Brian O'Neil - RE/MAX Advantage I



Posted by Brian O’Neil on 9/29/2019

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers aren’t aren’t sure about the exact relationship between credit scores and mortgages.

This doesn’t come as much of a surprise considering the many factors that go into your credit score and into your lender’s decision to approve you for a mortgage. So, in this article, we’re going to cover three commonly asked questions that homebuyers have about credit scores and how they’re used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If you’re thinking of buying a home in the near future, one of the first things you’ll want to do is check your credit. However, if you’ve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.


This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom you’ve applied for credit.

In short, checking your credit score online won’t affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if you’re young and don’t have a diverse history of credit payments, you’ll be starting from scratch to build your score.

If you’re hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesn’t mean you should always take a loan with a low credit score. When you don’t have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which you’ll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and won’t leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.




Tags: Buying a home   homebuyers   FAQ  
Categories: Uncategorized  


Posted by Brian O’Neil on 9/28/2019

This Single-Family in Worcester, MA recently sold for $179,900. This Bungalow style home was sold by Brian O’Neil - RE/MAX Advantage I.


41 Amesbury St, Worcester, MA 01605

Single-Family

$179,900
Price
$179,900
Sale Price

5
Rooms
2
Beds
1
Baths
Two bedroom bungalow with level yard on quiet dead end street. Hardwood floors, updated heating system. Room for expansion on second floor with bonus room and open attic. Great opportunity for rehab or investor.

Similar Properties





Categories: Sold Homes  


Posted by Brian O’Neil on 9/26/2019


64 Oakwood Ln, Worcester, MA 01604

Condo

$224,900
Price

5
Rooms
2
Beds
2/1
Full/Half Baths
Sun splashed two bedroom, 2,5 bath townhouse with garage under. Fireplaced living room with new carpeting and sliders to deck overlooking common green. Master with 3/4 bath and walk-in closet. Bonus room in basement.
Open House
No scheduled Open Houses

Similar Properties





Tags: Real estate   Worcester   Condo   01604  
Categories: Price Change  


Posted by Brian O’Neil on 9/22/2019

Planning to sell your house in the next few weeks or months? If so, you likely will want to declutter to improve your house's appearance and make it easy for potential homebuyers to envision what life might be like if they purchase your residence.

Ultimately, donating items may prove to be exceedingly valuable, particularly for those who want to declutter and move in the near future.

By donating items that you no longer need, you can quickly and easily remove clutter from your residence. Plus, you may be able to secure a tax credit for your charitable contributions.

Before you donate your items, however, you should take a close look at your personal belongings and decide which things to keep and which to give to charity.

Now, let's take a look at three items that you can donate to charity:

1. Clothing

If you intend to move from Florida to Alaska – or vice-versa – there may be a wide range of clothing that you can donate before you move.

Ensure that any clothing that you plan to donate is clean. If necessary, wash any dresses, t-shirts and other apparel that you intend to donate.

Also, it is always better to err on the side of caution when you donate clothing. And if you have clothes that are faded or torn, you should dispose of these items.

2. Electronics

For those who plan to downsize, donating electronics is ideal. That way, you can get rid of electronics that won't fit into your new home and do a good deed at the same time.

Evaluate your electronics and make sure they work correctly before you donate them. In addition, it often pays to tape any electronics cords, wires and accessories to the items themselves.

Check out a charity's electronics donations policies prior to scheduling a donation pick-up too. By doing so, you can guarantee that a charity can pick up and use your excess electronics.

3. Appliances

In many instances, an individual may move into a new address that comes equipped with a new refrigerator, washer, dryer and other appliances. If this happens, you may want to contact local charities to see if they can pick up your current appliances.

Reach out to a local charity to find out whether it can pick up your current appliances – you'll be glad you did. If the answer is "Yes," you may be able to avoid having to move big, heavy appliances on your own.

As the aforementioned list shows, there are lots of great items that you can donate to charity. Conduct an in-depth search of charities in your city or town, and you can work with a local charity that can use your excess items.

Lastly, if you ever have questions about which charities in your area will accept donations, don't hesitate to reach out to these organizations directly. And if you're looking for extra assistance as you declutter your residence and prepare to list your home, it certainly helps to contact an expert real estate agent as well.




Categories: Uncategorized  


Posted by Brian O’Neil on 9/19/2019

This Single-Family in Upton, MA recently sold for $387,500. This Cape style home was sold by Brian O’Neil - RE/MAX Advantage I.


58 Hartford Avenue South, Upton, MA 01568

Single-Family

$399,000
Price
$387,500
Sale Price

9
Rooms
4
Beds
2
Baths
Enchanting cape set on over an acre among fruit and beautiful flowering shrubs and trees.This updated meticulously maintained home has 4 bedrooms, one on lower level that could work as an office, Two full updated bathrooms PLUS NEW Roof, NEW Heating system, NEW skylights, NEW well pump, NEW vanities, NEW paint & NEW carpets upstairs. Plenty of light fills the master bedroom which has new skylights and carpets and double closets. Need storage? Cleverly designed doors allow storage in the eaves and the large unfinished basement area has a capacity for more. Room to entertain or just enjoy - cookout on the patio with a new electric sun blind, plant veggies in the patch or simply enjoy the lovely garden. The freestanding barn has plenty of workshop and storage space. Close to access to 495, Grafton T station, Tufts, local shopping. Upton highly rated schools.

Similar Properties





Tags: Real estate   Single-Family   01568   Upton  
Categories: Sold Homes