Marianne Avila - Berkshire Hathaway HomeServices Verani Realty



Posted by Marianne Avila on 10/21/2018

Paying off a mortgage early is a dream of many homeowners. By making larger payments on your home loan, you can cut years off of your loan term and save thousands of dollars in interest payments that you can use toward savings or investments. But in an economy that has seen decades of wage stagnation and increasing costs of living, it can often seem like an unattainable goal.

With some planning and initiative, however, there are ways to pay off your home loan before your term limit.

In today’s post, we’re going to talk about three of the ways you can start paying off your mortgage early to avoid high interest payments and save yourself money along the way.

1. Refinance your mortgage


If you’re considering making larger payments on your mortgage, it might make sense to look at refinancing options. Most Americans take out 30-year, fixed-rate mortgages.

If you can afford to significantly increase your mortgage payments each month, you could refinance to a 15-year mortgage. This will save you on the number of interest payments you’ll have to make over the years. But, it will also help you secure a lower interest rate since shorter term mortgages typically come with lower interest rates.

This option isn’t for everyone. First, refinancing comes with fees you’ll have to pay for upfront. You’ll have to apply for refinancing, get an appraisal of your home, and wait for the decision to be made.

But, you’ll also have to ensure that you can keep up with your higher monthly payments. If your income is variable or undependable, it might not be the safest option to refinance to a shorter term mortgage.

2. Make extra payments

An option that entails less risk than refinancing is to simply increase your monthly payments. If you recently got a raise or are just reallocating funds to try and tackle your mortgage, this is an excellent option.

Depending on your mortgage lender, you may be able to simple increase your auto-pay amounts each month, streamlining the process. Otherwise, it’s possible to set up bill-pay with most banks to automatically transfer funds to your lender.

3. Bi-weekly payments or one extra payment per year

Making bi-weekly instead of monthly payments is an option that many homeowners use to pay off their mortgages early. Bi-weekly payments work by paying half of your monthly payment once every two weeks.

The vast majority of homeowners make 12 monthly payments per year. But by switching to 26 bi-weekly payments, you can effectively make 13 full monthly payments in a year without seeing too much of a difference in your daily budget.

This doesn’t seem like much savings in the short term, but let’s take a look at how much you could save over the term of a 30-year mortgage.

On a 30-year fixed mortgage of $200,000 with a 4.03 annual interest rate, you would make a monthly payment of $958.00 and a bi-weekly payment of $479.

Over 30 years of an extra monthly payment, you could save nearly $20,000 on the total interest amount and pay off your mortgage almost 5 years early.




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Posted by Marianne Avila on 10/19/2018

Welcome home to your corner, garden level, condo in much sought after Oakridge Village situated on 46 acres. You are greeted by an open floor plan and plenty of natural light. This lovely 2 BR, 2 BA home offers a deeded garage space. Entertain friends and family in the roomy maple kitchen with granite counters, full height cabinets, a pantry closet open to the dining area. A beautiful open concept floor plan features a large Living Room with gleaming hardwood floors, generous size bedrooms including spacious closets, 2 full bathrooms (master and guest), central air, handicap accessible and in-unit washer/dryer. The complex has everything for today’s active lifestyle including the stunning clubhouse featuring an indoor heated pool, exercise room and a common area with a kitchenette. It is all beautifully maintained offering you low maintenance living. Conveniently located off of Rte. 114, minutes to shopping, hwys and more. There is a lot to love with this as your new home!

More Info on this Property | New Listing Alerts





Posted by Marianne Avila on 10/17/2018


4 Harvest Drive, North Andover, MA 01845

Condo

$304,900
Price

4
Rooms
2
Beds
2
Baths
Welcome home to your corner, garden level, condo in much sought after Oakridge Village situated on 46 acres. You are greeted by an open floor plan and plenty of natural light. This lovely 2 BR, 2 BA home offers a deeded garage space. Entertain friends and family in the roomy maple kitchen with granite counters, full height cabinets, a pantry closet open to the dining area. A beautiful open concept floor plan features a large Living Room with gleaming hardwood floors, generous size bedrooms including spacious closets, 2 full bathrooms (master and guest), central air, handicap accessible and in-unit washer/dryer. The complex has everything for today’s active lifestyle including the stunning clubhouse featuring an indoor heated pool, exercise room and a common area with a kitchenette. It is all beautifully maintained offering you low maintenance living. Conveniently located off of Rte. 114, minutes to shopping, hwys and more. There is a lot to love with this as your new home!
Open House
Sunday
October 21 at 12:00 PM to 1:30 PM
Come and join our open house to view this terrific condo in much sought after Oakridge Village offering an open floor plan and plenty of natural light. This lovely 2 BR, 2 BA home offers deeded garage space, Central Air and is handicapped accessible. Call Marianne Avila 978-984-3188 with questions or to schedule a private showing.
Cannot make the Open Houses?
Location: 4 Harvest Drive, North Andover, MA 01845    Get Directions

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Categories: Open House  


Posted by Marianne Avila on 10/17/2018


4 Harvest Drive, North Andover, MA 01845

Condo

$304,900
Price

4
Rooms
2
Beds
2
Baths
Welcome home to your corner, garden level, condo in much sought after Oakridge Village situated on 46 acres. You are greeted by an open floor plan and plenty of natural light. This lovely 2 BR, 2 BA home offers a deeded garage space. Entertain friends and family in the roomy maple kitchen with granite counters, full height cabinets, a pantry closet open to the dining area. A beautiful open concept floor plan features a large Living Room with gleaming hardwood floors, generous size bedrooms including spacious closets, 2 full bathrooms (master and guest), central air, handicap accessible and in-unit washer/dryer. The complex has everything for today’s active lifestyle including the stunning clubhouse featuring an indoor heated pool, exercise room and a common area with a kitchenette. It is all beautifully maintained offering you low maintenance living. Conveniently located off of Rte. 114, minutes to shopping, hwys and more. There is a lot to love with this as your new home!
Open House
No scheduled Open Houses

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Tags: Real Estate   North Andover   Condo   01845  
Categories: New Homes  


Posted by Marianne Avila on 10/14/2018

Purchasing a home in a seller's market may prove to be difficult. Fortunately, we're here to offer expert guidance to ensure you can find the best house at the lowest price, regardless of the present real estate sector's conditions.

Now, let's take a look at three tips to help you get ready to pursue a home in a seller's market.

1. Assess the Housing Market Closely

A seller's market likely features a shortage of high-quality houses. As such, you'll want to analyze the local real estate sector closely so you can identify your dream home faster than ever before.

Take a look at the prices of recently sold houses in your city or town. This information can help you understand the average price range for homes of all sizes in your area. You also should find out how long these homes were available before they sold to understand the current pace of the real estate market.

Furthermore, you should make a checklist of home must-haves and wants. Once you craft this checklist, you can assess the houses available in your city or town and map out your homebuying journey accordingly.

2. Get Pre-Approved for a Mortgage

In all likelihood, you'll need to act fast to acquire your ideal residence in a seller's market. If you have a mortgage in hand when you submit a home offer, you may boost your chances of receiving a "Yes" from a seller.

A home offer that is contingent on a buyer's approval for a mortgage often is far from ideal. If a seller receives this type of offer, he or she may be reluctant to accept it, as there are no guarantees a buyer will be able to obtain the necessary financing to acquire a home.

Comparatively, a buyer who gets pre-approved for a mortgage can enter a seller's market with a budget in hand. And if he or she finds a great house, this buyer can submit an offer without having to worry about getting financing at a later time.

To get pre-approved for a mortgage, you should meet with a variety of lenders. These financial institutions can teach you about a wide range of mortgage options and help you find the right mortgage based on your finances.

3. Collaborate with a Real Estate Agent

A seller's market can be tough to navigate, regardless of whether you're a first-time or experienced homebuyer. Thankfully, real estate agents are available who can guide you along the homebuying journey.

Typically, a real estate agent will learn about your homebuying goals. He or she then will keep you up to date about houses that meet your criteria, set up home showings and help you submit offers on residences. And if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them at any time.

Prepare to buy a house in a seller's market – use the aforementioned tips, and you can move one step closer to acquiring your dream residence.




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