Debbie Chase - Coldwell Banker Residential | Framingham, MA Real Estate, Natick, MA Real Estate


Myths are lies that are perceived to be true. Like every other industry in the world that has myths surrounding them, the real estate industry has its tales. People have ideas in their head about the mortgage industry that are not true. If you are buying a house and all you feel is happiness, then you might be working with a myth you heard and perceive as being real; same also applies if you are buying a home and all you feel is dread. 

Below are few mortgage misconceptions that many buyers and sellers mistake for truth:

You Need A Near-Perfect Credit Score

It's essential to have a high credit score, but lack of it doesn't mean you are out of the game. Even if you have some credit blemishes but always ensured you paid bills, you probably won't have a lot to worry. If you are bothered about your credit score, other factors could offset adverse credit. Depending on your loan type, each situation is analyzed differently. 

A Down Payment of Twenty Percent Is Needed

Compulsorily providing 20% of the purchase value of the home as a down payment is also a myth. Making a down payment of 20% is helpful in the long run, especially to avoid paying monthly insurance to a private mortgage. Presently, mortgage companies and banks provide loans to individuals without requesting for a down payment close to 20%. It all depends on your financial situation.

A House Is an Excellent Investment

A home could be considered as a long-term investment if you do not intend living in it – but then, nothing in the real estate business is guaranteed. If you purchase a house to live in for several years, it's better you don't think about it as a financial tool for padding your investment or retirement plan. Buying a house is part of your net worth, but you shouldn't count on getting a return after investing much money into the home. Something most home buyers fail to understand is that the value of houses appreciates at a shallow rate and can have negative growth for long periods. 

The House Belongs to You After You Get the Keys

It's one of the myths that homebuyers assume is true. When you purchase a house via mortgage; if you do not have equity or a significant amount as down payment, your bank owns your home. For as long as it's required to finalize payment for your home - including interest, the house doesn't belong to you.

The American Dream 

In as much as owning a home is supposed to be the American dream; it can also be the American nightmare. Acquiring a home via a mortgage and not being able to meet up with payment can turn out to be your worst nightmare. Owning a home is a decision that requires thorough thinking without jumping into any decision 

Buy a house if you can afford it but be sure you have your facts right.


Opportunity knocks for the flipper, contractor, builder or hardcore handyman...here is your next project!!! Not for the faint of heart and will not qualify for conventional financing because of the condition but most certainly will reward the savvy, experienced visionary with the means to turn this home around. All this said, the home is sited on a lovely large and level lot in a popular neighborhood with definitely good resale potential. Roof appears OK and there are hardwood floors and a brick fireplace in the living room. Preferred gas heating and cooking. Possible rough plumbing for a 2nd bath in the basement. House is being sold "as is". Buyer to do due diligence. Price reflects the work needed but should reward the ambitious buyer with the means and talent to make this house a home. Home is occupied and showings will be arranged. Come take a look!!!

More Info on this Property | New Listing Alerts


53 Roundtop Rd, Framingham, MA 01701

Nobscot

Single-Family

$289,900
Price

6
Rooms
3
Beds
1
Baths
Opportunity knocks for the flipper, contractor, builder or hardcore handyman...here is your next project!!! Not for the faint of heart and will not qualify for conventional financing because of the condition but most certainly will reward the savvy, experienced visionary with the means to turn this home around. All this said, the home is sited on a lovely large and level lot in a popular neighborhood with definitely good resale potential. Roof appears OK and there are hardwood floors and a brick fireplace in the living room. Preferred gas heating and cooking. Possible rough plumbing for a 2nd bath in the basement. House is being sold "as is". Buyer to do due diligence. Price reflects the work needed but should reward the ambitious buyer with the means and talent to make this house a home. Home is occupied and showings will be arranged. Come take a look!!!
Open House
No scheduled Open Houses

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150 Oxbow Road, Framingham, MA 01701

Condo

$599,900
Price

5
Rooms
2
Beds
2/1
Full/Half Baths
Opportunity knocks to live in this sought after, newly built, 3 year young townhome in Montage at Danforth Green comprised of single family homes in a condo-style community. This rare resale is the popular Monet plan offering open concept living consisting of a sprawling Living and Dining Room combination enhanced by sophisticated woodwork, crown molding & built-ins. The Chef's Kitchen will inspire cooks with miles of granite counter space and cabinets galore plus stainless appliances. Inviting Fireplaced Living Room has added built ins plus tall ceilings enhance the wonderful spacious feeling and comfortable atmosphere for entertaining. The unit is in a prime location in the development across from open green space plus there is a lovely patio surrounded by plantings. Upstairs boasts 2 large Bedrooms including the Master Suite with generous closets, 2 full Bathrooms, Laundry and a spacious Loft. Commuters will love this location. Limitless dining, shopping and recreation nearby. WOW!!
Open House
Sunday
July 14 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 150 Oxbow Road, Framingham, MA 01701    Get Directions

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If you're an apartment renter ready to take the plunge into home ownership, there are a lot of reasons to be excited! Owning your own home does bring with it additional work and responsibilities, but the feeling of pride that accompanies it makes it all worthwhile!

Once you get used to the idea that "the buck stops here" and that there's no landlord to handle repairs and maintenance any more, it won't take long to get into the rhythm of being an established property owner. Here are a few tips to help ensure that your first experience with home ownership is a satisfying one.

  • Get a good real estate agent. A real estate professional can provide you with valuable guidance, advice, and information about houses you're considering in your desired neighborhoods and price ranges. A buyers' agent can help you avoid many of the potential pitfalls of buying your first home and help you stay within budget. They'll assist you in clarifying your priorities and work on your behalf to find homes that meet your requirements. A service-oriented agent will not only point out the positive aspects of houses you're considering, but they'll also discuss ideas for adapting the home to your specific needs and lifestyle.
  • Hire an experienced property inspector. A seasoned home inspector can take a close look at the condition of the house and property you're considering and help make sure there are no major structural defects, safety issues, or operational problems with the home's systems and components. Although every property inspector approaches their job a little differently, their inspection service should include everything from the roof and foundation to the plumbing, electrical, and HVAC systems. They may also report to you on the condition of the home's insulation, its exterior, and any existing or potential drainage problems on the property. Certain aspects of the house may be excluded from the inspection if it's difficult or unsafe to gain access to them. A top-notch home inspector can also provide useful insights into repairs that need to be made on the house. As a side note, professional property inspectors are often members of The American Society of Home Inspectors and follow the organization's Standards of Practice.
  • Visit a lot of different houses for sale before making a final decision. It also pays to have a checklist with you to keep track of how each house stacks up to your requirements and expectations.
While your emotions will invariably play a role in your final choice, many other factors should also be taken into account, including the character of the neighborhood, proximity to conveniences and shopping, and the quality of the school district. Your real estate agent and/or the U.S. Department of Housing and Urban Development can provide you with a handy checklist for evaluating and comparing homes for sale.



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