evaluating your next house.

Things you record on my list may affect how you write your purchase offer, what repair requests you may make, and give you a sense of whether you’re buying the neighborhood money pit.

Click here to download the ultimate home buying checklist

Mortgage Rates Moved Slightly Lower Last Week

May 21st, 2019 by Michael Mahoney

Freddie Mac reported the following national averages with mortgage rates for the week ending May 16:

  • 30-year fixed-rate mortgages averaged 4.07 percent, with an average 0.5 point, dropping from last week’s 4.10 percent average. A year ago, 30-year rates averaged 4.61 percent.
  • 15-year fixed-rate mortgages averaged 3.53 percent, with an average 0.4 point, falling from last week’s 3.57 percent average. A year ago, 15-year rates averaged 4.08 percent.
  • 5-year adjustable-rate mortgages averaged 3.66 percent, with an average 0.4 point, rising from last week’s 3.63 percent average. Last year at this time, 5-year ARMs averaged 3.82 percent.

Sales Fall in April Despite Mortgage Rate Drops

May 21st, 2019 by Michael Mahoney

Key Points from National Association of Realtors

  • A sizable drop in mortgage interest rates didn’t do much to help home sales in April, as high prices and tight supply at the low end of the market continued to sideline buyers.
  • Sales of existing U.S. homes fell 0.4% in April compared with March to a seasonally adjusted annualized rate of 5.19 million units, according to the National Association of Realtors. Sales were 4.4% lower compared with April 2018.
  • That was the 14th  straight month of annual declines.

 

One of the major reasons for the sales being down slightly is that buyers are priced out at the bottom of the market.  The inventory is always really short in the first time home buyer territory.

I have been mentoring agents who cannot seem to get their buyers into houses at the lower price points where first time buyers purchase due to the fact that the competition for these homes is very high.

I keep telling the agents they need to call the people who had their houses on the market a few years ago and reference their buyer by name and see if the seller has changed their mind on selling from where they were a couple of years ago.

If you are thinking of selling you cannot overprice your home today. 

“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” Yun said, adding that sellers have to realize that price growth has moderated. “When placing their home on the market, home sellers need to be very realistic and aware of the current conditions.” Lawrence Yun – NAR Chief Economist

You can see the full report from Diana Olick  who is the MSNBC real estate correspondent

Looking for a Boston Foreclosure - KW can help

Mortgage Rates Post Another Drop This Week

May 12th, 2019 by Michael Mahoney

Mortgage Rates Post Another Drop This Week

Click the Image to See the Current Mortgage Rates

Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:

  • 30-year fixed-rate mortgages: averaged 4.10%, with an average 0.5 point, falling from last week’s 4.14% average. Last year at this time, 30-year rates averaged 4.55%.
  • 15-year fixed-rate mortgages: averaged 3.57%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 15-year rates averaged 4.01%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.63%, with an average 0.4 point, falling from last week’s 3.68% average. A year ago, 5-year ARMs averaged 3.77%.

 

“A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.

If you are looking for a mortgage, please chat with one of my preferred mortgage partners

7 Hartshorn Place Walpole MA

May 7th, 2019 by Michael Mahoney


Hartshorn Village Condominiums in Walpole
Overview
Maps
Photos
Features
Description
Neighborhood
Market Stats
$299,000

Condominium for Sale at Hartshorn Village

Main Features
Here is the Hartshorn Village Condominium unit your have been looking for.

If you are currently renting, you should really look at this townhouse which you could own for as little as 3.5% down which would get you to a monthly housing expense of about $2200 per month.

Two bed – 1.5 bath. Great private deck. Central air. New heating system. Partially finished lower level. Walk to Walpole Center, restaurants, the library and the commuter line. The unit comes with a full set of appliances. All you need to do is move in. Seller’s prefer a fast closing. This is a pet friendly condominium complex. Offers will be reviewed as they come in. Hurry hurry.

2 Bedrooms
1 Full Bathroom
1 Half Bathroom
29 Units
Interior: 1,113 sqft
Year Built: 1983
See all condos for sale in Hartshorn Village here

Location
7 Hartshorn Place
Walpole, MA 02081

Realtor Mike Mahoney Mike Mahoney

Realtor®

(617) 615-9435
mike@mmahoney.com
http://www.realtormikemahoney.com

      

 

Our recent listings

 

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See more Walpole, MA real estate for sale

 

Identity Theft – A Guide for Victims

May 1st, 2019 by Michael Mahoney

Identity theft: A guide for Victims

Protect Your Identity

  • Do not discuss your personal information with banks or creditors in public places, such as at work.
  • Shred all documents you intend to throw away that have your name, address, social security, or account information.
  • Be wary of telephone or internet solicitations – if a deal sounds too good to be true, it probably is.
  • Do not deal with organizations you do not know. Check the reputability of a company with the Better Business Bureau.
  • Maintain records of your banking and financial accounts.
  • Consider where you use your credit and debit cards.
  • Use different passwords for your online banking and credit card.

Report Identity Theft

  • Contact all creditors with whom your name or identifying data have been fraudulently used to dispute fraudulent charges and close those accounts.
  • Request your creditor’s fraud dispute forms, and provide copies of supporting documents. Request return receipts, which you should keep for your records.
  • Place a fraud alert on your credit reports, which will prevent any more accounts being opened in your name. You can call any of the three credit bureaus to do this. Once fraud has been reported, all three reports should be sent to you free of charge.

Experian 1-888-397-3742
Equifax 1-800-525-6285
Trans Union 1-800-680-7289

  • Review all three credit reports for discrepancies and newly opened accounts. Any fraudulent activity needs to be disputed.
  • File a complaint with the FTC by phone, at 1-877-438-4338 or on their website: https://www.ftccomplaintassistant.gov/ The FTC can refer victims’ complaints to other government agencies and companies for further action, as well as investigate companies for violations of laws the agency enforces.
  • Review all three credit reports for discrepancies and newly opened accounts. Any fraudulent activity needs to be disputed.
  • File a complaint with the FTC by phone, at 1-877-438-4338 or on their website: https://www.ftccomplaintassistant.gov/ The FTC can refer victims’ complaints to other government agencies and companies for further action, as well as investigate companies for violations of laws the agency enforces.
  • Contact the FTC Social Security Administration at 1-800-269-0271, so that a fraud alert can be placed on your social security number.
  • File a report with the police department.
  • Be sure to keep a copy of the police report. Some credit card companies require proof of a police report to verify the crime occurred.

Addressing Specific Issues

Stolen Checks

Stop payment on all outstanding checks that you are unsure of. Cancel your checking and savings accounts and open new accounts with new account numbers. Report any stolen checks to the check verification companies.

ATM Cards

If your ATM card has been stolen, report it immediately. Get a new card and a new account number. When you receive the new card, be sure to use a new password that is difficult to guess.

Driver’s License Number

If someone is using your driver’s license number on bad checks, you may have to change your driver’s license number. You must call the Department of Motor Vehicles to see if another license was issued in your name. You must also fill out the DMV complaint form to begin the fraud investigation process. Send the complaint form and all supporting documents to your local DMV investigation office.

 

Fraudulent Change of Address

Notify the local Postal Inspector if you suspect an identity thief has filed a change of your address with the post office or has used the mail to commit credit or bank fraud. Find out where fraudulent credit cards were sent. Notify the local postmaster for that address to forward all mail in your name to your own address.

 

Phone Service

If your long distance calling card has been stolen or you discover fraudulent charges on your bill, cancel the account and open a new account. Change your password, and do not use a password that is easy to figure out such as your date of birth or your social security number.

Should you have additional questions feel free to contact Steven Burman at Credit Advisers LLC  Have questions answered directly by calling 781-400-9838 or e-mailing sburman@credit-advisers.com

 

 

7 Myths About Mortgages Today

April 24th, 2019 by Michael Mahoney

Mortgage Myths by Thea Simolari of The Mortgage Network7 Myths About Mortgages Today

#1 You need 20% down- There are MANY programs that allow you to put as little as 3% down. This can be less money than putting – First, last and security deposit on a rental.

#2 The Lender with the best rate is where I should go. This is very misleading- You want to be sure the there is a Mortgage Officer that answers your calls and communicates well with all parties involved. Can they meet your commitment and closing dates? There are many steps in the mortgage process – you need a reliable lender- not the one with the lowest rate

#3 A 30 year fixed is the best. How long do you plan on staying in your new home? Is it a starter home where you will be there less than 5 years then upgrade? Or are you are in the area for work/school for a few years? Maybe you should consider an Adjustable Rate mortgage- The rates are typically less than a 30 year fixed. You could save more money with and Adjustable Rate

#4 If I start working Overtime or start getting bonuses- I can use that towards my income. Most Mortgage products require that you have been getting overtime and bonuses for at least 2 previous years from the SAME employer.

#5 “I have to save the money for down payment” You can have 100% gift funds for most mortgage programs. Family members can give you ALL the funds to buy a home.

#6 Non-Owner Occupant cosigners can be the sole income provider for your home. You may be a student and not making much income- Your Parents can cosign and buy that condo for you as Owner Occupied. Or you have elderly parents that need a smaller place- the adult children can Co-Sign

#7 A cosigner with good credit score can “compensate” for another’s low credit score- Good Credit is VERY important for everyone on the mortgage- A co-signer’s good credit does not help someone else’s low credit score

It is always best to speak with a Lender few months before thinking about buying a home and find out what is best for your individual situation.

Mortgage Rates Rise Again, But Remain Below Yearly Lows

National Mortgage Rates

Download the Flyer Here
Download the flyer from Thea Simolari Here

The above was provided by Thea Simolari of the Mortgage Network.

 

Mortgage Rates Rise Again, But Remain Below Yearly Lows

April 22nd, 2019 by Michael Mahoney

Mortgage Rates Rise Again, But Remain Below Yearly Lows

Freddie Mac reports the following national averages with mortgage rates for the week ending April 18:

30-year fixed-rate mortgages: averaged 4.17 percent, with an average 0.5 point, rising from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.47 percent.
15-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.5 point, rising from last week’s 3.60 percent average. A year ago, 15-year rates averaged 3.94 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.78 percent, with an average 0.3 point, falling from last week’s 3.80 percent average. A year ago, 5-year ARMs averaged 3.67 percent.

“After dropping dramatically in late March, mortgage rates have modestly increased since then,” “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high—indicative of a strong spring homebuying season.” Sam Khater, Freddie Mac’s chief economist

New Mortgage Purchases Highest in 9 Years

April 22nd, 2019 by Michael Mahoney

  • New Mortgage Applications for Purchases was 7% Higher Than a Year Ago
  • Mortgages for New Purchases Reached a 9 Year High Last Week
  • Mortgages for Purchases was 14% Higher Than the Same Week Last Year

“With mortgage rates up for the second week in a row, it’s no surprise that refinancings slid 8%, and average loan sizes dropped back closer to normal levels,”“The spring buying season continues to be robust.”  Joel Kan, Mortgage Bankers Association AVP of Economic and Industry Forecasting

Here were last week’s mortgage rates

If you are thinking about getting ready for a mortgage and not eliminated some debt or perhaps need to boost your credit score, you may want to check out the following posts

7 Steps to Improve Your Credit Score

6 Ways to Eliminate Excessive Debt

 

The source for this content was CNBC’s Diana Olick – here is the link to her original post

6 Ways to Eliminate Excessive Debt

April 16th, 2019 by Michael Mahoney

6 Ways to Eliminate Excessive Debt

1. Self-Help – Self Help is when you attempt to repay creditors by managing your cash flow. Self-help is useful only if you have money available in your budget to make credit card payments and are not being sued by your creditors. You would want to work out a written plan for repaying creditors and setting goals for incurring no new debt.

2. Debt Management Plans – Under a debt management plan (DMP), a third party organization negotiates with your creditors on your behalf to set up a plan for paying off the debt. Payments are made to the agency, and that firm would then pay the creditors. If a debt management plan seems to be appropriate work only with a properly licensed DMP provider in the your state.

3. Debt Consolidation – Debt consolidation should only be considered for those who can consolidate debt with lower rate debt and NOT take on any new debt. If you consolidate unsecured debt with secured debt, such as a home equity loan, be cautioned that your home will be at risk if you fail to make payments.

4. Debt Settlement – An important aspect to remember is that any amount of debt forgiven is considered taxable income. Often time you may be able to settle an outstanding debt yourself. Our recommendation would be settling an account on your own or with a lawyer’s assistance if necessary. If you consider a debt settlement firm, check the firm thoroughly through the Better Business Bureau.

5. Offer and Compromise – Offer in Compromise is an agreement between a taxpayer and the IRS that serves to resolve the taxpayer’s outstanding tax debt. The IRS has the authority to settle, or “compromise” federal tax liabilities by accepting less than full payment under certain circumstances. A tax debt can be legally compromised for one of the following reasons: Doubt as to Liability – There is doubt that the assessed tax is correct. Doubt as to Collectability – There is doubt that an individual would ever be able to pay the full amount of taxes owed.

6. Bankruptcy – Bankruptcy should be viewed as the last alternative to managing an overburdened debt load, although for some it may be the only alternative. Bankruptcy is a legal process whereby an individual’s outstanding debt is either reduced or eliminated under protection and supervision of the court. If there are payments to be made to creditors, a schedule is drawn up under court supervision.

Another post recently published by Steve Burman on how to improve your credit score:

7 Steps to Improve Your Credit Score

Should you have additional questions feel free to contact Steven Burman at Credit Advisers LLC  Have questions answered directly by calling 781-400-9838 or e-mailing sburman@credit-advisers.com

Another great way to connect with Steven is on his Linkedin.com Page

National Mortgage Rates

April 15th, 2019 by Michael Mahoney

After posting their biggest drop in a decade last week, mortgage rates remain at multi-month lows—and borrowers are rushing to take advantage.The 30-year fixed-rate mortgage averaged 4.08 percent this week, Freddie Mac reports in its weekly mortgage market survey. Mortgage applications surged 18.6 percent last week as borrowers locked in lower financing costs, the Mortgage Bankers Association reports.

“While the housing market has faced many headwinds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.” Sam Khater, Freddie Mac’s chief economist.

  • 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.5 point, rising from last week’s 4.06 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.56 percent, with an average 0.4 point, dropping from last week’s 3.57 percent average. A year ago, 15-year rates averaged 3.87 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgages: averaged 3.66 percent, with an average 0.4 point, falling from last week’s 3.75 percent average. A year ago, 5-year ARMs averaged 3.62 percent.

See the press release from Freddie Mac here

Norwood Massachusetts Real Estate Market by Realtor Mike Mahoney

April 14th, 2019 by Michael Mahoney

Norwood MA Real Estate Updates

Norwood Massachusetts

7 Steps to Improve Your Credit Score

April 9th, 2019 by Michael Mahoney

This week we have a great article on how to improve your credit score. Credit is one o

7 Steps to Improve Your Credit Score

  1. Make sure your credit reports are accurateThe first step to improving your credit score is checking your credit reports for errors. You can obtain all 3 reports (Experian, Trans Union, Equifax) for free at www.annualcreditreport.com
  2. Stay current with payments – Your credit score is basically a reflection of your ability to repay your debts responsibly. Creditors view an established history of timely payments as a good indicator that you will handle future debts in a timely manner.
  3. Be mindful of your credit card utilization rate – Credit utilization is one of the key factors that influence your score. This is the percentage of your credit limit you are accessing at a given time. Your ideal rate may vary depending on the scoring system used, but generally going over 30% revolving credit utilization can start bringing your score down.
  4. Leave old debts on your report – Having an account with a long history and a steady record of paying bills on time can keep a score from going down. In addition, your score can improve as future payments are made.
  5. Investigate consumer score-boosting programs – FICO, Experian, and Finicity have credit boost programs in different stages of development. Experian_Boost is currently up and running. Experian Boost is completely free and can increase your credit scores fast (within 24 hours) by using your own positive payment history.
  6. Resolve any collections accountsContact the debt collector listed on your credit report to see if they’d be willing to stop reporting the debt in exchange for full payment. If you do not recognize a certain debt, or it appears inaccurate you can dispute it with the credit bureaus. You may be able to have it removed, which will improve your score quickly.
  7. Monitor your credit – Monitoring your score changes every few months can help you understand how well you’re managing your credit and whether you should make any changes. Many services are free such as www.creditkarma.com

Should you have additional questions feel free to contact Steven Burman at Credit Advisers LLC  Have questions answered directly by calling 781-400-9838 or e-mailing sburman@credit-advisers.com

Another great way to connect with Steven is on his Linkedin.com Page

Own a Condo Just Outside Boston for a $5600 Downpayment

April 8th, 2019 by Michael Mahoney


Sharon Green Condominiums are Affordable for 1st Time Buyers
Overview
Maps
Photos
Features
Description
Neighborhood
Market Stats
$195,000
Condominium

See all affordable units

Main Features
2 Bedrooms
1 Full Bathroom
160 Units
Interior: 875 sqft
Year Built: 1965
Location
Bayberry Drive
Sharon, MA 02067
USA

Realtor Mike Mahoney Realtor Mike Mahoney

eXp Realty
(617) 615-9435
mike@mmahoney.com
http://www.realtormikemahoney.com

      

Listed by: Michael Mahoney eXp Realty

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Snowy Sunday in March: Looking for a New Place to Put Your Feet Up?

March 10th, 2019 by Michael Mahoney

 

 

 

 

  • Posted in General, Home Buying
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Reviews

5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

Review Michael Mahoney on Zillow.com

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